Rentista Visa

[steveinbsas]

Argentine Central Bank requires for permanent residency to open a bank account.

Are you referring to Banco Nacion?

 

[steveinbsas]

Hi, thanks to everyone on this forum for the useful advice! Just a quick question here - has anyone managed to get a rentista visa using rental income from a property in Argentina? This seems to be a relatively easier option that getting foreign documents translated/apostilled, and should be easier for the guy/gal at migraciones to handle, but is this even allowed given that the exact wording on the migraciones site says that (...con recursos propios traídos desde el exterior, de las rentas que éstos produzcan, o de cualquier otro ingreso lícito proveniente de fuentes externas)?

I haven't bought a property here yet, but if I were to do so with money brought in from overseas, and then rented it out for more than 30k pesos, would this technically qualify?

Alternatively, renting out my flat in my home country could also be a possible option - has anyone done this before?

I know I'm probably over-analysing the gists of Argentine immigration law here, but I'd be grateful if someone could share their experiences/thoughts on this!

It may have been a long time since anyone asked this, but the answer at the time was (and probably still is) no, and that's because the visa rentista specifically refers to stable foreign income. Rental income from a property in Argentina obviously doesn't meet the definition of foreign and it might be difficult to make the case that the income could be considered stable, especially if the property was a recent purchase.

If I remember correctly, at least one member reported that they were applying for a visa rentista based on renting their primary residence in their home country, but I don't remember if they actually received the visa. I believe they had to provide copies of the lease (for at least one year if not two) as well as a copy of the deed to the property.

Migraciones will probably ask for verification of the income by a CPA and/or a bank officer stating the income will continue without interruption (a claim easily challenged) and also want bank statements showing deposits of the rental income for at least two months prior to applying for the visa.

In my opinion, the inability of anyone to guarantee that rental income will continue without interruption for one or two years in the future would be an obvious (if not instantaneous) reason for migraciones to deny the visa.

PS: A lawyer with recent experience in this area is most welcome to correct or clarify this information.

 

[Alby]

Correct. For an overseas rental property, the advice received in June 2018 from one of the few staff in Migraciones who was helpful, confident, and clearly knew what he was on about (and who, unfortunately, has never subsequently appeared) was:

• The signed rental contract with an end date beyond the term of the proposed one-year temporary residency. If the rental contract automatically renews, there needs to be a clause that clearly states this.
• The title deed, showing your name as the owner, coinciding of course with the name of the land lord on the rental contract.
• Bank statements showing the rental income hitting bank account held in the name of the applicant regularly, in at least the minimum amount.
• A letter from a CPA describing the arrangements (i.e., the property’s existence and ownership, the rental contract’s existence, the rental payment amounts, the destination bank account, the applicants ability to access that account whilst in Argentina and even, wait for it...the number and expiry date of the plastic card that the applicant would use to withdraw the money whilst overseas).

My post of Sunday also refers. Refer to that post too for an indication of how likely it is, even should all your information line up and in the event you are able to (i) amass it at home, (ii) apostille it at home, (iii) have it translated here, and (iv) successfully upload onto the system and then deliver the originals to Migraciones, that even a straightforward case will ever even be looked at / assessed, let alone eventually accepted or rejected.

 

[Stantucker]

Argentine Central Bank requires for permanent residency to open a bank account.

I know someone here who just got pensionado permanent residency and had never had a bank account here.

 

[steveinbsas]

Argentine Central Bank requires for permanent residency to open a bank account.

I know someone here who just got pensionado permanent residency and had never had a bank account here.

What Bajo_cero2 wrote actually indicates is that the "Central Bank" requires an individual to have permanent residency to open a bank account, not that a having a bank account is a requirement for permanent residency.

The reason I can decipher his posts is that I have been studying Rublish for over ten years.

Question of the day: If you beat the "L"out of Rublish, what do you get?

PS: That's just a joke!

