Understanding Your Retirement Real Estate Options In Chile

The real estate market can be quite intricate and difficult to navigate regardless of where you are in the world. Understanding your real estate options in Chile when preparing to retire in Chile as a permanent resident is an essential step in your overall retirement planning process. Consider a number of factors, such as location and Chilean real estate laws and regulations.

Choosing the Proper Location for a Retirement Residence in Chile: Central Chile

Finding the right location for your Chilean retirement home isn’t nearly as simple as choosing between one city and another. Take factors such as geography, climate and safety concerns into account.
The central regions of Chile will be suitable to those seeking a balanced climate and geographical features that provide natural beauty without being hazardous or problematic. This area of the country features Santiago, the nation’s capital, and several other major cities. Santiago is the business and cultural hub of Chile, and the city is fairly safe by comparison to numerous other cities in Latin and South America. Even so, the city is not flawless, as pollution from smog and sewage in the nearby Mapoco river can be a considerable problem.

Real Estate Options in Other Regions

Other regions feature their own pros and cons. In the North, the area is not densely populated, which can provide for cheaper real estate, but the climate is extremely arid, even beyond the limits of the Atacama Desert. Patagonia, in the south, can be harsh as well, though it is generally cold and damp as opposed to hot and dry.
The Lake District area of southern Chile, which is shared with neighboring Argentina, is a naturally beautiful region with a temperate climate. It is extremely popular with tourists, and as a result, real estate has become a precious commodity. For this reason, prices are generally steep.

Regulations for Purchasing Real Estate in Chile

To purchase real estate anywhere in Chile, draw up a formalized contract between yourself and the seller. You’ll also need the property’s title report, a Chilean taxpayer identification number if you’re not a Chilean permanent resident or a Rol Unico Nacional (RUN) number if you’re a resident or citizen. The latter is equivalent to a Social Security Number (SSN) in the United States.
Have a lawyer familiar with Chilean real estate law prepare this documentation. Several fees must be paid–for the title report, the contract itself and notarization–as well as the real estate agent’s commission–before you can get about enjoying your retirement in a location with some of the best climate in Chile.