Income threshold raised for rentier temporary residents
15 Jul 16
IMPACT – MEDIUM
What is the change? Argentina has raised the minimum required income for individuals applying for temporary residence permits in the rentier category, i.e., individuals earning a regular income or profits from a foreign source, such as a pension, supporting their stay in Argentina.
What does the change mean? Applicants must prove a minimum income of 30,000 pesos (about US$2,037) per month (up from the current threshold of 8,000 pesos per month).
- Implementation time frame: Immediate. The change took effect July 1.
- Visas/permits affected: Rentier temporary residence permits.
- Who is affected: Individuals applying for or renewing rentier temporary residence permits.
- Business impact: Individuals on a fixed income in the rentier category should budget for the increase and be prepared to demonstrate that their income meets the new threshold.
Background: Rentier temporary residence applicants must file a declaration of their income or profits. The new income threshold of 30,000 pesos per month applies to new applicants and to extensions of existing permits. Applicants must submit proof of profits or income from the previous year in the form of bank statements, rental agreements or other documents. The rentier permit is valid for one year and applicants extending their permits must live in Argentina more than 50 percent of the year.
After holding temporary residence for three years, rentiers may apply for permanent residence.
BAL Analysis: The new minimum is a large increase from the previous threshold, and foreign residents should prepare for the higher income requirement.
This alert has been provided by the BAL Global Practice group and our network provider located in Argentina. For additional information, please contact your BAL attorney.
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