Residencia Rentista

[TruchoTango]

Just because a plan is brilliant does not mean it can be implremented.

The CPA has denied my request for a verification letter, notary and apostille. He cited professional liability issues and insurance coverage. Understandable.

My next step will be to turn back to the broker. I will give it a shot, but I am near-certain he is going to run into the same roadblock.

If anyone has other ideas, please let me know.

 

[db887]

very unlikely a stockbroker can give you any kind of certification beyond signature guarantee, which will not serve your purpose.

neither it is entirely clear what you derive passive income from, a limited partnership? if so, you may have a prospectus but translating it would not be practical.

If you were holding a paper stock certificate, you could get a statement from general partner.

 

[sleslie23]

Well, the letter must have the Apostille and I believe the Apostille will be in English. That means it would have to be translated by a licensed translator in Argentina. As for migraciones, I am not sure if they will accept a document that is written in Spanish that originates from a country whose official language is not Spanish (or if that even matters).

I also wonder about getting the Apostille in the USA for a document that is written in Spanish. As multilingual as the USA has become I'd be surprised if that's a problem, but I'd want to know for sure before requesting that the letter be written in Spanish.

Back in the day, Migraciones accepted my New Mexico birth certificate (which is in both English and Spanish) without a translation.

I agree it may be hard to get a document in Spanish apostillized in California, however.

 

[steveinbsas]

Just because a plan is brilliant does not mean it can be implremented.

The CPA has denied my request for a verification letter, notary and apostille. He cited professional liability issues and insurance coverage. Understandable.

My next step will be to turn back to the broker. I will give it a shot, but I am near-certain he is going to run into the same roadblock.

If anyone has other ideas, please let me know.

Here are several more IF's for you:

If you have been able to get the brokerage to send checks to your bank on a monthly basis you still may be able to get a letter from an officer at the banks that confirms the receipt of the monthly checks (it only takes a maximum of 32 days for the bank to receive two checks and the lasts two months of the "stable" income is what migraciones wants to see.).

If you can get that and it has been notarized, have someone send it to receive the Apostille. Have your contact combine the letter with a bank statement (or two) showing the deposits and send them to you in Argentina. Then get the letter translated and legalized and take it to migraciones with the other docs (including untranslated bank and brokerage statements).

If the letter has the Apostille and the translation all anyone at migraciones is likely to do with the bank statements is look for the amount of the deposit that matches the amount of the check from the brokerage and the amount stated in the letter.

 

[TruchoTango]

Broker said no go. He said call headquarters again and restate your case.

That is a good suggestion Steve. I may go that route, although the time lapse could create an issue.

But Steve's suggestion prompted an idea. The last thing the brokerage wants is to lose an account. So while Steve's suggestion is an intermediate measure, and I may use it, I could also make a more dire threat:

"Either get me this document notarized and apostilled or I am pulling my account and moving it to my bank where they will do this for me without any questions."

Not the best approach. Going aggressive is not appreciated by anyone.

But why would I keep the brokerage around if they won't help a client out? I'll just start moving shares out of the brokerage and into a securities account at the bank if their answer continues to be "no."

Thanks Steve!

 

[steveinbsas]

Broker said no go. He said call headquarters again and restate your case.

That is a good suggestion Steve. I may go that route, although the time lapse could create an issue.

But Steve's suggestion prompted an idea. The last thing the brokerage wants is to lose an account. So while Steve's suggestion is an intermediate measure, and I may use it, I could also make a more dire threat:

"Either get me this document notarized and apostilled or I am pulling my account and moving it to my bank where they will do this for me without any questions."

Not the best approach. Going aggressive is not appreciated by anyone.

But why would I keep the brokerage around if they won't help a client out? I'll just start moving shares out of the brokerage and into a securities account at the bank if their answer continues to be "no."

Thanks Steve!

Before you say anything else to the broker, I suggest that you make sure someone at the bank will agree to write the letter to Argentine migraciones (or at least "to whom it may concern").

If you do have to give your broker an ultimatum, you can still do it nicely, as if it would be something that you would regret having to do just to get a letter from a financial institution that you would really like to continue doing business with.

 

[TruchoTango]

Both very good points, Steve.

I am not sure what you did before you became an informal argentine legal expert, but you were surely accomplished at it.

Diplomacy and caution are always advisable in such matters.

 

[BDA shorts]

I stand corrected. I just looked at two U.S. states' apostille instructions. They'll only apostille documents in English, or non-English documents with a translation to English. Other states may vary.

I'd imagine having a CPA write his letter in both English and Spanish fixes that problem...

 

[TruchoTango]

Brokerage said "no go" on the second proposal when combined with the ultimatum. It was a light ultimatum. Such practices are never the best way.

But the brokerage has its hands tied. It cannot be done.

Given the time it would take to implement Steve's suggestion, I am going to wing it for my first attempt. My original, signed brokerage letter will be down here on 7/13 (sans notary and apostille). I will take all my documents and my most optimistic attitude to migraciones and we see what happens. I will keep you all posted.

Thanks for all your help!

 

[steveinbsas]

Both very good points, Steve.

I am not sure what you did before you became an informal argentine legal expert, but you were surely accomplished at it.

Thanks for he compliments. I opened my first retail store in Bloomington, Illinois when I was nineteen and also owned stores in Chicago and Park City, Utah. I left the USA in 2000.

I wish you good luck at mgraciones and my final suggestion is to include at least the past two months' brokerage and bank statements when you submit your paperwork to migraciones.

If you can, make at least one XOOM transfer to yourself (picking up the funds in person in BA) asap and then make another just before you submit the paperwork. Print out all the emails you receive from XOOM regarding the transfers and/or take screen shots of them and print those.

Migraciones may overlook the letter entirely and just focus on the brokerage and bank statements and the receipts of the money transfers.

PS: I decided to become a businessman after reading Atlas Shrugged by Ayn Rand when I was seventeen. I always had a propensity for retail. Even while watching cowboy shows on TV every Saturday morning as a boy, I never wanted to be the sheriff, marshal, or even the Lone Ranger (who was my hero). I didn't want to wear either a white Stetson or a black Stetson (cowboy hats). I wanted to be the one who sold them...and that's exactly what I did.