A guide to buying property in Chile
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Loading... - Nicole Peters
- 05 Apr 2023
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Welcome to our comprehensive guide to buying property in Chile. Whether you're an expat looking for a new home or a foreign investor interested in the country’s developing real estate market, this guide has everything you need to know to make an informed purchase.
Chile boasts one of the strongest economies in South America, as well as a wide range of stunning landscapes and coastlines that stretch from the southern border of Peru all the way down to the Antarctic. However, property costs remain low compared to those of the US and Europe because of the weakening of the Chilean peso over the past few years (see the latest exchange rate). For these reasons and more, Chile has become a very attractive option for foreign home buyers and property investors.
In this guide, we'll cover everything from the legal requirements of buying property in Chile to the best areas to invest in. We'll also discuss the different types of properties available, how to work with a real estate agent and how to transfer money internationally when making a purchase.
Who can buy property in Chile?
Any individual or corporate body may purchase and hold real estate in Chile, whether you live there or not. The only restrictions on foreigners owning property apply to border areas, which are not particularly desirable locations for out-of-towners anyway.
Foreigners possess the exact same property rights as Chileans, and these rights are clearly defined and fully protected. However, it is quite difficult for foreigners to obtain a mortgage in Chile, so most international buyers pay in cash.
Foreign buyers will need to obtain a tax identification number, known as a Rol Único Tributario, and register the property with the Chilean Internal Revenue Service. You’ll also need to hire a local lawyer or notary to complete the purchase process, as well as pay any associated fees and taxes, including capital gains tax and property tax (which we discuss in more detail below).
Where are the best places to buy?
Northern Chile is best known for its mineral resources and the spectacular, moon-like scenery of the Atacama Desert, which is the driest place in the world. The south is much chillier but also full of natural beauty, such as vast glaciers, thousand-year-old forests, fjords and serene lakes. It includes part of Patagonia (the rest of this region belongs to Argentina), a mecca for outdoor enthusiasts.
Most of Chile’s population resides in its temperate central region, which claims the capital city of Santiago and the main international airport. Central Chile is also well known for its gorgeous beaches, which draw the country’s elite every summer, and its impressive winemaking. Read More…
