Rentista Visa

Hi, thanks for your information, i want to apply for rentista by means of trust account. Having a link between my bank account in my country and an Argentinian bank means i need to have an Argentinian bank account, but how am i supposed to have it if only people with DNI can open such an account? because DNI can be derived only after getting temporary residency, if i am not mistaken.
My whole concern is whether it would be enough the agreement with a bank in my country to send me back 30000ARS$/month for 1 year, or there are supposed to be other documents too providing that the mentioned income is from abroad of Argentina, also that the mentioned money will be definitely sent to Argentina, etc...?
How should i prove that money will be sent to Argentina ?

That chuckling sound you hear is me laughing WITH you. I know, I know!

At one point, I asked the migraciones guy, "How am I supposed to get a linked Argentine bank account if it's not legally possible?" He shrugged his shoulders and said, "I don't know. You'll have to ask your paisanos." I left shaking my head.

I am not an argentine immigration attorney - I can only tell you what worked for me. Also, the bank account requirement may no longer exist. I am not certain of that, but it was verbalized every previous visit, then the last one, the guy said, "Just get this document notarized, apostilled and translated and you're good to go."

I pursued the residencia rentista on two tracks. The first track was the income verification. The second was the bank account. Each time I went to migraciones, I had news to report on both fronts. They appreciated that I was giving it the college try. I don't know why, but I had a strange feeling that with the regime change, the bank account policy might get laxed. I also figured that if I got everything compliant except the bank account, that they would see I was so close to the finish line, they would just waive me across out of mercy.

In the Rad-ex website, if you submit the income verification documents, they'll call you down to migraciones. So you get to talk with an employee at migraciones. Every time they called me down, I expressed enthusiasm and optimism for my progress - feelings which they did not always share. I verbally let them know I was doing everything in my power to get compliant and I was making progress. Throughout the process, I never complained or got frustrated or said it was unfair. I gave them factual information and always departed with "I'll get it done, one way or another."

Those guys and girls at Migraciones don't know anything about Argentine banking. They don't even know about Argentine immigration law. I'm serious. They told me things that I know are not true. So I realized there is no point in making their lives difficult by complaining or asking them questions they don't know the answer to.

Regarding the structure, if it's unconventional, that is they haven't seen many like it, the income verification will be scrutinized to a far greater degree. If you own a rental apartment, you get a letter from your financial advisor, you copy the rental contract, get it notarized and apostilled, and voila. They recognize rental apartment as compliant.

If it's something more unique, the documents need to make absolutely clear that a) there is this source/pool of funds that is very large, b) there is a binding, unbreakable legal agreement whereby this pool/source of funds transfers more than enough money to you on a regular basis (they want to see it goes to YOU - not some DBA or business account), c) that legal agreement will last longer than a year, d) neither party can easily exit the agreement and e) the distributed funds are clearly available for your use.

In my experience, once I laid that all out in clear detail, there was no problem.

If I can help further, PM.
 
That chuckling sound you hear is me laughing WITH you. I know, I know!

At one point, I asked the migraciones guy, "How am I supposed to get a linked Argentine bank account if it's not legally possible?" He shrugged his shoulders and said, "I don't know. You'll have to ask your paisanos." I left shaking my head.

I am not an argentine immigration attorney - I can only tell you what worked for me. Also, the bank account requirement may no longer exist. I am not certain of that, but it was verbalized every previous visit, then the last one, the guy said, "Just get this document notarized, apostilled and translated and you're good to go."

I pursued the residencia rentista on two tracks. The first track was the income verification. The second was the bank account. Each time I went to migraciones, I had news to report on both fronts. They appreciated that I was giving it the college try. I don't know why, but I had a strange feeling that with the regime change, the bank account policy might get laxed. I also figured that if I got everything compliant except the bank account, that they would see I was so close to the finish line, they would just waive me across out of mercy.

In the Rad-ex website, if you submit the income verification documents, they'll call you down to migraciones. So you get to talk with an employee at migraciones. Every time they called me down, I expressed enthusiasm and optimism for my progress - feelings which they did not always share. I verbally let them know I was doing everything in my power to get compliant and I was making progress. Throughout the process, I never complained or got frustrated or said it was unfair. I gave them factual information and always departed with "I'll get it done, one way or another."

Those guys and girls at Migraciones don't know anything about Argentine banking. They don't even know about Argentine immigration law. I'm serious. They told me things that I know are not true. So I realized there is no point in making their lives difficult by complaining or asking them questions they don't know the answer to.

Regarding the structure, if it's unconventional, that is they haven't seen many like it, the income verification will be scrutinized to a far greater degree. If you own a rental apartment, you get a letter from your financial advisor, you copy the rental contract, get it notarized and apostilled, and voila. They recognize rental apartment as compliant.

If it's something more unique, the documents need to make absolutely clear that a) there is this source/pool of funds that is very large, b) there is a binding, unbreakable legal agreement whereby this pool/source of funds transfers more than enough money to you on a regular basis (they want to see it goes to YOU - not some DBA or business account), c) that legal agreement will last longer than a year, d) neither party can easily exit the agreement and e) the distributed funds are clearly available for your use.

