Rentista Visa Lease Agreement

[kckarakas]

Hey,

We are planning to travel to Buenos Aires on a tourist visa and intend to start the application process for a Rentista Visa. We have two rentals outside Argentine that satisfy the requirements, however, I have a few questions in general.

1) Would it be possible to somehow convert our wages to "passive income"? We work remotely but are not self-employed. Perhaps we could establish a company in our home country? Just thinking loudly.
2) What kind of proof of income documents and bank statements are required? Would it be sufficient to have a legal entity established in my name, have receipts of the work done, a lease agreement of the rental we have, and deposit USD in one of our bank accounts? The issue here is that I have the legal right to lease the apartment as well as the right to use but it's in my parent's name. It would be a huge financial burden for me to have it in my own name.
3) The rental lease agreement would be in the local currency, how do we convert the income to USD when we apply for the Rentista visa?

I have checked the forum and possible related topics but did not come across any info related to that. Any help would be deeply appreciated.

 

[steveinbsas]

1.) Would it be possible to somehow convert our wages to "passive income"? We work remotely but are not self-employed

Passive income must be derived from investments, rents, or savings that could be held in a bank trust account or CD's..

Migraciones will most likely tell you to apply for the nomad visa if you are working remotely, and you must apply for the nomad visa before you arrive.

. Perhaps we could establish a company in our home country? Just thinking loudly.

And "channel" your wages that company to create passive income in the form of dividends in your home country?

2) What kind of proof of income documents and bank statements are required? Would it be sufficient to have a legal entity established in my name, have receipts of the work done, a lease agreement of the rental we have, and deposit USD in one of our bank accounts? The issue here is that I have the legal right to lease the apartment as well as the right to use but it's in my parent's name. It would be a huge financial burden for me to have it in my own name.

I don't know if the income producing assest(s) have to be in your name. Mine was not, but it was passive income from an irrecovable trust.

3) The rental lease agreement would be in the local currency, how do we convert the income to USD when we apply for the Rentista visa?

If necessary, an Argentine accountant can certify the conversion of your "local" income to Argentine pesos.

USD income gets converted at the official rate without certifcation by an accountant.

Other currencies may require certification, bit I am not sure which ones.

If necessary, an Argentine accountant can certify the conversion of your "local" income to Argentine pesos.

 

[steveinbsas]

2) What kind of proof of income documents and bank statements are required? Would it be sufficient to have a legal entity established in my name, have receipts of the work done, a lease agreement of the rental we have, and deposit USD in one of our bank accounts

I can easily imagine that trying to use rental income from properties that are not in your name will add further delays to your application, even if you have the right to rent the propperties,

However, if a CPA can certify that you receive and declare the rental income and pay taxes on it in your home country, you might stand a chance getting the visa rentista based on the passive rental income...

..and I suggest you not even mention your income from remote work.

 

[Alby]

Hey,

We are planning to travel to Buenos Aires on a tourist visa and intend to start the application process for a Rentista Visa. We have two rentals outside Argentine that satisfy the requirements, however, I have a few questions in general.

1) Would it be possible to somehow convert our wages to "passive income"? We work remotely but are not self-employed. Perhaps we could establish a company in our home country? Just thinking loudly.
2) What kind of proof of income documents and bank statements are required? Would it be sufficient to have a legal entity established in my name, have receipts of the work done, a lease agreement of the rental we have, and deposit USD in one of our bank accounts? The issue here is that I have the legal right to lease the apartment as well as the right to use but it's in my parent's name. It would be a huge financial burden for me to have it in my own name.
3) The rental lease agreement would be in the local currency, how do we convert the income to USD when we apply for the Rentista visa?

I have checked the forum and possible related topics but did not come across any info related to that. Any help would be deeply appreciated.

The rentista option is complicated and can be drawn out. I wouldn't go complicating it further by thinking out loudly. If you've got rental income then you've already met the most basic requirement. Build from there.

You will need evidence of the rental income going into a bank account in the name of the person(s) applying for the residency. That is, several monthly bank statements showing several months of rental payments. You will need to provide the rental contract itself. You don't convert the local currency of the rental payments into another currency. The migration authority will do this on the basis of the income the contract shows in the currency the contract shows. And they will convert it from the local currency to pesos (not USD) to see if it is above the minimum monthly income in pesos they require you to demonstrate.