"In real terms, if the accounts are done well, today it costs less money for foreigners to have temporary residence, or to be rentier. The objective was to update the standard that had not been touched since 2016. There is no animosity against the Russian population or any other nationality," an official from the National Directorate of Migration told Clarín.
For 72 hours, settling in Argentina as a "rentier" is not as simple or economical as it was before. The National Directorate of Migration formalized the updating of the minimum amounts to be accredited as a temporary resident or rentier to reside legally in the country.
"The rentier is a minor migratory category, very little requested," the official points out, "In Argentina, 95 percent of the migrant population is from South America, which has the category 'Mercosur Nationals'. The remaining 5 percent is distributed by investors, pensioners, asylees and refugees, artists and athletes, religious of recognized cults, students and rentiers."
The source points out that "it is only a measure that updates a provision of 2016, which imposed to enter the country a monthly income of $ 30,000 pesos at that time, that is, 2,140 dollars."
"Today to obtain a temporary residence is cheaper in dollars than thirteen years ago," they say from the National Directorate of Migration.
That provision of 2016 "updates a previous one, from 2010, when $ 8,000 was required, that is, about $ 2,000 to become a creditor of a temporary residence. Those values were outdated and today to enter the country and be a rentier $ 440,000 are requested, which at today's official exchange rate is in the order of 1,730 dollars, that is, less than thirteen years ago. And for a person who comes to Argentina to live on income, it is not at all unreasonable."
The immigration official refers to article 23, paragraph b, of the Argentine migration policy, which states that "the rentier must pay for his stay in the country with his own resources brought from abroad, from the income they produce or from any other lawful income from external sources."
"Here there was no change of rules, it is not about harming anyone," they emphasize from Migrations, "but it is a measure that orders the values and the normative procedure. It was ridiculous to continue with the 2016 rule, which asked for an income of 30 thousand pesos, so we relied on 5 minimum, vital and mobile wages ($87,987) as a reference value. "
A wave of pregnant Russian citizens arrived in the country in February. Russian citizens feel harmed by the new regulations.
Another modification that was updated in the current norm is article 4: "Prior to the granting of the benefit - temporary residence - the interested party must verify the entry into the country of the necessary funds in relation to the time of residence requested, through banking or financial institutions authorized by the Argentine Central Bank. and through the mechanisms in force and authorized by said entity".
Regarding this point, the official points "to a problem that was common in the rentier, who claimed to have the required money, but excused themselves from depositing them in Argentina. So now it is ordered with an instrument monitored by the Central Bank, which with a legal passport for non-Mercosur migrants will allow opening a savings bank and, with all this approved, residence is granted. "
Once all the documentation is approved and the National Directorate of Migration grants residency, "the time of stay in Argentina is for one year but can be extended for another twelve months provided that compliance with the requirements is verified. This action can be repeated up to three times."
"There are no negative consequences against anyone who wants to come with dollars to reside in Argentina. Whether American, French, Egyptian or Russian, any citizen of the world applies to the migratory categories provided for by law. This is indistinct to a nationality. We do not understand the susceptibility of Russian citizens, it seems to me more like an agitation than anything else. The truth is that it surprises us."
"Here there are no more restrictions towards the person, but something that was very far from the values of today was updated. But nothing changed overnight. When the residence has to be renewed or extended, the new provision will have to be complied with. There may be technical issues that slip away, but the norm is modern and surpassing."