Here at Nomad Capitalist, we often recommend building your passport portfolio by obtaining a second passport in the shortest time possible.
The same goes for residence permit programs, particularly permanent residence permits, since these three documents combined can help shape a very solid plan B. As you know, given the situation of the world, having a plan B is very important to ensure that your assets and freedoms are protected.
So, we generally advise our clients to go for second passports and residence programs which can be used as a stepping stone for better programs to achieve their goals of financial freedom and independence.
But this is our usual recommendation, and our job is to ensure that when you come to us for help, we cater to your needs. Keeping this in mind, let’s think of a situation where you’re not interested in the hassle of multiple passports and residence permits and just want one good passport as a backup.
If this sounds like you, then you’re in the right place.
In this blog post, we will talk about a permanent residence visa program that leads to the citizenship of what can only be described as the Swiss pocket knife of passports.
We’re talking about the Chilean nationality, of course. Sounds interesting? Read on to learn more.
Why Do We Call the Chilean Citizenship the Swiss Army Knife Passport?
Before we move on, let’s get one thing straight. We describe the Chilean passport as such due to the various advantages including visa-free travel, tax reductions during initial years of settlement, and its strategic location for a great Plan B.
Do keep in mind that to acquire Chilean citizenship, you’re going to have to work for it. This isn’t like the Caribbean citizenship by investment programs where you can essentially buy citizenship in less than six months.
The process is rigorous. You’re going to have to apply for a permit which will lead to a permanent residence permit after you’ve lived in Chile for a year. Also, there’s the added condition that you need to stay in Chile for more than 183 days to qualify for a renewal of your permit.
Then, after about five years, you will have the option to apply for Chilean citizenship.
Yes, it’s a long process but we think it’s worth it. If you’re willing to put in the time and effort, and don’t want any other second citizenship or residence permit, the Chilean passport is definitely worth getting. Here’s why:
1. Valuable Travel Document
As a Chilean citizen, you get to enjoy visa-free travel to almost every country in the world. This includes Asia, Africa, almost all of Europe, and even North America. And yes, we mean that you can travel to the United States easily as well.
This creates many opportunities all around the world. If your current citizenship does not have this to offer, we definitely recommend the Chilean passport as a valuable travel document.
2. Very Stable Country
The Republic of Chile is one of the most stable and developed Latin American countries. Chilean law is generally respected by all Chilean citizens in the country. Of course, there’s been a recent increase in protests and government restrictions, but there’s still a long way to go before anything permanently changes Chile.
This is why we recommend that you take advantage of this valuable dual nationality offer before the country changes its citizenship law.
3. The Perfect Plan B Nationality
Earlier, we spoke about how Chile is perfect for your emergency plan B. The reason behind this is that the Chilean state provides you with almost anything you need to ensure that you have your freedoms and asset security.
For example, there are plenty of tax cuts for you as you’re settling in Chile with your permit so you can safely leave your current citizenship’s tax system and become a tax resident in Chile. Of course, do remember that this is possible for everyone except Americans. But we’ll talk about that some other day.
Chile is in the Southern Hemisphere as well. So, if there’s some major political crisis anywhere else in the world, you can relax knowing that you’re far enough to be safe. However, if you need to go somewhere in the Northern Hemisphere, Chile isn’t too far off, so you don’t have to worry about flights either.
4. A Great Place to Live
Overall, Chile’s one of the most beautiful countries in the world. If you walk around Santiago, you’ll feel as though you’re in Canada or one of the Western European countries. It has great infrastructure, Chilean law is very foreigner-friendly (as long as you speak the language), and Chilean citizens, in general, are great people.
If your current citizenship does not offer you stability back home, replacing your nationality and becoming a Chilean citizen might be better for you. After all, if you want to move to Chile to settle, start a family, start a business and so on, why not opt for nationality and become a citizen?
The nationality is great in every aspect. So, why not avail this chance and become a citizen of Chile? It’s a great country, and you don’t have to put in millions of dollars every year; it just requires commitment.
