This coordinated effort between various State institutions is enabling Chile to facilitate the arrival of foreign investors and specialized personnel.
Facilitating the arrival of foreign investors and highly qualified professionals has major benefits for the country. The entry of foreign capital promotes economic growth and job creation, while a sophisticated talent offering strengthens Chile’s position as an attractive destination for companies seeking opportunities beyond their borders.
At the start of September, Chile’s National Immigration Service (SERMIG), InvestChile, and economic development agency CORFO’s seed accelerator Start-Up Chile signed an unprecedented agreement to streamline immigration procedures for investors and professionals who want to implement investment projects in Chile.
This agreement forms part of the National Immigration Policy’s “Economic and Industrial Development” pillar, which aims to promote legal immigration in order to attract highly qualified foreign talent to Chile.
The significance of this collaboration was highlighted at the signing ceremony, which was attended by SERMIG’s National Director, Luis Eduardo Thayer; InvestChile Director, Karla Flores; and CORFO’s Executive Vice President, José Miguel Benavente.
A key element of this agreement is the visa for foreign investors and specialized personnel, which consists of a temporary residence permit sponsored by InvestChile.
From August 2022 to August 2023, InvestChile submitted an incredible 2,062 requests to streamline visa procedures. Of that total, 19.6% originated from China (405), followed by Argentina (13.9% with 286 requests) and Brazil (11.4% with 234 requests).
InvestChile has also provided 44 sponsorship letters to investors in order for them to obtain temporary residence visas.
This coordination has been essential to support investment projects in various industries that require highly qualified foreign talent. Sectors such as energy, global services, IT infrastructure, and mining have seen a significant increase in their ability to attract foreign investment thanks to this collaboration.
This policy “is really good news because it strengthens coordination between the institutions that have signed the agreement, in order to provide rapid responses to foreign investors who have chosen our country as an investment destination and need to obtain a visa to develop their projects,” said InvestChile Director, Karla Flores.
The available figures highlight the importance of this collaboration. According to Central Bank data, in 2022 Chile received a record amount of more than US$20 billion in foreign direct investment (FDI), an increase of 31% compared to the previous year, with an emphasis on highly specialized sectors.
Entrepreneurial talent: The role of Start-Up Chile
The agreement also involves CORFO’s seed accelerator Start-Up Chile, which is responsible for accelerating technology start-ups that leverage the benefits offered by the country as a platform for new business growth.
Its most recent generation of entrepreneurs included 27.5% from overseas, from countries such as Mexico, Colombia, Peru, Argentina, the United Kingdom, Nigeria, and Thailand, among others.
CORFO’s Vice President, José Miguel Benavente, highlighted the importance of the agreement, noting that it “will help to streamline the process for entrepreneurs arriving in Chile through the Start-Up Chile program to establish themselves in the country, develop their projects, and strengthen the local ecosystem.”
This collaboration “strengthens our capacity to attract the world’s best technology entrepreneurs, in order for them to come to Chile to develop their ideas quickly and efficiently, with the support of the public sector,” noted Carmen Contreras, CEO of Start-Up Chile.
“In Chile there is a large number of companies and investments that create jobs which depend on the arrival of this type of foreign investors and professionals. As a service, one of our roles is to promote immigration which, in addition to being lawful and orderly, contributes to Chile’s development,” concluded Thayer.
To find out more about the different types of visas that are available, the specific requirements for each of them, and the benefits and conditions associated with each option, read this article on how to obtain a visa to invest in Chile.