Residency in Chile

Moving to live and invest in Chile is an excellent option for those looking for a developed, modern, efficient country in the heart of South America. Foreign citizens who have invested or intend to invest in Chile, as well as entrepreneurs who carry out activities or intend to start a business in the country, can obtain a temporary residence visa in Chile. There are no officially specific investment or trading requirements. Usually this Chilean residency visa is obtained by investing in Chilean stocks or by setting up a company with substantial economic activity in the country. This may include dependents such as spouse, children and parents.

How to take up residency in Chile

Moving to live in Chile is an opportunity to be seized if you believe that the country has the right characteristics for your lifestyle. The temporary residence visa in Chile will allow you to live within the country for one year and apply for a work permit. Italians can obtain residency in Chile easily. Many Italians decide to retire to Chile. Reason why there is a large community of Italian retirees in Chile. This is also due to the quality of life. But what is life like in Chile? According to the latest data available on a worldwide basis, foreigners who move there do so because of how people live in Chile. On average, the quality of life in Chile is comparable to that of Switzerland with the difference in the spring climate throughout the year and a life about 7.5 times lower than Switzerland if we compare Santiago de Chile, the capital with Geneva.

The residence in Chile is initially temporary. After one year you can apply for a permanent Chilean residence permit, provided you still hold onto the investment or business, have spent at least 185 days within the country in a year, and have paid taxes. When you apply for a Chilean permanent resident visa you must attach a letter to your application stating why you want to become a Chilean permanent resident and your ties to the country.

The permanent residence permit is valid for 5 years, renewable. After 5 years of residence in Chile (including temporary visa), you may be eligible for Chilean citizenship and passport. The process to obtain Chilean citizenship lasts about 2 years. You will be required to attend an interview, have a good level of Spanish and knowledge of Chilean culture, traditions, values ​​and history.

Requirements for those intending to invest/work in Chile:

• Business plan or investment plan.
• If the capital has been transferred to Chile, prove through bank or customs documentation or any other document that you have capital in Chile that will allow you to make the declared investment and that you have the means to support yourself and your family members in the country.
• If the capital has not been transferred to Chile, demonstrate, by means of a suitable document in your name, that you have capital abroad that will allow you to make the declared investment and that you have the means to support yourself and your family in the country.

Requirements for those who have already invested/work in Chile:

• Prove the transfer of capital into the country, corresponding to the money contributed to the company by the person applying for residency.
• If the capital has been transferred to Chile, demonstrate through bank or customs documentation, or any other document that you have capital in Chile, which will allow you to make the declared investment and that you have the means to support yourself and your family members in the nation.
• If the capital has not been transferred to Chile, prove with a suitable document in your name that you have capital abroad that allows you to make the declared investment and that you have the means to support yourself and your dependents in the country.
• Deed of incorporation of the company and subsequent amendments.
• Initiation of the activities of the Revenue Agency (SII) and declaration of the company's changes in this organization.
• Proof of payment of municipal taxes. – Lease, sale or title deeds, which support the development of the project.
• Purchase and/or sales invoices.
• Last balance sheet or bank balance.
• Latest income tax return (if applicable).
• VAT payment last three months.
• Payslips of contract workers, with the respective historical proofs of social security payments.
• Credit the competition clearance

Foreign nationals who have a regular source of passive income or pension can obtain a temporary residence visa in Chile. Essentially it is temporary residence in Chile. There are no official, specific income level requirements to apply for temporary residency in Chile. Usually a regular monthly income or pension of US$1,200-1,500 is sufficient for a single applicant for residency in Chile. Additional amounts may be required for dependents (spouse, children and parents). The temporary residence visa in Chile will allow you to live within the country for one year and apply for a work permit. After one year you can apply for a permanent residence permit, i.e. permanent residence in Chile, provided that you still meet the income requirement, you have spent at least 185 days within the country in a year and you have paid the tax in Chile. When you apply for a permanent visa, you must attach a letter to your application stating why you want to become a Chilean permanent resident and your ties to the country. The permanent residence permit is valid for 5 years, renewable. After 5 years of residency (including temporary visa), you may be eligible for citizenship. The process of obtaining citizenship takes about 2 years. You will be required to attend an interview, have a good level of Spanish skills and knowledge of Chilean culture, traditions, values ​​and history.

Requirements for retirees who want to reside in Chile :

• 1 photocopy of the last 3 months of pension or pension income, duly legalized, or
• 1 Photocopied certificate from the Consul of the country of origin attesting the pension or retirement income in national currency (Chilean Peso, CLP) or equivalent in US dollars, legalized before a notary.

Requirements for persons with independent means who want residency in Chile:

• Proof of regular passive income, regular means having such fixed income for at least 2 years, through the presentation of lease agreements held in Chile or abroad, or other similar documents indicating the periodic obtaining of economic resources. Whatever the document, it is necessary to present a photocopy certified before a notary and translated by official and authenticated and apostilled in court

Requested documents

• Certified copy of passport
• Tourism card
• A passport size photo Proof of retirement
• Proof of income Original or certified copy of marriage certificate (if applicable)
• Original or certified copy of birth certificate (if applicable)
• Affidavit of support for employees

In addition to obtaining your residence in Chile, you will probably be interested in creating a life insurance policy on your taxation, taking up a second tax residence, in a country with territorial taxation, such as a residence in Panama or a residence in Paraguay

You'd also be tempted to find out what advantages moving to the Mexican economic giant would have, taking up residency in Mexico

To start your residence transfer procedure, contact us at info@studiopanamaitalia.com, sending us a copy of your passport, and the precise dates to start and take up residence in the country of your preference, or contact us via the contact form on this website or via whatsapp-telegram at +1 786-623-8177