Rentista visa, taxes & looking for housing

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oli_rouss
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Rentista visa, taxes & looking for housing

Post by oli_rouss » Tue Mar 28, 2017 12:03 pm

Hi everyone, I'm planning on moving to Chile for various reasons, but mainly just to start a new, 'fresh' life there. As per admin's advice I'm planning on getting the rentista visa - I believe it was mentioned that you need about US$1000 per person per month, or proof of other sufficient assets to qualify. However does anyone here have experience of proving assets/income by showing them the stocks that you own instead of your cash in a bank account? As I currently hold most of my assets in stocks if they require assets to be in actual cash I might have to transfer some of them to my bank account before applying.

Also I am aware that there is a 3-year tax-free 'grace' period for foreigners, which concerns income from outside Chile. I tried looking up 'capital gains tax Chile' in both English and Spanish but the results seem to be overwhelmingly focused on property gains and not gains from trading (foreign) stocks or from (foreign) dividend payouts. Anyone aware of whether these are taxed in Chile (beyond the 3-year grace period)?

In terms of housing I'm thinking of renting a flat or a house for a few months first before deciding if I really want to settle down. How long is the average rental contract in Chile, and how many months' notice do I have to give if I want to stop renting the place? The 'Ley de Arriendo' (http://www.bcn.cl/leyfacil/recurso/ley-de-arriendo) doesn't seem to specify these details.

I haven't decided on where exactly in Chile I want to live (travelled there a few years ago, but only stayed for a few weeks in total).
But so far I've narrowed it down to one of the central-eastern Santiago comunas such as Providencia, Nunoa or Macul (note to any French-speakers out there: don't tell me you didn't laugh the first time you saw this :wink: For non-French speakers google translate 'ma cul'), or one of the towns/cities in the South such as Osorno, Valdivia or Puerto Montt.

Obviously this is a personal preference matter but does anyone have other recommendations? I'm looking for somewhere that's close to nature (lakes, mountains etc.), has proper winters (with snow would be best), not too dry, and would like to live in at least a decent-sized town instead of out in the middle of nowhere. Somewhere with decent 'cultural' facilities like theatres and museums would be nice but not crucial. My rental budget is about $400-600 mil pesos a month, and I live alone so size wouldn't really be a big issue.

Lastly does anyone know whether you are allowed to leave the country while your temporary residence visa is being processed (i.e. after the solicitud has been sent/handed in)?

Thanks for the help and sorry for the long questions!

chesswolf
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Re: Rentista visa, taxes & looking for housing

Post by chesswolf » Tue Mar 28, 2017 4:42 pm

I'm not the expert, but I'll comment on what I can.

In my experience, most landlords expect a 12 month rental. We got ours for six months because it was a furnished place (we wanted it furnished so we didn't have to worry about furniture as soon as we landed) that is typically rented out to vacationers for a few weeks or a month at a time. The landlord was very happy to rent it out for 6 months, but we ended up paying about $130 USD a month more than an unfinished apartment with a 12 month contract.

And yes, you are allowed to leave the country while your temp is being processed. You might have to get a form from the office where you applied that gives you permission to leave. I'm not 100% sure about that but I know you are allowed to leave.

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eeuunikkeiexpat
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Re: Rentista visa, taxes & looking for housing

Post by eeuunikkeiexpat » Tue Mar 28, 2017 5:25 pm

Unless things have changed, there never was a money in the bank visa for Chile.

Extranjería lumps rentista with the periodic income visa. Rentista having to do with income from property and periodic income having to do with documentable periodic "income". If they are now looking at bank balances and investment portfolios and not strictly for some kind of documented periodic "income", this would be news to me and others and should be more widely broadcast. The lack of a money in the bank visa is one reason I may still hold the forum's record of living on a tourist visa; it took marriage to finally get my full residency.
2. VISA TEMPORARIA PARA RENTISTAS
 Acreditar la condición de rentista, a través de la presentación de certificados de dominio o contratos de arriendo que posea en Chile o en el extranjero, u otros documentos similares que indiquen la obtención periódica de recursos económicos. Cualquiera sea el documento, debe presentar fotocopia legalizada ante notario.
Cualquier documento expedido en el exterior, deberá estar debidamente apostillado o debidamente legalizado en el Consulado de Chile del país de procedencia y traducido y legalizado por el Ministerio de Relaciones Exteriores de Chile.
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RuneTheChookcha
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Re: Rentista visa, taxes & looking for housing

Post by RuneTheChookcha » Tue Mar 28, 2017 6:12 pm

eeuunikkeiexpat wrote:The lack of a money in the bank visa is one reason I may still hold the forum's record of living on a tourist visa; it took marriage to finally get my full residency.
E:

Should one try, at the proper time and place (though yes, against all the common sense and literal reading of the law), one could have an unexpected outcome. Sometimes.

There is no (and cannot be) any guarantee that the circumstances are favorable in case of "non-traditional" approach to such things, but the life is full of surprises.

Just a note (and by no means an advice).

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eeuunikkeiexpat
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Re: Rentista visa, taxes & looking for housing

Post by eeuunikkeiexpat » Tue Mar 28, 2017 6:46 pm

That is why I want to see how it goes for the OP.

The TE-10 requirement (as a marriage visa also requires income proofs) is much more flexible than proofs for the other visa types.

Good to see you posting again old timer.
Generally, just a SPAM KILLER. You are on your own in this forum. My personal mission here is done.

