Briefly, the “Temporal Residence Visa in Investor’s quality” is the special residence permit that the Chilean state gives to the foreigner that has done an investment in Chile or has a plausible investment plan.
Chile, just like all the other countries, requires petitioners of a residence permit to provide a legal cause or interest regarding their residence in Chile. In this scheme, the legal causes might be familiar: for example being married or having a son with a Chilean resident; related to international treaties or international agreements: for example the “Visa Mercosur”; and finally, legal causes related to the benefits or utility that the Chilean state will receive from the petitioner: Student Visa, Professionals and Technicians Visa, Labor Visa, Retirees Visa and “Temporal Residence Visa in Investor’s quality”.
Briefly, the “Temporal Residence Visa in Investor’s quality” is the special residence permit that the Chilean state gives to the foreigner that has done an investment in Chile or has a plausible investment plan.
What kind of investments apply?
Chile doesn’t limit the concept of investment to certain amounts of capital or types of commercial acts. Therefore, “investments” are all those activities that incorporate capital or can generate monetizable value in Chile.
Finally, even thou the Chilean Internal Revenue Service is a parallel department from Foreign Affairs, when regulating the “Foreign Investor ID” they define investment as “…it’s considered investment, among others: subscription of shares or acquiring real state, partnership in corporations; in general, the acquisition of goods or intangibles that require formalities or inscriptions in public registers…”.
How do I prove my quality of investor in Chile?
Again, Chilean Migration department doesn’t refer to those requirements with detail. In our experience, we work with our clients to prove:
1) That the foreign investment has or will be effectively done. Therefore, we plan and process the whole constitution or acquisition operation, elaborate the pertinent subscription or purchase agreements of registrable goods, and proceed with the incorporation of foreign capitals in compliance with Chilean legislation.
2) That the petitioner of the “Temporal Residence Visa in investor quality” does actually have the sufficient funds and solvency to finance the operation and his personal expenses in Chile. The amounts and instruments to prove this circumstances vary on each case, depending mainly of the type of investment to be executed and if the petitioner will travel with or without dependents.
3) That there are plausible reasons providing the petitioner is apt to realize the investment in Chile. This procedure consist on an exanimating the viability of the operation, regarding that the subject (investor / foreign corporation) has actually verifiable experience or funds to achieve or finance the investment.
When can I apply for a Temporal Residence Visa by Investment?
In order to reduce the possibility of a rejection or objection by Aliens, our team only processes the request when it has been able to verify the circumstances mentioned above, presenting a solid case before the immigration authority.
Which are the benefits of a Temporal Residence Visa by Investment?
We remind that the Investor Visa is part of the “Temporary Residency Permits”, and therefore enables the bearer and his dependents to reside in the country for a maximum amount of 1 year, renewable by another. In any case, after the first year, the beneficiary of an Investor Visa may apply for a Definitive Residence Permit.
Article written by Matias Conejero Müller, attorney from Vivir en Chile.
