European Efficiency at a Lower Cost

With its modern, four-lane highways, reliable communications, and high standard of living, Chile is one of the easiest transitions for North American expats in Latin America.

Chile feels efficient, well run, and safe. Utilities work; buses leave on time; and you can stroll the streets without danger. According to Transparency International, Chile is also one of the least corrupt countries in the Western Hemisphere, ranking only slightly behind the U.S. In these key ways, Chile differs from the cliché Latin American nation that struggles with corruption, political instability and poverty.

Chile is not the cheapest option around for retiree expats, but it does offer great value.

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Population  16,888,760 (July 2011 est.)
Gross Domestic  Product (GDP) $257.9 billion (2010 est.)
GDP Per Capita $15,400 (2010 est.)
Inflation Rate 1.4% (2010 est.)
Currency Chilean pesos 
Exchange Rate Versus U.S. Dollar  525.34 (2010)  Chilean pesos (CLP) per US dollar 
Language Spanish (official), Mapudungun, German, English
Capital Santiago
Population of Capital City 7.2 Million
Time Zone UTC/GMT -6 hours
Seasons There are four seasons in most of the country: summer (December to February), autumn (March to May), winter (June to August), and spring (September to November).
International Dialing Code 56
Electricity Standard is 220 volts/50Hz
System of Government republic
Name and Party Affiliation of Current Leader President Sebastian PINERA Echenique (since 11 March 2010); note - the president is both the chief of state and head of government
Income Tax Rate for Residents Residents are taxed on their worldwide income, while nonresidents are taxed only on Chilean-source income. Foreigners are taxed on Chilean -source income only during first 3 years in Chile (although a 3-year extension is permitted). Thereafter, they are subject to taxation on a  worldwide basis. 
Property Tax 1-1.4%
Capital Gains Tax Are generally taxed as ordinary income
Inheritance Tax is levied on the net value of assets transferred at death. 
Real Property Tax 1.4% for urban property, 1% on rural property
Transfer Tax No
Sales Tax 19%
Restrictions on Foreign Ownership of Property No
Local Chamber of Commerce http://www.ccs.cl/
American Chamber of Commerce http://www.amchamchile.cl/
Primary Exports copper, fruit, fish products, paper and pulp, wine and chemicals
Residency and Visa Requirements The primary requirement to qualify for the retirement and periodic income visa in Chile is not so much the amount of money that you have, but the periodic nature of it.  There is no minimal investment required in Chile to apply for residency. 
Special Benefits for  Foreign Residents or Retirees Foreigners are taxes on chileand source income, only during the first 3 years in Chile(a 3 year extension is permitted).
National Airline www.lan.com

 

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