Chile Forum

I am looking to buy an apartment or condominium in Las Condes or Vitacura in the fall of this year. I can spend $90,000 to tops $100,000 US dollars. My plan is to buy now, rent it for 5+ years - I have done my calculations on medical costs vs US coverage and for now, I am better off staying here as my costs for coverage are much less and the coverage plus my medicare supplements are too good to lose for the time being.

I would like any objective information (my son & family live in Santiago and are anxious that I move there soon) about the feasibility of buying and then renting it out till I am ready. Can anyone tell me what the odds are of renting it out and retaining the rental income in an account in Santiago for when I move? Is it easy to rent? What would be the negatives? Could I ask for a 2 month advance deposit as they do here in the US? My son would be able to handle any problems or issues with the rental as he is right there.

Any information that would help me make this big decision would be much appreciated. Diane Lynch

You can keep the money anyplace you wish, just remember American citizens are taxed on their world wide income. You have to show the rental activity, gain or loss on your tax return. Don't forget to disclose the existence of a foreign bank account on Schedule B (check the box) if you are able to establish one.

You can more or less put anything you want in to a rental contract. People do ask for two months deposit, but often less just to make it easier to rent.