If this sounds like a good deal to you, contact us at Nomad Capitalist, and we’ll help you with the next steps.
The Chilean Permanent Resident Visa As a Pathway to Chilean Citizenship
If you like what Chile has to offer, you’ll be interested in learning about the options you have to obtain a permanent visa which will lead to eventual Chilean citizenship. So, what options do you have?
Well, for starters, as mentioned, you need a temporary permit for a year before you can apply for a permanent residence permit. The temporary permit is relatively easy to obtain. Most Chilean consulates have a pretty straightforward process.
All you have to do is submit your documents and your visa application, and you’re good to go. You have to think about what type of visa you are getting.
The Chilean residence program has three categories to choose from:
- • Chile Rentier Visa: reserved for high investment amounts, geared towards retirees or those who can prove they have a stable income.
• Chile Startup Visa: focused on low-level startups in Chile; there are several requirements depending on the kind of startup you have.
- • Chile Investor Visa: aimed at investors launching their business or making an investment in Chile.
Also, do note that these programs are further divided based on whether you’re investing in the capital city of Santiago or not.
For the Chile Investor Visa, in particular, you have two additional paths to follow:
- • Investing in Santiago: A minimum of $75,000 in investment is expected for qualification.
• Investing outside Santiago: Applicants can usually qualify for lower investment values.
Your business will be evaluated based on its feasibility and merits, with an emphasis on job creation and potential growth. The immigration department will review your business plan, balance, and income to see if your business generates enough revenues for you and your family to live in Chile.
General Documents Requirements
The immigration office will request the following documents:
- • A document that proves you have enough money to support yourself and your dependents in Chile.
• Your company constitution and later modifications.
- • Certified copy of business license or incorporation documents
- • Initiation of activities with the tax authorities (SII) and declaration of the company’s modifications in this organization.
• Proof of payment of municipal taxes.
- • Last balance sheet
- • Last statement of income tax.
• VAT payments for the last three months.
- • The payroll of contracted workers, including documents showing that you have duly paid their social security.
- • An authorization from the competent authorities to carry out your economic activity in the determined zone.
If you’re coming with family, you need the following supporting documents too:
- • A copy of your passport
• One passport-size photo
- • Proof of income/net wealth
- • Real estate sales and purchase agreement
• Original or certified copy of marriage certificate
- • Original or certified copy of your birth certificate and/or your child’s birth certificate
The Chilean Nationality
The Chilean nationality law dictates that to apply for Chilean nationality, permanent residents need to have lived for a total of five year in the country. Additionally, you’ll have to have a good amount of knowledge of Chilean culture and also need to prove proficiency in Spanish.
So, as you can see, there’s quite a bit of work required when you’re obtaining Chilean nationality. You’ll also need a clean criminal record, demonstrate the ability to benefit the Chilean economy, and more. Quite frankly, in terms of obtaining Chilean citizenship, Chilean legislation isn’t quite straightforward. You just have to do all the steps correctly.
This means putting in more than a year to get the permanent residence permit then living there for five years. If you think you can do this, Chilean nationality is perfect for you.
Nomad Capitalist Can Help Plan Your Ideal Plan B
In the end, we’d like to say that we understand that the Chilean nationality might seem too demanding for some people. After all, not everyone wants to live in another country for five years.
Apart from personal choice, there can be several genuine reasons regarding your decision to not settle in Chile. But that doesn’t mean that you don’t have options. Alternatively, what if you’re lucky enough to be born in Chile and are a Chilean national by birth? What offshore strategies can you employ?
If this sounds like you, don’t think you won’t be able to craft the perfect Plan B because you can’t get better citizenship than the Chilean one. As we’ve mentioned, we’ve got plenty of second citizenship and permanent residence visa programs that suit everyone.
Simply get in touch with Nomad Capitalist today. Our team is going to ensure that you have everything you need. Whether you’re obtaining Chilean citizenship or the Caribbean one, we’ll ensure that you’ve got the most up-to-date, accurate information to help with tax planning, offshore strategies, and more.