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C Wilson

Legitimacy of this project

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Hi,

I am new to the forum and to this website. I am very curious about your subdivision but I am even more skeptical.

I read about Galt's Gulch and other similar projects in Chile on the internet and as far as I know, many people lost a lot of money. What can you tell me about that?

How do I know that this is not another scam?

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Hello Calvin,

You have great reasons to be concerned. My advice is to start looking if the land someone is promoting does actually belong to them or if they do have the right to sell it. One should not blindly trust the seller's lawyer but should hire an own attorney in order to do all the due diligence.  

In our case, the property is fully paid for and has no encumbrances, but do not take my word for it! Do your own investigation or have an attorney do it for you! 

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Calvin, I think It is important to have an attorney that is on your side! When I was looking to buy investment property in Chile, I had my own attorney, someone to look out for my interest. I was searching to buy retirement property in the Lakes area, closer to Patagonia. Found an awesome deal, everything looked great and the price was right. Then my lawyer discovered that it was in dispute with the Indigenous people on that land. He said that if we would not have caught that, I might have lots of trouble down the road. I don’t know if that applies in the area where this community is, but I think it’s worth checking that out.

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The biggest obstacle for me was the money transfer. They do not have title companies, like in the United States. The buying and selling transaction is handled between lawyers.  You can not open a bank account in Chile until you become a permanent resident. That means, you will need to either fly in with cash into the country, which is so risky to me or you need to trust your lawyer with a big amount. I don't know how other people do it, but both options made my stomach queasy!

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@Dylan66 - The money issue is an obstacle.  You can't have a queasy stomach and buy land in Chile. 

I flew my money in, which is scary until you understand the laws and understand your rights.  Have the withdraw receipt from your bank, and then declare it to the TSA in the U.S. and upon arrival in Chile.    They will take you to a back room at the airport, count it and document it.  I remember being incredibly nervous about it, and when it was all over thinking to myself "That's it?"

You can find lawyers in Chile that you can trust.  It takes some ground work but they are there.  I can recommend a lawyer, who is the son of the immigration guy I am working with to get my permanent Visa.   He has done work for other expats, and everyone who uses him swears by him. 

If you ask Rufina, she has my personal contact info.  I'd be happy to talk to you on the phone if you have any questions.

 

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Elwez, thank you so much for all the information! That was quite brave what you did! I am not ready to do the next step yet but thank you for your offer.  I will stop by the development on my next visit to Chile. Meanwhile, I will continue observing this site, do you know if they will have some progress updates? I would love to see some pictures, to see what is going on...
Do you know at what stage the subdivision is at?

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Hello Dylan66,

Yes, we will do updates regularly soon. For now, we had more of paperwork to get done, and we put part of the roads in. Also, we imported the equipment for metal frame manufacturing from Australia and delivered it to the property. It is operational now. As soon as more of the active part will begin we will post updates regularly on the website.
 

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  • Posts

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