In my experience, once I laid that all out in clear detail, there was no problem.

If I can help further, PM.
Yes, you got my point. i am gonna apply in the embassy of Argentina in my country. So only i will get DNI in Argentina if i have my application approved in the embassy. Thanks a lot for your answer
 
That chuckling sound you hear is me laughing WITH you. I know, I know!

At one point, I asked the migraciones guy, "How am I supposed to get a linked Argentine bank account if it's not legally possible?" He shrugged his shoulders and said, "I don't know. You'll have to ask your paisanos." I left shaking my head.

I am not an argentine immigration attorney - I can only tell you what worked for me. Also, the bank account requirement may no longer exist. I am not certain of that, but it was verbalized every previous visit, then the last one, the guy said, "Just get this document notarized, apostilled and translated and you're good to go."

I pursued the residencia rentista on two tracks. The first track was the income verification. The second was the bank account. Each time I went to migraciones, I had news to report on both fronts. They appreciated that I was giving it the college try. I don't know why, but I had a strange feeling that with the regime change, the bank account policy might get laxed. I also figured that if I got everything compliant except the bank account, that they would see I was so close to the finish line, they would just waive me across out of mercy.

In the Rad-ex website, if you submit the income verification documents, they'll call you down to migraciones. So you get to talk with an employee at migraciones. Every time they called me down, I expressed enthusiasm and optimism for my progress - feelings which they did not always share. I verbally let them know I was doing everything in my power to get compliant and I was making progress. Throughout the process, I never complained or got frustrated or said it was unfair. I gave them factual information and always departed with "I'll get it done, one way or another."

Those guys and girls at Migraciones don't know anything about Argentine banking. They don't even know about Argentine immigration law. I'm serious. They told me things that I know are not true. So I realized there is no point in making their lives difficult by complaining or asking them questions they don't know the answer to.

Regarding the structure, if it's unconventional, that is they haven't seen many like it, the income verification will be scrutinized to a far greater degree. If you own a rental apartment, you get a letter from your financial advisor, you copy the rental contract, get it notarized and apostilled, and voila. They recognize rental apartment as compliant.

If it's something more unique, the documents need to make absolutely clear that a) there is this source/pool of funds that is very large, b) there is a binding, unbreakable legal agreement whereby this pool/source of funds transfers more than enough money to you on a regular basis (they want to see it goes to YOU - not some DBA or business account), c) that legal agreement will last longer than a year, d) neither party can easily exit the agreement and e) the distributed funds are clearly available for your use.

In my experience, once I laid that all out in clear detail, there was no problem.

If I can help further, PM.
When we got our rentista visa/residency in 2016 through the Argentine consulate where we were living in the States, Atlanta, they told us only that we needed an account with a bank in the US that also had a present in Argentina. I don't remember them saying the accounts at the two banks had to be linked. So we opened an account with HSBC, even though the Argentine HSBC is a completely separate entity from its US counterparts, meaning no interbank transfers were possible. I made the required transfers during the year but when renewal time came at the end of that first year, we switched to a pensionado visa. I assume those transfers would have been enough for us to keep our rentista visa, even though those accounts weren't linked. Is it possible that all they really require is that your US bank have a presence in Argentina?
 
The way it was working 12 months ago (with the newly introduced electronic lodgement system), was as follows:

1) Obtain all the documents needed from your home country that others have described above, which does NOT mean opening a bank account in Argentina, because, of course, that is impossible until you have concluded the process successfully and have your residency.

2) Once in Argentina, but before uploading the documents to the system, go to an ATM and withdraw an amount from the overseas bank account where the income from you trust or rental property is deposited.

3) Retain the ATM receipt and take a photograph of it.

4) The photograph of the receipt is one of the documents you upload (the system has a specific space for it).

You have now completed the loop. You have an income stream from an overseas source (the documents you bring from your home country and upload, once apostilled there and translated here, demonstrate this). You have evidence that this income reaches an overseas bank in the necessary amount (the documents you bring from your home country and upload, once apostilled there and translated here, must include several months of bank statements that show the money going in regularly). You have evidence (in the form of the photographed ATM receipt) that you can withdraw money from that overseas account here in Argentina.

A few weeks after lodging all the documents online, you will get an email inviting you to come into Migrations in person (the very next morning) to present all the original documents. If all goes well, they will issue the Precaria that day. If that Precaria ever turns into an actual residency, you will then be able to open your local bank account and started transferring the money from your overseas account into that local account, and thus comply with the conditions of the Rentista residency.

However, you will never get to the last step in the process. As others have said, nobody at Migraciones has the fainted idea about the Rentista category. They will tell you anything, and it will almost certainly be wrong. They will just keep reissuing your Precaria every 90 days and even if you put in a request to expedite the tramite, it will continue to go unattended. After a while, you will realize that they don’t know what to do with your documentation, but that it really doesn't matter; as long as they keep renewing your Precaria, you are living happily in Argentina.

The only catch is that in theory you can renew the Precaria every 90 days from the comfort of your home by pressing a button on the system. That, unfortunately, only works 50% of the time. If, 10 days after you pressed the button, the system still hasn’t generated the new Precaria, you will have to join the queue at Migraciones from 5 am to have them do it manually in building C. Go on the 11th calendar day; go any earlier and your 3 hours of queuing in the cold will have been in vain.

