Chile: How investing in business can bring you the reward of residency
Occupying the western edge of South America and extending as far south as the very tip of the continent at Cape Horn, only 644km from Antarctica, Chile is one of the most diverse nations on the planet in terms of ecosystem.
This is an attractive element for foreigners looking to relocate and experience new adventure, however, the benefits and pull factors of choosing the Latin American nation extend far beyond the landscape. One of the many universal reasons for moving, be it overseas or locally, is a desire for a new physical environment, and looking to the future, a place to develop personally and professionally.
The COVID-19 pandemic has created an ever-expanding network of remote workers, and
this has further contributed to the need for new surroundings mentioned above, which is perhaps why now is a good time to take the plunge.
To provide you with a little bit of context before getting into the main subject of today, residency is an official permission granted to someone with a different nationality, allowing them to live and work for a specified period of time, in this case, in Chile.
Before introducing you to all the information related to Chile and how to invest in a business, if you are considering options for citizenship by investment, contact us!. Our specialized team can help you with all your concerns. Click here.
Residency is either temporary or permanent, the difference between the two being that the former is a short period of time and the latter is valid permanently, meaning you are able to stay for an indefinite period for you to be able to apply for citizenship after the requisite period should you wish. In today’s article, we will be outlining how to obtain residency in Chile through business investment, as well as the required documents and costs involved in such a process.
As always, the best place to start is with the eligibility, as while all nationalities are allowed to apply, there are other documents and criteria to fulfil in order to make sure it is
successful. Now, you will be able to find this information below, and hopefully it helps you establish the viability of this route to residency in Chile:
- Provide investment and/or business plans respectively
- Proof of capital in or out of Chile depending on where you are storing the funds
- Notarised passport copy and a passport photo
- Proof of income
- Notarised copy of business license and articles of incorporation
- Marriage and Birth Certificates where necessary
- Tourism card
As residency by investment schemes go, this list of required documents and procedures is not all that long. In terms of the process itself, however, there are a few more steps involved, which we will explore a little more now.
Essentially, on arrival in Chile you are able to make your initial investment, it is stipulated that US$75,000 in the capital Santiago is usually a standard approved amount and following this you are able to apply for a temporary residency. This one-year visa gives you time to have spent 185 days hassle free in the nation, and also acts as a placeholder while the documentation outlined above is reviewed before you can be issued a permanent residency in Chile.
The permanent residency is not automatically granted, it is a requirement to first explain why you are applying and how you are linked with the nation, pretty much verifying the integrity of your investment and demonstrating the positive nature of your intentions within their borders. One interesting thing to note is that after being a resident for 5 years, permanent and temporary combined, you can actually apply for citizenship, further incentivising the process.
So, if you are interested in finding out more about Chile, contact us today! Below this article you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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