Rentista: what flat sum suffices?

[Trennet]

I'm going to try to obtain my rentista temporary residency and I was wondering:
- Can I qualify with a bank account that has a large amount of money in it?
- How much money would be needed?

I have read some good recommendations about setting up a trust (such as SteveinBsAs's, thanks). But I am not interested in that. Moreover, it seems easy to have friends and family temporarily loan me money for the bank account snapshot.

Many thanks for the help.

 

[PhilipDT]

My understanding is you need to show monthly income which is why people set up trusts with themselves as beneficiaries.

 

[Trennet]

I've read about people qualifying with only a savings account, but with something like us$200-300k in it. Unfortunately I've had no luck tracking down the reports nor anything related.

 

[steveinbsas]

For the visa rentista migraciones require a stable, monthly (non salary) foreign income of $8000 pesos ($2000 US) per month. A one time bank "snapshot" may not suffice. Migraciones is well aware of the "false impression" of wealth that a high bank balance can create on any given day and they also require documentation of the source of income and the assets that produce it. They will ask how you "earned" the money in your bank account. I doubt that loan proceeds would be considered an acceptable (income generating) asset.

An attorney who posts here frequently said that he was told by someone at migraciones that only income derived from property rentals is acceptable, but I certainly didn't claim rental income for my visa. On the other hand, I may have been granted my visa as a "pensionado" instead.

Don't forget that the new income requirement (and the six month physical presence in country required for renewal) may make those with the visa rentista attractive targets for taxation by AFIP. The foreign assets that produce the income would also be taxable in Argentina.

 

[PhilipDT]

Steve is that officially 200usd or 8000 ars?

 

[steveinbsas]

Steve is that officially 200usd or 8000 ars?

Hey Philip.

Official figures are always quoted in the national currency (pesos). The migraciones website actually says something about having an Argentine accountant certify the value of the foreign income in pesos, but in three years the folks at migraciones never asked me for this. While the accountant's certification might be required for some currencies, there was never question about my income as stated in dollars.

 

[domdom]

Hi everybody...
Does anyone know if the "jubilado o pensionado" visa requirement changed ?? Is it still 2000 pesos per month, or did it increase as the visa rentista ??
Have a nice week end

 

[After5]

The pensionado visa requires AR$ 2,500 a month income, which has been the standard for several years now.

Migraciones sometimes gives out wrong information, though. I have an email from Migraciones sent last November, saying that there is no income requirement for pensionados (which is incorrect).

Last month Migraciones told a pensionado renewing his visa that he needed 8,000 pesos a month, the same as a rentista. His lawyer looked up the text of the law and proved them incorrect -- the income required for pensionados is 2,500 pesos a month.

 

[steveinbsas]

The pensionado visa requires AR$ 2,500 a month income, which has been the standard for several years now.

And the income can be derived from Social Security, a public or private pension, or an irrevocable trust that provides "lifetime" income. Adequate "proof" must be provided. Social Security is the easiest to prove: there is a Social Security office at the US Embassy in BA that can issue a letter certifying the income and it can be "authenticated" in BA as well.