Guide to Holiday Homes in Chile
The republic of Chile located in South America,
occupies a long and narrow strip of land wedged between the Andes mountains and
the Pacific Ocean. Almost a third of the country is covered by the Andes
mountain chain. A beautiful country of great contrasts, in the north, you can
find the driest place on the planet, whilst in the centre of the country is a
700 mile long fertile valley.
Holiday or second home insurance is available to
purchase for property in Chile from the United Kingdom. If you are intending to
purchase a property in Chile using a mortgage, then obtaining building
insurance will almost certainly be a requirement. Chile has in recent years
suffered from the effects of flooding and historically, Chile is one of the most
seismically active regions in the world. It sits on the South American plate,
directly above the sub ducting Nazca plate. This active zone causes frequent
earthquakes in the region. The good news for property buyers is though that
whilst earthquake hazard in Chile is among the highest in the world, the
country’s building codes and practices have been adapted to respond to this and
most modern structures have taken the increased chance of a financial loss in
to consideration.
A holiday or second home insurance policy, will cover a broad range of insurance
perils and you should be able to obtain a list of the available perils covered
prior to your purchasing your policy. If you are intending to rent your
property, either on a short or long term basis, you should check with a local
solicitor who can alert you to any special legal requirements.
Probably not on many peoples dream holiday list
of destinations, Chile is now beginning to attract the attention of many
investors. Often considered to be " The end of the earth", such names as Cape
Horn or Tierra del Fuego, conjure up pictures of brave mariners battling with
inhospitable weather. However, this overlooked country has much to offer, for
one thing property prices are very cheap and the economy is stable and growing.
The country has the highest credit rating in South America. Corruption levels
are low , in fact, the country has a comparable rating to Belgium and lower than
Spain. Chile has one of the most open and investment friendly economies in the
world, there are very few restrictions on foreign investments and foreign and
local business are treated equally. The legal system is highly respected as are
the police force. From an investment point of view, it has a large and growing
middle class all looking to buy property. These factors make many believe that
Chile offers excellent investment opportunities.
The process of buying property in Chile, whilst
free from many restrictions, can be a little involved and thus it is important
to seek out good quality legal advice. Whilst the process itself is not overly
complicated and follows along the same lines as many European countries,
problems can arise for persons of overseas origin. If you have a tourist visa,
work visa, or you are a foreign investor, and you do not have temporary or
permanent residency in Chile, you must apply at the National Tax Office (Servicio
de Impuestos Internos SII) for a RUT (Rol Único Tributario). This is merely a
formality and like many other countries, this number is issued for tax purposes
and is needed before you can buy property. If you are a permanent resident in
the country, a different number is issued.
Once you have overcome this hurdle and all the
checks relating to title are undertaken you can validate the sale with the
signing of a formal document called escritura pública.
Assetsure provide overseas property insurance and holiday home insurance for the
following countries.... Australia, Austria, Belgium, Bulgaria, Brazil,
Canada, Cape Verde, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia,
Finland, France, Germany, Greece, Egypt, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Monaco, Montenegro,
Morocco, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Slovakia,
Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, United
Arab Emirates, United Kingdom (UK) and Venezuela.
