Can foriegners without Bank Accounts in Chile buy Real Estate?

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georgem
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Can foriegners without Bank Accounts in Chile buy Real Estate?

Postby georgem » Sat Oct 15, 2016 7:14 pm

I am living in Chile as a temporary resident in Navidad. I am going to purchase land soon, but I am completely lost on how I will actually do the transfer of payment from my USA bank to the seller. I do not have a Chilean Checking account, and would not qualify for one as I am not a permanent resident.

I have been searching for answers of how to bring in money ($40K USA) to buy property without a Bank Account, but this process still seems very confusing.

Are there other ways to buy property without needing a Bank Account? Besides flying back and forth to the USA with <$10,000 worth of bills.

What have other people done? I'm sure this is on the forum, but I can't find it.

George

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fraggle092
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Re: Can foriegners without Bank Accounts in Chile buy Real Estate?

Postby fraggle092 » Sun Oct 16, 2016 8:10 am

georgem wrote:What have other people done? I'm sure this is on the forum, but I can't find it.

Ho hum....
Use the Forum Search and you will find results like this one on the first of 23 pages that my search returned.
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Gloria
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Re: Can foriegners without Bank Accounts in Chile buy Real Estate?

Postby Gloria » Sun Oct 16, 2016 12:14 pm

georgem wrote:I am living in Chile as a temporary resident in Navidad. I am going to purchase land soon, but I am completely lost on how I will actually do the transfer of payment from my USA bank to the seller. I do not have a Chilean Checking account, and would not qualify for one as I am not a permanent resident.

I have been searching for answers of how to bring in money ($40K USA) to buy property without a Bank Account, but this process still seems very confusing.

Are there other ways to buy property without needing a Bank Account? Besides flying back and forth to the USA with <$10,000 worth of bills.

What have other people done? I'm sure this is on the forum, but I can't find it.

George


You'll need to read several pages to get to an answer......viewtopic.php?f=23&t=12150&p=145181&hilit=how+to+bring+money+to+Chile#p145181

"What have other people done to bring money to Chile?" that question on its own is almost "taboo". I'm sure many of those that live here permanently have found somehow a direct or indirect way how to accomplish such a difficult task however they are not about to tell the world. Those married to Chilean citizens have been able to open bank accounts without much trouble and then you have those with no links to Chileans that have done the same but they keep quiet about it. Many go on the route of "who you know" and so on. Coming to Chile to live permanently is not for the "faint of heart" and you must come prepared. You mentioned that you want to bring US$ 40 K to buy property. That amount won't be nearly enough to buy a piece of land, not even in the south. The prices have skyrocketed since the word of "Chile, the land of milk and honey" got spread around the world and landowner's are rubbing their hands waiting to retire selling 500 sq meters of land like it was gold. As I said earlier, there is no easy answer to a complex question but read on. The more you learn, the wiser you'll be.
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Re: Can foriegners without Bank Accounts in Chile buy Real Estate?

Postby HybridAmbassador » Sun Oct 16, 2016 4:30 pm

georgem wrote:I am living in Chile as a temporary resident in Navidad. I am going to purchase land soon, but I am completely lost on how I will actually do the transfer of payment from my USA bank to the seller. I do not have a Chilean Checking account, and would not qualify for one as I am not a permanent resident.

I have been searching for answers of how to bring in money ($40K USA) to buy property without a Bank Account, but this process still seems very confusing.

Are there other ways to buy property without needing a Bank Account? Besides flying back and forth to the USA with <$10,000 worth of bills.

What have other people done? I'm sure this is on the forum, but I can't find it.

George

bring in money ($40K USA) to buy property


What are you going to do to bring the other US$100k? If $40k USA to find and buy a property? Let me know too, I'll invest !
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Re: Can foriegners without Bank Accounts in Chile buy Real Estate?

Postby admin » Sun Oct 16, 2016 5:26 pm

$40,000 U.S. is about 26,800,000 pesos, at today's exchange rate of 670 and change.

You can still do it, but that is a tight budget to find anything good where someone would want to live. Typically your going to go pretty remote, and even then that is harder and harder. By the way, living rural is often not cheap. What you saved in going another say 10 km out of town, you just committed to say maintaining a good car, gas, shipping, and so on.

Either that, or there is some other obvious reason for it being so cheap (e.g. super poor area, with bad economy). All the high-end desirable sort of expat urban areas are generally off the menu at that price. If you do find something around that price, there are typically a lot of hidden costs. For example, o.k. you find some new farmer's field that just got cut up and sold, but now you need to drop 10 million for a well, another 10 for a road, and so, and so on.

As for the logistics of the actual transfer, that depends on so many factors any answer you get here will be pretty useless. We have are methods of handling it, but obviously I am not publishing them, they change all the time also, and without everything else we do are of no use to you on their own anyway.

Just keep in mind, wires direct to owner assumes A) they have an account B) that you trust them so completely as to leave yourself vulnerable to loosing both the property and the money. The traditional method is the funds are placed in a bank counter check, then escrowed at a notary until the title is registered. Once registered, it is released to the seller. That can range from a few days to weeks. If something goes wrong, then you are left going to court to try and get your money back from the seller. It is generally not a position to put yourself in, ever. Especially as foreigner.

So, yea there is a catch 22, you really need a lot of experience in buying and selling real estate in Chile, and a lawyer, to do a transaction that bypasses the traditional notary / escrow safeguards in Chile; in which case, you would likely already have residency and a bank account.
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Re: Can foriegners without Bank Accounts in Chile buy Real Estate?

