Investing in Chile Without Residency
Three types of RUT that get confused with each other, what each one permits, and why a Chilean bank account is rarely opened from abroad.
A recurring misunderstanding about Chile is the belief that any financial transaction requires a residency visa first. It does not: Chile has a tax identification number — the RUT — obtainable by someone who has never lived in the country, opening the door to investing, buying property, or even incorporating a company without residency. What stops most people is not the absence of a legal route, but confusing the different types of RUT and what each actually permits.
This guide separates the three situations usually treated as one — the foreign investor RUT, the provisional RUT and the resident’s definitive RUT — and shows what can be done in Chile before any visa.
What the RUT is and why it appears in almost everything
The RUT (Rol Único Tributario) is the identification number used by the Internal Revenue Service (SII) for any person, individual or corporate, who needs identifying in tax-relevant acts in Chile — buying property, incorporating a company, joining as a shareholder, or carrying out certain banking or investment transactions. Unlike an immigration permit, the RUT expresses no intention to reside in the country; it merely identifies whoever performs acts with tax effect on Chilean territory.
The foreign investor RUT: the route for people not living in Chile
Since 2020 (SII Resolution No. 150), a simplified procedure exists precisely for people with no domicile or residence in Chile who want to invest in securities or hold a current account in the country.
Who can use this route
Individuals or entities without domicile or residence in Chile, whose Chilean-source income comes exclusively from investments in securities — shares, financial instruments, current accounts — qualify for this simplified procedure.
How it works in practice
The simplified investor RUT is obtained through a Chilean financial institution or bank acting as Responsible Agent or Correspondent Bank — meaning it is not a procedure the person carries out directly with the SII, but through the institution that will receive the investment. This route also exempts the investor from obligations that normally accompany a RUT: notice of commencement of activities, accounting records, and the annual income declaration.
What this route does not cover
The simplified procedure is specific to investment in securities. For other transactions — buying property, acquiring a vehicle, incorporating an operating company — the route normally runs through the provisional RUT, covered below, or the definitive RUT obtained after residency.
The provisional RUT: a bridge for specific acts without residency
The provisional RUT is a temporary number issued by the SII to foreign nationals without a definitive RUT, used specifically to carry out acts requiring tax identification — without that implying residency.
What it is typically used for
- Buying a vehicle in Chile without residency.
- Acquiring property as a non-resident foreign national.
- Signing contracts requiring tax identification.
- Incorporating a Chilean company as a foreign shareholder.
- Meeting an employer’s requirement before residency is formalised.
It can be applied for from the home country, but it does not replace the definitive RUT and does not function as an immigration permit — it is a tax instrument, not a visa.
A Chilean bank account: what you can and cannot do from abroad
This is the most misunderstood point in the process. There is a large gap between “Chile permits non-resident accounts” and “a Chilean bank will open your account remotely”.
The rule exists, but bank practice varies
Since 2021, both the Central Bank of Chile (Agreement No. 2363-05-201224) and the Financial Market Commission (CMF) amended the rules to allow banks to offer chequeless current accounts to people neither domiciled nor resident in Chile, without requiring a RUT or identity card in most cases, subject to anti-money-laundering rules. So the permissive rule exists. What does not exist is any obligation on a bank to accept.
The practical reality
In practice, most Chilean banks still require physical presence and local documentation to open an account — which means that opening a traditional Chilean bank account remotely is not possible in most cases.
| Stage | What is usually possible |
|---|---|
| No RUT, outside Chile | International prepaid cards; digital wallets accepting a passport (such as Mercado Pago) |
| With a provisional RUT, inside Chile | Lower-barrier digital accounts (BancoEstado’s CuentaRUT, MACH) |
| With 6–12 months of usage history | A sight account at other banks, with more functionality |
| With a definitive RUT (residency formalised) | Full current account, credit history, traditional banking products |
The most realistic path for someone relocating is to start with a low-barrier digital account on arrival in Chile and build banking history from there — rather than trying to resolve everything before boarding.
Buying property or a vehicle without residency: what changes
Purchase of property or a vehicle by a non-resident foreign national is permitted in Chile, and is in fact one of the most common uses of the provisional RUT — but a few points need attention:
- A provisional RUT is enough for the deed, but payment usually requires a Chilean bank account or a formal currency exchange operation, which reinforces the importance of resolving the banking question early in the process.
- Property taxes (rates, municipal charges) continue to apply regardless of residency — buying without living in the country does not exempt you from those obligations.
- Bank financing (a mortgage) usually requires income declared in Chile or a local banking history, which generally rules out financing for non-residents — purchases tend to be in cash or with funds from abroad.
Common errors in this process
- Assuming “having a RUT” resolves everything. The three types covered here serve distinct purposes; using the wrong one for the intended transaction creates rework.
- Trying to open a Chilean bank account before being in the country. The rule permits it, most banks’ practice does not — plan the arrival, not the account, as the first step.
- Believing the provisional RUT substitutes for a visa. It resolves tax identification, not immigration status — they are parallel processes, not interchangeable.
- Buying property without considering how payment will be made. Settling the banking or currency route before signing avoids delays at the deed stage.
Frequently asked questions
Do I need residency to buy shares or invest in funds in Chile?
Not necessarily. The simplified investor RUT, obtained through a financial institution authorised as a Responsible Agent, allows investment in securities without domicile or residence in Chile.
Can I open a Chilean bank account from abroad?
At most traditional banks, no — even with the rule permitting non-resident accounts, practice requires physical presence and local documentation. Digital wallets accepting a passport are the available alternative before arriving.
Does the provisional RUT give me any immigration rights?
No. It is an exclusively fiscal instrument, identifying the person for acts before the SII and third parties — it is not equivalent to a visa, residency or any permission to remain in Chile.
Can I buy property in Chile and only afterwards apply for residency?
Yes, they are independent processes. Buying property with a provisional RUT neither accelerates nor replaces the residency process — and does not, in itself, create any right to reside in the country.
Is it worth incorporating a Chilean company before living in Chile?
It depends on the objective. It is technically possible to incorporate as a non-resident foreign national, but the ideal structure — direct personal ownership, a holding company, or an operating company — depends on the family’s wealth and tax planning, not on legal feasibility alone.
Next steps
The RUT, the bank account and asset purchases in Chile are steps that, well sequenced, accelerate a family’s settlement — and, badly sequenced, generate expensive rework. Global & Co. advises on choosing the right RUT for each objective and on the ideal sequence between asset transactions and the immigration process.
This content is for information only and was prepared using the rules of the Internal Revenue Service (SII), the Central Bank of Chile and the Financial Market Commission (CMF) in force at the date of publication. It does not constitute legal, tax or financial advice. Requirements and individual banks’ internal policies can change — each situation should be analysed individually by qualified professionals.