BUT when necessary, by way of ridicule and truth revelation we shalt do war.

--eeuunikkeiexpat

Gloria
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Re: Rentista visa, taxes & looking for housing

Post by Gloria » Tue Mar 28, 2017 7:55 pm

eeuunikkeiexpat wrote: The lack of a money in the bank visa is one reason I may still hold the forum's record of living on a tourist visa; it took marriage to finally get my full residency.
Your then partner could've signed a notary declaration that she would financially support you.
I'm from the generation of common sense, wisdom and unfiltered answers. I sayeth as I seeth.

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RuneTheChookcha
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Re: Rentista visa, taxes & looking for housing

Post by RuneTheChookcha » Tue Mar 28, 2017 8:42 pm

eeuunikkeiexpat wrote:That is why I want to see how it goes for the OP.
Let's see. Though the inner mechanics of the immigration is probably not the same as it was 8 - 10 years ago.

oli_rouss
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Re: Rentista visa, taxes & looking for housing

Post by oli_rouss » Tue Mar 28, 2017 11:25 pm

Hi, I guess I might be a bit mistaken about the whole thing then, as this is what I read from admins website:

Your other resources are also considered. It is not only a recurring source of income. Immigration would for example consider a small social security Check you receive every month, in addition to a large savings account, stock portfolio, or property you own in Chile as proof that you have sufficient assets. Some of the secondary assets that Chilean immigration will consider are savings, stocks, property in Chile or other countries, investment in a business in Chile, and so on.

But I guess the 'secondary assets' are in addition to the basic requirement of having a 'periodic income' that must be fulfilled? Although I'm not rich by any means my total assets combined is worth about £200k, 90% of which is in stocks while the rest is in a savings account. Surely this is in some sense better than, for example, getting $1.5k USD per month (from NI or whatever) whilst having little or no assets at all? Anyone have firsthand experience with this?

oli_rouss
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Re: Rentista visa, taxes & looking for housing

Post by oli_rouss » Wed Mar 29, 2017 6:30 am

Sorry, just noticed this thread from a while back: http://www.allchile.net/chileforum/view ... 3&start=12

So it seems that contrary to what I thought, you can't substitute a 'periodic' income with a lump sum, regardless of the amount. I'll probably have to work something out then... so far the most likely option seems to be to buy a cheap flat somewhere and rent it out for a few hundred pounds a month.

Would I be correct in presuming that dividends from stocks do not count as 'periodic' income even if the company in question has been paying them continously for decades?

My background is actually pretty similar to the OP of the other thread - I'm in my late twenties and have a (decent) background in the finance industry. My Spanish is decent (nivel C1 if that means anything to anyone) and I have some contacts in Chile (forgot to mention I spent a semester there when I was at uni). Would this have any effect in terms of helping me getting my rentista visa approved?

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RuneTheChookcha
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Re: Rentista visa, taxes & looking for housing

Post by RuneTheChookcha » Wed Mar 29, 2017 4:41 pm

Firsthand experience with this matter is of little value taking into account that applying through regional office(s) vs. central (Santiago) vary considerably; applying now, or 3, 5, or 10 years ago, the process would unfold very differently, and even a single person in charge during each step of your paperwork processing may be a key to your success -- or to your failure.

One could be creative and build a portfolio of stocks, or certificates of deposit, or bonds, or whatever paper is generating more or less nice looking dividend, and document the *periodicity* of such income (no matter how exactly their money flows).

Further, one could apply their talent and compose an accompanying letter of explanation, that would present their situation, intentions, and possibly feature a very brief autobiographic note, to the satisfaction of the immigration officer in charge. Once again, one could be creative. Though the letter could very well be unread at all. Or read carefully.

There should be a good number of random and unpredictable factors, but, weather permitting, one could be surprised how easily the whole process goes... or equally surprised how hopelessly one is stuck in the middle -- where nothing seems to be working as it should be.

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RuneTheChookcha
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Re: Rentista visa, taxes & looking for housing

Post by RuneTheChookcha » Wed Mar 29, 2017 5:05 pm

oli_rouss wrote:In terms of housing I'm thinking of renting a flat or a house for a few months first before deciding if I really want to settle down. How long is the average rental contract in Chile, and how many months' notice do I have to give if I want to stop renting the place? The 'Ley de Arriendo' (http://www.bcn.cl/leyfacil/recurso/ley-de-arriendo) doesn't seem to specify these details.
If considering outside Santiago, you may want to perform a thorough examination of weekly/daily furnished vacation rentals in your region on yapo.cl or similar sites. You would have to find a number (20 to 50 to 100) deals where you communicate with the direct owner. You then would compose a letter detailing your offer to the owner, where the number of months needed, the approximate rent you are willing to pay, and a very brief note about your self would be included. You must compose this letter in a decent Spanish. You have to prepare to be patient, and that your chances are 1 to 10 to 1 to 50. But no matter how these chances are poor, this is a way to find a very satisfactory housing (that possibly is maintained really carefully) for a non-standard time frame (i.e. not 6- or 12- months, nor 1 week, nor March to December).

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Re: Rentista visa, taxes & looking for housing

Post by nwdiver » Wed Mar 29, 2017 5:48 pm

I know of one case where "periodic income" was 1,100 USD monthly in interest from investment certificates, paid quarterly, it was accepted as income, the applicant also owned a small apartment in Valpo......
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