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Chile for retirees, affordable, safe, temperate climate and low cost of living

As a great place to retire, Chile has understood how to become a magnet for citizens worldwide regarding the consistency of its institutions and economy. With a privileged geography in terms of beauty and variety of the landscape. Chile welcomes foreigners with a perfect blend of natural beauty, social security, political stability, increasing social development and modern infrastructure. Together, these features make the country the best destination for retirees living in Latin America.  Chile in Data.

“Chile is a global leader in economic freedom and an example for other countries in America. It is the first in Latin America and the Caribbean, and seventh worldwide in the Global Index – Heritage Foundation – 2015.”  Compared with Canada.

Chile is the south-western tip of South America. It surprises with a varied geography shaped by mountains, valleys, deserts, forests and thousands of kilometres of coastline.

Its natural boundaries are the Atacama Desert to the north, the Andes Mountains to the east, the Pacific Ocean to the west and glaciers to the south. Its island territories are noted for the beauty and heritage interest of the Juan Fernández Islands and Easter Island. In addition, Chile represents great diversity in a narrow swath of land.

Chile for retirees has recently been discovered as a paradise by retired Americans and Canadians. For over forty years, it had also been chosen as a retreat for many Germans and Swiss, who came under the advice of relatives who had arrived as settlers. The Lake District is strongly influenced culturally by the descendants of those settlers, especially Valdivia, Osorno, Puerto Montt and their surroundings.

Summertime is fantastic, with many warm, sunny days and cool nights. Chile is a great place where the swallows fly every winter from North America and Europe (this is why people with a second home from North America are called snowbirds).

The Lakes Region is known for its abundant nature and many protected areas. Highlights include activities such as rural tourism, fly fishing, bird watching, flora and fauna in general, and other adventure sports such as rafting and kayaking, which attract worldwide interest, thanks to the quality of the rivers and lakes.

The cost of living well is affordable in Chile compared to North American and European nations and is a bargain considering the quality of life that you are buying.

Chile is the country with the highest living standard in Latin America. Water is delivered by companies that supply drinking water, telephones, and the Internet, which are fast and reliable. There is an efficient public transport system, and the roads are modern, quick, and well-maintained.

It is certainly not the same as visiting a country as a tourist or residing in a place, seasonally or permanently. These are the main reasons to consider when choosing Chile as the ideal place of residence for foreign retirees:

Affordable Health Insurance

Most people do not say that Chilean health care is cheap. But if you come from the US, where medical costs can cause bankruptcy, you will find it much more affordable and, most importantly, with very high-quality standards in Chile.

Although private, the ISAPRE System – health insurance – is controlled by a Superintendent of Health to prevent abuses by health insurance companies.

You can choose your doctor and make appointments on the clinics’ website. Remember that you must first apply for a provisional RUT, a number that will identify you in Chile, and then you will sign the relevant contracts with the health insurance company you choose.  Source.

Clinics in the Lakes Region:  Clínica Alemana in Valdivia.  Clínica Alemana in Osorno.  Clínica Alemana in Puerto Montt.

Stability

Chile has been a democracy since 1810 – except during the sorrowful episode of Pinochet – and its stability since 1990 is recognised worldwide, so much so that Chilean citizens who want to enter the United States do not require a visa. Chile is considered the most stable country in the Americas, after Canada and the United States.

No Corruption

You never have to pay a bribe to the police and do not try it because it is a crime. You will not be required to pay for a certificate of residence or a license. If you meet the requirements and pay the legal rate, you will be granted these without problem. Chile has an honest culture with low levels of corruption in the public sector.

According to the Transparency International survey, Chile is in the “clean” category, along with Uruguay, Barbados, and the United States. (Only Canada is in the “very clean” category in the Americas.)

Let’s be clear: there is some corruption, as in any place on earth, but at minimum levels, and when a corruption scandal occurs, the defendants are prosecuted and soon sent to jail.

Ease of Obtaining Residence

Chile has a special category for foreign retirees and annuitants when applying for a residence visa, either temporary or permanent. The requirements are minimal, and if you are already in Chile as a tourist, you can mail the form and documents. If you have difficulty filling out the form – in Spanish – you can pay for the services of a translator because no lawyer is required, and it is straightforward.

The steps are as follows: First, a simple tourist visa or multiple entry visa lets you stay for 90 days each time, which can be renewed for another 90 days with a one-off legal fee. Then, before the deadline, you must apply for a temporary resident visa, valid for one year, which can be extended for another year and requires a legal fee. You must then apply for a permanent resident visa, enabling you to remain indefinitely.

After five years since obtaining residence, a person who has primarily remained in the country – with trips of less than six months per year – can apply for citizenship if desired. No additional requirements apply.

Chilean citizenship is intriguing because of the health coverage guarantees and other benefits granted to citizens.  Temporary Visa    How to get a Visa    Principles of Chile´s Foreign Policy

Chile to retire: Properties.

Chile is an excellent country for foreigners to buy properties since it is not necessary to be a resident, but there are several legal requirements to meet. The most essential requirement is to obtain a temporary RUT to make a purchase, which should be requested by the Internal Revenue Service.

Properties are purchased through a contract notarized by a Notary Public. Then, a copy of the agreement must be registered with the Real Estate Register corresponding to the place. In Chile, foreigners have the same rights as Chileans regarding property.

The purchase process is usually relatively fast. The day prior, the purchaser must mail a draft of the purchase contract to the chosen Notary. It is not necessary, but it is convenient if you do not speak Spanish, to hire a lawyer. At the appointed time, the buyer and seller sign in the presence of the Notary and the buyer pays the seller the price as agreed in the contract. Chile to retire frequent questions.

Taxes

Chile is stringent as regards taxation. However, people with income from other countries, such as retirement pensions and/or social security payments, are assured that taxes are paid only in the country where such income originates.

Chile has bilateral agreements with many countries to avoid double taxation, including the US. This means that a tax-free retirement in Chile is possible and legal. This depends on your country of origin and existing agreements. International tax conventions.

Researcher & Translator: Mª Verónica Brain

Contact the Gateway to South America team to learn about the best investment opportunities in the region. The company is a benchmark for foreign investors wishing to invest in Argentina, Brazil, Chile, Paraguay, Peru and Uruguay, providing expert advice on property acquisition and investment tours.

www.gatewaytosouthamerica.com

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Founded in 2004, GTSA began as a single office in Buenos Aires. Since then, it has grown into a vibrant regional network, providing professional real estate marketing services to clients in AR, BR, CL, PY, PE, and UY.