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Chile – New Visa for Professionals and Investors Involved in Technology Sector

Chile – New Visa for Professionals and Investors

This GMS Flash Alert reports on a speech given by Chile’s President Bachelet that communicated plans for a new visa aimed at professionals and foreign investors in the technology field.

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On April 4, 2017, Chilean President Michelle Bachelet announced that, over the next few months, a new visa would come into force in Chile called "Visa Tech."1 This new visa, aimed at professionals and foreign investors in the technology field, would be granted fairly quickly, within a maximum period of 15 days from the filing of the application.

WHY THIS MATTERS

The new visa policy is intended to attract foreign investment to develop strategic areas of the Chilean economy that have high added value, such as solar energy, technology, and machinery for mining, food technologies, sustainable tourism, and “global technology” services.

The implementation of Visa Tech could bring about a change in the way that foreign investors and companies do business in Chile.  This includes the formulation of their long-term business strategies and the organization and deployment of their labor force.

Likewise, this new visa would result in an easing of the immigration regulations and practices in force in the country, by streamlining the work of the Chilean Immigration Department, instituting shorter deadlines, and incorporating an electronic application process. 

Who Can Apply for Visa Tech?

Based on the information provided by President Bachelet, this visa would be granted to those foreign citizens who are:

1. physically present in Chile and have a Start-Up Chile2 program subsidy in the technology services sector; or

2. owners, partners, or investors of a “technology services” company in Chile as part of the InvestChile3 program; or

3. employed (a) by a technology company which has been formed with the support of Start-Up Chile, InvestChile, or (b) by a technology company that is a member of Chiletec4 in which the individual is a technology professional or is deemed to have sufficient labor experience in the field. 

Visa Tech Details

The Visa Tech would be requested through the Immigration Department of Chile.

  • For this purpose, Start-Up Chile, InvestChile, or the Sub-secretariat of Economy would inform the Immigration Department (by e-mail and at least 10 days in advance) of the arrival of the applicants who would be entering Chile as tourists.
  • Once the applicants are in the country, the visa application would be submitted via e-mail, along with the documents required, and a resolution could be expected within 15 calendar days from the visa filing date.

KPMG NOTE

To date, neither the government of Chile nor the immigration authorities have provided any official information in this regard.  For this reason, the information in this newsletter is based on President Bachelet’s speech given on April 4, 2017, to the International Investment Forum 2017.  We will endeavor to inform readers when additional, official information is available.

FOOTNOTES

1  Announced in a public speech by President Bachelet during an April 4, 2017 appearance at the “Foro Internacional Inversiones 2017.”  (See References below.)

2  Start-Up Chile is a public organization aimed at assisting foreign entrepreneurs to start their projects while opting for Chile as headquarters for their businesses. 

3  Invest Chile is a public organization whose mission is to inform foreign investors of business opportunities in Chile while promoting the country as an investment destination.

4  Chiletec is a trade association whose mission is the promotion and development of the country’s technology.  

REFERENCES

As reported in the press (please note these are third-party, non-governmental Web sites):

*  Please note that the KPMG International member firm in the United States does not offer immigration services. 

The information contained in this newsletter was submitted by the KPMG International member firm in Chile.

© 2017 KPMG Auditores Consultores Ltda., sociedad de responsabilidad limitada chilena y una firma miembro de la red de firmas miembro independientes de KPMG afiliadas a KPMG International Cooperative (“KPMG International”), una entidad suiza. Todos los derechos reservados.

Flash Alert is an Global Mobility Services publication of KPMG LLPs Washington National Tax practice. The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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