Postby Gloria » Sun Oct 16, 2016 6:26 pm

Don't get discouraged because all situations are not created equal. Our transaction was smooth as silk. It was my very first time ever buying real estate with no experience whatsoever in the subject !( so I need to put this one in my Facebook page :lol: ) No lawyer, no running around, all the paperwork was checked and double checked with calm, a personal check with the amount was given, bank was around the corner and cashed by the seller, registered the property in 10 mins, paid the realtor his commission and kiss him goodbye! So there is hope.
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Re: Can foriegners without Bank Accounts in Chile buy Real Estate?

Postby john » Sun Oct 16, 2016 6:52 pm

Gloria wrote:Don't get discouraged because all situations are not created equal. Our transaction was smooth as silk. It was my very first time ever buying real estate with no experience whatsoever in the subject !( so I need to put this one in my Facebook page :lol: ) No lawyer, no running around, all the paperwork was checked and double checked with calm, a personal check with the amount was given, bank was around the corner and cashed by the seller, registered the property in 10 mins, paid the realtor his commission and kiss him goodbye! So there is hope.


But then you are the 'Blessed One' Gloria! :)
One must care about a world one will not see.
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Gloria
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Re: Can foriegners without Bank Accounts in Chile buy Real Estate?

Postby Gloria » Sun Oct 16, 2016 7:20 pm

john wrote:
Gloria wrote:Don't get discouraged because all situations are not created equal. Our transaction was smooth as silk. It was my very first time ever buying real estate with no experience whatsoever in the subject !( so I need to put this one in my Facebook page :lol: ) No lawyer, no running around, all the paperwork was checked and double checked with calm, a personal check with the amount was given, bank was around the corner and cashed by the seller, registered the property in 10 mins, paid the realtor his commission and kiss him goodbye! So there is hope.


But then you are the 'Blessed One' Gloria! :)


Amén Brother John...in more ways than one!! :wink:
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Re: Can foriegners without Bank Accounts in Chile buy Real Estate?

Postby admin » Sun Oct 16, 2016 7:27 pm

Gloria wrote:Don't get discouraged because all situations are not created equal. Our transaction was smooth as silk. It was my very first time ever buying real estate with no experience whatsoever in the subject !( so I need to put this one in my Facebook page :lol: ) No lawyer, no running around, all the paperwork was checked and double checked with calm, a personal check with the amount was given, bank was around the corner and cashed by the seller, registered the property in 10 mins, paid the realtor his commission and kiss him goodbye! So there is hope.


https://en.wikipedia.org/wiki/Gambler%27s_fallacy
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Re: Can foriegners without Bank Accounts in Chile buy Real Estate?

Postby john » Sun Oct 16, 2016 7:42 pm

Gloria wrote:
john wrote:
Gloria wrote:Don't get discouraged because all situations are not created equal. Our transaction was smooth as silk. It was my very first time ever buying real estate with no experience whatsoever in the subject !( so I need to put this one in my Facebook page :lol: ) No lawyer, no running around, all the paperwork was checked and double checked with calm, a personal check with the amount was given, bank was around the corner and cashed by the seller, registered the property in 10 mins, paid the realtor his commission and kiss him goodbye! So there is hope.


But then you are the 'Blessed One' Gloria! :)


Amén Brother John...in more ways than one!! :wink:


:lol:
One must care about a world one will not see.
--- Bertrand Russell

john
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Re: Can foriegners without Bank Accounts in Chile buy Real Estate?

Postby john » Sun Oct 16, 2016 7:47 pm

admin wrote:
Gloria wrote:Don't get discouraged because all situations are not created equal. Our transaction was smooth as silk. It was my very first time ever buying real estate with no experience whatsoever in the subject !( so I need to put this one in my Facebook page :lol: ) No lawyer, no running around, all the paperwork was checked and double checked with calm, a personal check with the amount was given, bank was around the corner and cashed by the seller, registered the property in 10 mins, paid the realtor his commission and kiss him goodbye! So there is hope.


https://en.wikipedia.org/wiki/Gambler%27s_fallacy


I've no doubt that Gloria (but only Gloria) could repeat her real estate experience 26 times in a row. :wink:
One must care about a world one will not see.
--- Bertrand Russell

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Gloria
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Re: Can foriegners without Bank Accounts in Chile buy Real Estate?

Postby Gloria » Sun Oct 16, 2016 7:50 pm

admin wrote:
Gloria wrote:Don't get discouraged because all situations are not created equal. Our transaction was smooth as silk. It was my very first time ever buying real estate with no experience whatsoever in the subject !( so I need to put this one in my Facebook page :lol: ) No lawyer, no running around, all the paperwork was checked and double checked with calm, a personal check with the amount was given, bank was around the corner and cashed by the seller, registered the property in 10 mins, paid the realtor his commission and kiss him goodbye! So there is hope.


https://en.wikipedia.org/wiki/Gambler%27s_fallacy


Nah! it was a lot of work on my part as well. I read, investigate and asked many questions. In other words I prepared myself. Things don´t come to me on a silver platter...ever. I have to work hard for whatever I accomplish in this life and in some instances the stars are aligned in my favor.
You need to remember that.....
1) I'm a certified, bonafide and qualified citizen.
2) I speak, read and write fluently Spanish and Chilean dialect.
3) I'm charming when I need to be and straight forward.
4) And most of all I have lots of wisdom!
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