A fixed annuity could do the same as a trust (provide guaranteed, fixed monthly income), but without the setup costs of a trust (i.e., no lawyer needed). But the shortest-term annuities seem to be like 5+ years, so you'd have to set aside that required amount of capital. Maybe you could dissolve the annuity once you have residency, and get the capital back - I'm not sure.
But remember, in the end, what will satisfy migraciones is the letter you get (from a CPA, I guess), and the wording it uses. Start there and work backwards. It would suck to spend a bunch of money to setup a trust, and then have it not satisfy migraciones.
How much $ would you have to invest in "short term" (minimum five years?) annuities to generate the dollar equivalent of $8000 pesos per month?
Assuming the official exchange rate will soon be $10USD x 1Ars, an annual dollar income of $9600 would be required to qualify for the visa rentista at the current income requirement.
Using round figures, a $200,000 annuity paying 5% (if you could get that much) would pay out $10,000 per year.
You will not be able to renew the visa rentista after you "dissolved" the annuity, so it would have to be in effect for at least three years. Once permanent residency is granted, there is no need to continue to "prove" income to migraciones.
The letter is really the key. Not the kind of annuity you get.
If you can ask someone ( some CPA, bank manager, owner of some company) to write for you
Mr X will receive so much money every month in his bank account in Argentina, without fail for next 10 years. We hereby guarantee it and confirm the money belongs to Mr X and has been legally earned as his pension/ rent/ annuity/social security etc
would do the trick.
Just getting a letter from an attorney without providing
some supporting "documentation" of the income probably won't satisfy migraciones, even if the letter is notarized and has the Apostille. As others have recently posted, brokers (and probably CPA's) are not willing to sign a letter (that will be notarized) that
guarantees future income
.
I think ElCordobes was
very fortunate to get migraciones to accept his own verification of his passive income. I wonder it that happened in Retiro? It sounds as unlikely as getting them to accept a home town police report as opposed to an FBI report...
If you have Social Security income you must provide a letter confirming the monthly benefits that is issued by the Social Security Administration in the USA or the Federal Benefits Unit at the US Embassy in Buenos Aires. The letter from the USA has to have the Apostille and be translated and the translation must be legalized in Argentina. The letter from the FBU (which I believe is already in Spanish) must be legalized in Argentina (on Aranales near the Plaza San Martin).
It isn't necessary for the letter to indicate that you will receive the funds in a bank account in Argentina, especially since first time applicants don't have bank accounts. Saying the funds are available for withdrawal from ATMs in Argentina is fine, just don't use them
I am at the end of this process. I just visited Migraciones and was told I only need one more document.
In my experience, the formal arrangement of the money is irrelevant. But proof is required. I brought in a set of financial statements that clearly show I meet the threshold. And I brought in a letter from the financial institution indicating that I am a viable, long-term customer, with a stable track record. The lawyers at the financial institution had to review the letter and the best they could come up with was along the lines of, "provided nothing else changes, the threshold will be met."
Migraciones would like to see, "It is 100% certain that this income will continue forever..." But my financial institution would not write that.
Additionally, I have an atm card linked to this account, which indicates to Migraciones that I have ready access to such funds. The financial insitution letter also confirms this.
Now, this financial institution would not notarize the letter. And therefore, it could not be apostilled. And this is my missing link.
So I contacted an attorney whom I have known for a long time, we have done some work on and off for many years. After reviewing the financial statements, and said letter, he is producing an income verification statement, which will be notarized and apostilled and sent here. Once it arrives, it will be translated and, according to the gentleman at Migraciones, my application for residencia rentista will be approved.
Any other questions, send me a PM.
Migraciones does not have to see, "It (the income) is 100% certain that this income will continue forever..."
They only have to "see" that the income will continue uninterrupted while the visa is valid (and perhaps two years beyond the date the visa expires).
My bank was able to have the letter (that I actually wrote) printed on bank stationery and notarized by a bank officer because it referred to the source of my income (funds in an irrevocable trust) and confirmed that the monthly deposits (then $1000 USD) had been received for over five years when I first applied for temporary residency and would continue indefinitely. The letter also referred to the financial institution (brokerage) where the funds were invested and from which the monthly check was received for deposit.
I did not provide any bank or brokerage statements or a letter from the brokerage. However, I had the attorney who wrote the original trust send a copy of it with a cover letter confirming the vapidity of the trust, the monthly income, and the names of the bank and the brokerage.
I
hope that income from an irrevocable bank trust could still be used to qualify for the visa. An initial deposit of $30.000 would be more than enough to produce the required monthly income of $8000 pesos for three years (the official rate must be used). The funds invested in the trust could be CDs that are converted to cash to make the monthly distributions.
It would be a good idea to check if additional funds could be added to the trust on an annual basis is migraciones wants to see a three year "balance" at each renewal. I would ask a bank how much they would charge for this service. It should be very low, especially if everything is done at one bank and no outside lawyers or brokers are involved.
As I indicate in the post FirstAidKit quoted, it would also be a good idea to know in advance if the trust could be set up so that the funds could be released if the residency is not granted. Perhaps the trust could be set up initially as a revocable trust and then become irrevocable when residency is granted...or it might be possible to empower the trustee to be able to distribute the balance in the account to the income beneficiary if the residency expires and it is renewed.
