One of The Easiest Residency Programs in Latin America and a Passport in 5 Years
There are a lot of reasons to move to Chile. It’s considered the safest country in South America. It’s easy to get a second residency there. The country is welcoming to foreigners. It’s the most developed country in Latin America. It has the best standard of living and the people have the highest incomes.
After you move to Chile and have been a resident for 5 years you can become a citizen. This will entitle you to a Chilean passport. The Chilean passport is the best in Latin America. It’s the only passport that offers visa-free access to the United States and Canada.
It’s easy to navigate the immigration process yourself to move to Chile. You shouldn’t need to hire any expensive lawyers or consultants to help you. Of course, it’ll be easier if you speak Spanish. But much of the process can be done in your home country before you move to Chile.
Reasons to Move to Chile
Chile is the second safest country in the Americas after Canada. They have fewer murders than anywhere else in Latin America.
Chile is a modern country with a good infrastructure. Unlike many other countries in Latin America.
Foreigners can easily find whatever products they need. Most things are available including luxury items you’re used to at home.
Chile has a great business scene. It even offers financial incentives for entrepreneurs to move to Chile and start a new business there. See StartUp chile here for more details of the incentives they offer.
Get a Temporary Residency in Chile First
Like other countries in Latin America, Chile offers a Rentista visa. This is the easiest visa to get for anyone who has passive income. This could be a rental property, a pension, or income from dividends. Dividends could come from public or private companies. Interest income or book royalties would work too. In fact, while they don’t categorise everything they’ll accept, any kind of passive income will do so long as it’s not income from a job.
You should be able to show at least $1500 per month and an extra $500 for each dependent. This will make sure your application for a visa to move to Chile flies through.
If you have your own company you’ll be able to structure things to fit with the visa regime. You can do this in preparation for your move to Chile.
You’ll need to keep this income level consistent for the first 18 months after you move to Chile. You’ll have to give the immigration office proof again when you upgrade to permanent residency.
You’ll have to provide a letter from whichever entity is providing the income to demonstrate it. For example, a letter from your pension provider or the company that pays you dividends.
Other Options for Retirees
If you’re over 55 you can provide proof of at least $125,000 in a bank or brokerage account. That will tick the box for residency in Chile too. You’ll need to show an extra $25,000 for each dependent. You’ll need to show this again when you apply for permanent residency 18 months after you move to Chile.
Options for Investors
You can also set up a company in Chile. You’ll have to invest at least $60,000 in your Chilean business 3 months after getting your temporary residency.
There will also be expenses relating to setting up a company and producing a business plan and so on. It’s a more complex method so if you’re able to get the Rentista visa or the retirement visa it would be a better option.
Other Documents Required
You will need to provide a clean criminal record report from your home country. You’ll also have to provide a report from a doctor that you’re in good health. All documents must be translated to Spanish and be apostilled.
Permanent Residency
Your temporary residency is valid for 1 year. After one year you must apply for permanent residency. This will allow you to stay in Chile indefinitely. In the first year of temporary residency, you can’t leave the country for more than 180 days. You’ll have to show the same documents to prove your income or bank balances again.
After you get permanent residency in Chile there’s no need to spend any more time in the country. You only have to be there for 1 day every year. After 5 years you can apply for Chilean citizenship. You can get one of the top passports in the world by spending only a few months in Chile in your first year. And visiting the country once a year for the next 4 years.
If you don’t mind waiting 5 years this is one of the best passports available. It’s completely free. The program is open to anybody who meets the income requirements. You can also get a Chilean passport by running your business from there.