 

[Gabrielg]

Hi, if you know about rentista visa by means of trust account:
1) may i myself or my mother be granter in trust account if i am beneficiary ? i mean in this case any time granter can take back money from trust account therefore passive income wouldn't be guaranteed. What would you suggest ?
2) once i read that need to have trust account for at least 2 years, does it mean i won't get rentista if i open trust account only for 1 year with 6000$? or it is just preferable?

 

[Alby]

I doubt anyone--including Migraciones itself at the moment--knows the answers to these questions.

It depends what your objective is. If it is simply to live in Argentina legally for a period of time longer than the 90-day tourist visa (and if you can get by without a DNI and without a bank account), if you can be bothered going to the time, effort, and cost to collect all the documentation related to your trust and all the information indicated in earlier posts, have these documents apostilled, translated, and lodged with Migraciones, you stand a good chance of obtaining at least a Precaria and then being able to live here for months (even over a year, as has been my case--even with a very simple and well-documented Rentista application) while your application sits in a tray somewhere inside Migraciones.

If your objective is different to the above, I think you have no alternative other than to pay a local lawyer specialist in this area to help you build your application and then pursue it through the system.

 

[Gabrielg]

I doubt anyone--including Migraciones itself at the moment--knows the answers to these questions.

It depends what your objective is. If it is simply to live in Argentina legally for a period of time longer than the 90-day tourist visa (and if you can get by without a DNI and without a bank account), if you can be bothered going to the time, effort, and cost to collect all the documentation related to your trust and all the information indicated in earlier posts, have these documents apostilled, translated, and lodged with Migraciones, you stand a good chance of obtaining at least a Precaria and then being able to live here for months (even over a year, as has been my case--even with a very simple and well-documented Rentista application) while your application sits in a tray somewhere inside Migraciones.

If your objective is different to the above, I think you have no alternative other than to pay a local lawyer specialist in this area to help you build your application and then pursue it through the system.

My final objective is to settle down in Argentina. I have a remote job and after getting DNI i am planning to register that job in Argentina as it is registered in my country. Just my whole concern is whether i can get a rentista with trust account where i am both granter(person who gives money) and beneficiary(person who receives money monthly) , or granter is my relative ?
i would like to apply with the same method 3 years sequentially and get permanent residency.

 

[Alby]

In that case, your overall objective is the same as mine. However, after 21 months pursuing what ought to be a very straightforward the Rentista residency application, I am yet to even begin the first of the three years and get on the path to permanent residency. Four of those months were gathering the documentation at home, two were readying the information here and submitting it to Migraciones and the remainder has been the as yet incomplete processing through Migraciones, with no guarantee that in the end they will accept the application.

The point here is that there is no answer to the specific question. It will be up to the discretion of the assessor who eventually looks at your application. Even if you were to go down to Migraciones in person this week and found someone knowledgeable on the subject, they would not be able to give you a clear answer (and even if they did, you could not rely on it).

I think you need to obtain professional assistance for your case, because you are in a Catch 22: you want to know whether it is worth going to all the trouble of applying in the first place, but the only way to know that is to first go to all the trouble.

A professional in this area should be able to help you decide what to do.

 

[Gabrielg]

In that case, your overall objective is the same as mine. However, after 21 months pursuing what ought to be a very straightforward the Rentista residency application, I am yet to even begin the first of the three years and get on the path to permanent residency. Four of those months were gathering the documentation at home, two were readying the information here and submitting it to Migraciones and the remainder has been the as yet incomplete processing through Migraciones, with no guarantee that in the end they will accept the application.

The point here is that there is no answer to the specific question. It will be up to the discretion of the assessor who eventually looks at your application. Even if you were to go down to Migraciones in person this week and found someone knowledgeable on the subject, they would not be able to give you a clear answer (and even if they did, you could not rely on it).

I think you need to obtain professional assistance for your case, because you are in a Catch 22: you want to know whether it is worth going to all the trouble of applying in the first place, but the only way to know that is to first go to all the trouble.

A professional in this area should be able to help you decide what to do.

Thanks for your advice, i will work on it. Wish you succeed in your purposes.