Bear in mind too, that since the recent changes to the taxation legislation, the asset overseas that you use to generate your income is, technically, subject to the annual wealth tax, at rate that could reach as high as 2.25%. If you are a risk taker, listen to those who argue that (i) AFIP aren’t interested in foreigners, and/or (ii) aren’t equipped to trace foreigners’ wealth, and/or (iii) that even though the “overseas domicile” loophole has been closed, a smart lawyer will be able to convince a judge in the future that it is still open. If you are not a risk taker, think very carefully about declaring an asset to one part of government (Migraciones), who could be asked to report it any time in the future to another part (AFIP—the tax collectors).
 
Alby makes a good point, something that I did not clarify, we could not open a bank account here until we had ready been granted residency and had a DNI. For the Argentine consulate in Atlanta it was enough that we open the HSBC account in the States for us to be given the papers we needed to be able to be processed at Migraciones (passport control) at Ezezia upon our arrival. All we had to do after that was go and request a DNI. Only after we had our DNI were we able to open a bank account. Sounds like times have changed because we had no rental income, only our private retirement accounts in the US, and that was enough for them to give us a rentista visa.
 
That chuckling sound you hear is me laughing WITH you. I know, I know!

At one point, I asked the migraciones guy, "How am I supposed to get a linked Argentine bank account if it's not legally possible?" He shrugged his shoulders and said, "I don't know. You'll have to ask your paisanos." I left shaking my head.

I am not an argentine immigration attorney - I can only tell you what worked for me. Also, the bank account requirement may no longer exist. I am not certain of that, but it was verbalized every previous visit, then the last one, the guy said, "Just get this document notarized, apostilled and translated and you're good to go."

I pursued the residencia rentista on two tracks. The first track was the income verification. The second was the bank account. Each time I went to migraciones, I had news to report on both fronts. They appreciated that I was giving it the college try. I don't know why, but I had a strange feeling that with the regime change, the bank account policy might get laxed. I also figured that if I got everything compliant except the bank account, that they would see I was so close to the finish line, they would just waive me across out of mercy.

In the Rad-ex website, if you submit the income verification documents, they'll call you down to migraciones. So you get to talk with an employee at migraciones. Every time they called me down, I expressed enthusiasm and optimism for my progress - feelings which they did not always share. I verbally let them know I was doing everything in my power to get compliant and I was making progress. Throughout the process, I never complained or got frustrated or said it was unfair. I gave them factual information and always departed with "I'll get it done, one way or another."

Those guys and girls at Migraciones don't know anything about Argentine banking. They don't even know about Argentine immigration law. I'm serious. They told me things that I know are not true. So I realized there is no point in making their lives difficult by complaining or asking them questions they don't know the answer to.

Regarding the structure, if it's unconventional, that is they haven't seen many like it, the income verification will be scrutinized to a far greater degree. If you own a rental apartment, you get a letter from your financial advisor, you copy the rental contract, get it notarized and apostilled, and voila. They recognize rental apartment as compliant.

If it's something more unique, the documents need to make absolutely clear that a) there is this source/pool of funds that is very large, b) there is a binding, unbreakable legal agreement whereby this pool/source of funds transfers more than enough money to you on a regular basis (they want to see it goes to YOU - not some DBA or business account), c) that legal agreement will last longer than a year, d) neither party can easily exit the agreement and e) the distributed funds are clearly available for your use.

In my experience, once I laid that all out in clear detail, there was no problem.

If I can help further, PM.
Argentine Central Bank requires for permanent residency to open a bank account.
 
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!
 

Here is an edited (by me) google translation of the article:

... Nobody wants to be targeted by the Treasury. The fear...was confirmed this morning, when Mercedes Marcó del Pont, head of the AFIP, warned that he will investigate 17 people who stopped paying taxes in Argentina.

Given the concern of those who have already completed the process or plan to do so, taxpayers recommend that they comply strictly - and "exceed" compliance with the requirements for the change of tax residence.

It is necessary to answer some questions such as where the taxpayer has his home and his job and where his family resides, if he has one.

...The State "does not have the power to ask for explanations" about why a person decides to leave . "The treasury can control compliance with the requirements, but not the cause," he adds.

What would happen if people who have left their fiscal residence in Argentina do not meet the necessary requirements? Then the double tax residence can be declared...

To "leave" the double residence...it is necessary to..."Stop having personal activities in Argentina, although you can continue to be a shareholder or asset holder, and avoid grays in the center of vital interests."

In addition, if the taxpayer left the tax residence in Argentina and the AFIP considers that there were irregularities, he must pay the interest and penalties corresponding to the omission of taxes...

...The recommendation, then, is to "play far from the limit": if the country where the taxpayer has his fiscal residence requests that he remain there more than 180 days, stay 300, for example.

"Making the decision to leave is much more momentous than the tax issue: if the change of residence also includes a personal or family decision, one who has met the requirements and is within the framework of the law does not have to fear,"
 
Back
Top