Residency in Chile

Moving to live and invest in Chile is an excellent option for those seeking a developed, modern, and efficient country in the heart of South America. Foreign citizens who have invested or intend to invest in Chile, as well as entrepreneurs who operate or intend to start a business in the country, can obtain a temporary Chilean residence visa. There are no specific investment or business requirements. This Chilean residence visa is typically obtained by investing in Chilean stocks or by establishing a company with significant economic activity in the country. This visa may include dependents such as spouses, children, and parents.

How to obtain residency in Chile

Moving to Chile is an opportunity worth seizing if you believe the country has the right characteristics for your lifestyle. A temporary residence visa in Chile will allow you to live in the country for a year and apply for a work permit. Italians can easily obtain residency in Chile. Many Italians choose to live in Chile as retirees.

This is 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 available global data, foreigners who move there do so because of the quality of life in Chile. On average, the quality of life in Chile is comparable to that of Switzerland, with the difference of a year-round spring-like climate and a cost of living about 7.5 times lower than in Switzerland, if we compare Santiago de Chile, the capital, with Geneva.

Moving to Chile is very simple, which is another reason why many Europeans, especially Germans, Swiss, and Italians, decide to move there, often with their entire family and work. Moving to Chile requires obtaining your first temporary residency. Residency in Chile is initially provisional. After a year, you can apply for a permanent residence permit in Chile, provided you still maintain your investment or business, have spent at least 185 days in the country in a year, and have paid your taxes. When applying for a permanent residence visa in Chile, you must attach to your application a letter stating the reason why you want to become a Chilean permanent resident and your ties to the country.

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

Requirements for those who intend 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 demonstrates 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, through a specific 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:

• Proof of the transfer of capital into the country, corresponding to the money contributed to the company by the person requesting residency.
• If the capital has been transferred to Chile, demonstrate through bank or customs documentation, or any other document that shows 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 in the country.
• If the capital has not been transferred to Chile, prove with a specific 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.
• Company incorporation deed and subsequent amendments.
• Launch of the Revenue Agency (SII) and reporting of changes to the company's organization.
• Proof of payment of municipal taxes. – Lease, sales agreement, or property deeds supporting the project's development.
• Purchase and/or sales invoices.
• Latest Balance Sheet or Bank Balance.
• Latest income tax return (if applicable).
• VAT payment for the last three months.
• Pay slips for contract workers, with their respective social security payment histories.
• Accredit the competition authorization

Many investors consider residency in Chile for its economic stability. However, if your primary goal is global tax optimization and wealth protection, Panama's territorial tax system offers advantages that the Chilean tax system (based on worldwide taxation) simply cannot guarantee. Before considering Chile, we recommend considering why most mid- and high-net-worth international entrepreneurs today choose Panamanian residency, avoiding all worldwide tax jurisdictions like Chile.

Foreign citizens can move to Chile as long as they have a regular source of passive income or a pension, which allows them to obtain a temporary residence visa. Essentially, this is temporary residency in Chile. There are no official or specific income requirements for applying for temporary residency in Chile. Typically, 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).

A temporary residence visa in Chile will allow you to live in the country for one year and apply for a work permit. After one year, you can apply for a permanent residence permit, which is permanent residency in Chile, provided you still meet the income requirement, have spent at least 185 days in the country in a year, and have paid taxes in Chile.

When applying for a permanent visa, you must attach a letter to your application stating the reason for becoming a Chilean permanent resident and your ties to the country. The permanent residence permit is valid for five years and is renewable. After five years of residency (including the temporary visa), you may be eligible for citizenship. The citizenship process takes approximately two years. You will be required to attend an interview, have a good level of Spanish, and be knowledgeable about Chilean culture, traditions, values, and history.

Requirements for retirees seeking residency in Chile:

• 1 photocopy of the last 3 months of pension or retirement income, duly certified, or
• 1 Photocopy of the Consulate General of the country of origin certifying the pension or pension income in the national currency (Chilean Peso, CLP) or equivalent in US dollars, legalized before a notary.

Requirements for people with independent means who wish to obtain residency in Chile:

• Proof of regular passive income, defined as having had such fixed income for at least two years, through the presentation of rental contracts held in Chile or abroad, or other similar documents indicating the periodic receipt of financial resources. Whatever the document, a photocopy certified by a notary, translated by an official, and certified and apostilled by the court is required.

Requested documents

• Certified copy of passport
• Tourism Charter
• A passport-sized photo Proof of pension
• 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 residency in Chile, you will probably be interested in creating a life insurance policy on your tax situation by taking up a second tax residence in a country with territorial taxation, such as a residence in Panama or a residence in Paraguay.

You might also be tempted to find out what advantages there are to moving to the Mexican economic giant, taking up residence in Mexico

To begin your residency transfer process, contact us at info@studiopanamaitalia.com, sending us a copy of your passport, and the exact dates to start and take up residency in the country of your choice, or contact us through the contact form on this website or via WhatsApp-Telegram at +1 786-623-8177