Minimum Rental Periods
The minimum rental agreement period is typically 1 year, renewable automatically unless written notice is given to cancel.
Required Documents for Signing a Lease
Typical documents required to sign a rental contract include:
• Valid ID
• Proof of employment
Leases are generally negotiated in UF (Unidad de Formento) which varies on a daily basis according to the inflation; this allows for rent readjustment to be done on a monthly basis.
Standard Security Deposit
The security deposit is equivalent to 1 months’ rent.
Local Norm for Returning the Security Deposit
The security deposit is returned after within 1 month of completion of inventory, inspection of outstanding refurbishments, and cleaning.
Outstanding payments for repairs will be deducted if necessary.
Should you utilize the services of a real estate agent to help you in your search, agencies usually collect rental commission equal to 1 months’ rent + Value-Added Tax of approximately (19%).
Payment of Rental Commission
Payment of the agent’s rental commission is typically split between the tenant and landlord.
Accepted Method of Payment
Check is the preferred method of payment. Realtors prefer to receive payment locally. Most landlords will not accept payments from abroad.
When you moving to Chile you may want or need to establish residency. Requirements may include:
• Obtain a local ID (RUN)
• Register with the federal police
It is advisable to connect with a local expert to identify any additional requirements and support available to assist in meeting the local requirements.
Typical documentation required to obtain a driver’s license include:
• Valid driver’s license from country of origin
• Study Certificate (diploma legalized at the Chilean Consulate Apostille)
• Chilean ID Card (RUT number)
• Proof of address or rental agreement
The following exams are required:
• Written exam which can be conducted in English and Spanish.
• Medical exam including vision, hearing and reflexes and must be done by a doctor assigned by the local government.
• Practice Driving Test – you must provide a vehicle with a valid tag for the driving test.
In order to open a bank account, you may be asked for:
• Copy of Chilean ID card
• Copy of work contract
• Employment letter or certificate
• Copy of identification page of valid passport
• Contact phone number
• Some banks may accept the Provisory RUT to open an account until final RUT is ready.
Typically, opening a bank account can be completed immediately, depending on wait times at the bank, and that all required documents are provided.
Banks require verification of credit. A bank account comes with a credit card, credit line, and Cuenta Corriente (cash on hand).