Buying a property in Santiago de Chile makes sense. It is currently very cheap compared to Europe or the USA and standards are very high. Many foreigners are buying land and property in the South of the country but the Central Region of Santiago offers excellent investment opportunities and far better lifestyle conditions.
- Is just in the center of Chile, with connection to all mayor tourist sites in Chile and South America.
- Safest city in all Latin America.
- A beautiful seventy thousand hectare city, with European, Spanish, English and Latin American modern Architecture.
- Has all the services and commodities of a big developed City.
- The best seafood cuisine and multicultural restaurants in south America.
- Chile has a Modern and affordable health care system.
- The best Ski resorts 45 minutes away and 2 hour drive towards the Argentine border will lead you to Portillo, Chile’s premier ski resort where the Austrian and American teams, amongst others, come to train.
- 1 hour away from the best coast in Chile (Valparaiso, Viña del Mar, Zapallar etc) with Good surf spots.
- 20 to 45 minutes away from the best Wineyards valleys form Chile.
- Hiking & Mountain bike trails, and all manner of other outdoor activities just around the corner.
- 3 Hours away by plane from Atacama Desert.
- 3 hours away by plane to Patagonia.
- 7 Hours away from Chilean city in Antarctica called “Villa Las Estrellas”.
- 3 hours away from mayor tourists sites in South America including Buenos Aires, Rio de Janeiro & Lima.
- 5 Hour away from world Wonders Cusco Machu Pichu, and Easter Island.
- Reselling Price are the best; Chileans have a particular system to value their properties the coin in which they are valued is called UF or “Unidades de Fomento”. It is an indexed form of pricing that is not affected by inflation and grows its prices in UF.
- Chile protects property ownership, doesn’t have governmental exportation history (Except for urban planning, and expropriations are done by law and has to be compensated and paid by the government in its commercial value).
FOREIGN OWNERSHIP RIGHTS: Chile welcomes and encourages foreign investment, and has created strong legal guarantees for it. There are no percentage restrictions on foreign holdings nor are there any restrictions on foreign ownership of buildings and land.
STABILITY & SAFETY: Chile has one of the most stable and fast growing economies in Latin America and the first member in South America to the OECD. Chile has one of the most corruption free and stable governments in the World is a stable democracy with strong institutions, offering permanency of land ownership.
The Organization for Economic Cooperation and Development, the World Bank, and the Economist Intelligence Unit all cite Chile as South America’s most stable, safest nation. The Economist Intelligence Unit’s Country Risk ratings for October 2012 rank Chile among the nations with the lowest country risk in the world. A highly educated workforce, solid macroeconomic foundations, transparent and efficient institutions, world-class infrastructure, strong work ethic, and solid financial system are some of the factors ensuring confidence in Chile.
AND WHAT ABOUT EARTHQUAKES & CONSTRUCTIONS: Earthquakes and Earth tremors are not a topic for Chilean people, constructions are the best in the world, and they can resist the worst earthquakes anywhere. Due to our condition, there are strict rules of construction and also a disciplined behavior of citizens before emergency events. Chileans consider everything under 7.5 Richter scale only as a Tremor, (under 5 we don’t feel them) over 7.5 we scale between a small earth quake 7.6 to 7.9 – 8.0 to 8.2 a medium Earth Quake 8.2 to 8.5 a medium high earthquake and over 8.5 and over (that we consider a big earthquake, but happens once on various years depending in the zone and how much energy has accumulated the rupture or fault; but that it is previously announced). Don’t worry for Chileans, a major earthquake is only a mid-intensity roller coaster, you´ll never see in TV a news anchor man running from the seat.
BUYING PROCESS
- The first and foremost thing you will need to do is get a Chilean RUT number (taxpayer ID number, don’t let the name scare you). This is done by finding the closest office of the SII (Chilean version of the IRS) and going there with:
- A printout of this form, filled out with the parts for your name and address (an address in Chile) and the box “Solicititud RUT” checked. Nothing more should be needed on this form.
- A photocopy of your passport.
- Find the property you wish to buy.
- Negotiate general terms with the seller.
- Draw up a Promesa de Compraventa. This is the sale agreement and the procedure in which the phases of the buying process will occur, regarding timing and documentation. You will be required to put down a good-faith deposit, which may be as high as 10%. Sometimes we can negotiate a promissory note or a lower percentage (we recommend to live this money in a notary)
- A lawyer has to do the title search conducted to determine that the seller is really able to legally transfer the property to you, and you are protected from such things as government expropriation (e.g. having a road built through your property) , building permits are in order, taxes are paid, there are not family inheritance issues, the property is not indigenous land, among many many other issues that should be checked .
- The lawyer has to draft a buy/sale contract drafted.
- Make arrangement for payment including dealing with any international wires and money laundering compliance paperwork required for transaction of more than $10,000 US in to Chile.
- Determine how money will be secured between the time the buy / sell contract is signed and when contract is registered. (recommend again a notary).
- There is no such thing as an escrow account in Chile as exist in other countries. Typically a bank counter check type instrument for the amount of the property is deposited in the safe of the Notary public where the contract is signed with instructions for its release to the seller or its return to the buyer, if certain conditions are met regarding the title.
- Register the title at the proper regional registry. In Santiago takes aprox. 4 weeks.
- Enjoy your new property