Shocking new income requirement for visa rentista?

[Attorney in BA]

By Disposition Nbr. 1534/2010 of the DNM, published July 29, 2010, the monthly income required for the rentier (rentista) visa was establised at AR$ 8000.-

The complete text of the Disposition may be found here (in Spanish) http://infoleg.mecon.gov.ar/infolegInternet/anexos/165000-169999/169991/norma.htm

 

[Sleuth]

Thanks for the update.

If I'm reading this right, does it also say that the investment visa requires AR $1,500,000?

http://infoleg.mecon.gov.ar/infolegInternet/anexos/165000-169999/167004/norma.htm

 

[dennisr]

Thanks for the update.

If I'm reading this right, does it also say that the investment visa requires AR $1,500,000?

And at no extra charge, 30% of investment funds must placed in a Central Bank escrow account for safe keeping. Crazy, but it is their ball game and they get to make the rules.

 

[SaraSara]

And at no extra charge, 30% of investment funds must placed in a Central Bank escrow account for safe keeping. Crazy, but it is their ball game and they get to make the rules.

Great way to discourage investors. And then our dear "Presidenta" whines about the lack of foreign investment in Argentina.

 

[Attorney in BA]

Thanks for the update.

If I'm reading this right, does it also say that the investment visa requires AR $1,500,000?

http://infoleg.mecon.gov.ar/infolegInternet/anexos/165000-169999/167004/norma.htm

Yes, this is correct. And the investment must be approved by the Ministerio de Industria.

 

[steveinbsas]

Great way to discourage both investors and immigrants.

Except for retired (grumpy and/or sex crazed) old men like me!/

 

[Attorney in BA]

And at no extra charge, 30% of investment funds must placed in a Central Bank escrow account for safe keeping. Crazy, but it is their ball game and they get to make the rules.

The applicable regulations (Decree 616/2005, Central Bank Communications A 4447, 4762, 4933 and others) establish ways to avoid the escrow deposit.

 

[dennisr]

The applicable regulations (Decree 616/2005, Central Bank Communications A 4447, 4762, 4933 and others) establish ways to avoid the escrow deposit.

With all due respect:
Indeed, another round with the bureaucracy, more payoffs and attorney fees. All you can do is laugh because it is so self defeating.

BUENOS AIRES (Dow Jones)--The Argentine government is willing to discuss changes to the country's capital controls but only if the volatility fueled by speculative capital can be avoided, President Cristina Fernandez said Tuesday.

The government currently requires foreign investors to deposit 30% of any funds they bring into the country in a zero-interest account at the central bank for 12 months.

Speaking at the anniversary celebration of the Buenos Aires Stock Exchange, Fernandez said that any changes would have to prevent the kinds of bubbles that rocked Wall Street last year. Such volatility in capital flows "puts the economic system, all of society and the stock market at risk," she said.

The Buenos Aires exchange, or BCBA, has been desperate for the removal of the capital controls, which were the main reason why Argentina was demoted to "frontier" status by index provider MSCI Barra in May 2009. The BCBA believes some $10 billion could be allocated back into the Argentine market if the country can recuperate its "emerging market" status.

Adelmo Gabbi, head of the BCBA, met recently with Fernandez to discuss this issue, and then presented a formal proposal to the government which would remove the 30% deposit rule, but still require investors to leave their money in Argentina for at least one year.

 

[soulskier]

Yes, this is correct. And the investment must be approved by the Ministerio de Industria.

Amazing. It seems like Argentina is purposely shooting themselves in the foot, again and again.

On a positive note, the Patagonia View Investment Property, offered at US$379,000, is basically 1.500.000 pesos. And since it was used to renew our investment visa before, one would think it could be used again for the new buyer.

 

[gouchobob]

Yes, this is correct. And the investment must be approved by the Ministerio de Industria.

I wonder if you have to wait until they have your money in the escrow account before they issue an approval? I also wonder how much an approval might cost? Will you have to pay some percentage of the investment to the employees of the Ministrerio to get it approved? Probably not questions that can be answered here. This could be a good process if you are a corrupt politician wanting to get a piece of the foreign investment pie for your own pocket.