Expat Savings in Chile

Opening a savings account in Chile is a lot more challenging than what most people would expect, and this can be quite a problem for expats who want to have a bank account in the country. Aside from obtaining a permanent resident status, the most important requirement for foreign nationals is to have a tax identification number or RUT. The next step then requires a lot of cumbersome paperwork, i.e forms to fill out, documents that need to be legalized and duplicated, and so on. Some foreign nationals opt for the Fondos Mutuos or Mutual Funds. It’s similar to an account because it also gets interest, but the only inconvenience with this is that an account holder must give a day’s notice before they can withdraw money.