Beautiful Chile is filled with incredible nature and unique history. The country has considered as one of the most emerged and wealthy countries. The financial structure and banking system of Chile has defined its great and prosperous frameworks.
If you have planned for moving to Chile or want to spend a considerable time in the country then you must know about two important terms RUN and RUT which are the most essential ID numbers in Chile.
Everything is good about Chile except for its banking system especially for immigrants because no immigrant can do any financial or business concerning activity in Chile unless they have a Chilean ID number.
This is where RUT and RUN can help you in all the financial and commercial operations in Chile. If you are new to Chile you may not be familiar with the term RUT and RUN. Here we will discuss these two terms and their benefits in Chile.
A RUT or RUN is basically an identification number that you will be encountered while moving to Chile. Without having a RUT and RUN you won’t be able to open a bank account or buy a property in Chile
What Is Rut?
A RUT is Rol Unico Tributario which acts as your tax identification number in Chile. A RUT is basically a debit card through which you can do many things such as check ‘bank state balance account rut’ (‘Banco Estado Saldo Cuenta rut’ in Spanish), transfer money, recharge etc.
You must have your own RUT identification number if you want to spend a long time in Chile because it will help you in almost every financial and commercial activities in Chile. These are some activities where you will need a RUT ID number:
- Buying or selling property in Chile
- Opening a bank account in Chile
- Opening a new business in Chile
- Getting a Chilean driving license etc.
The main difference between a RUT and RUN is that a RUT is your Chilean tax ID number, and the RUN is your civil register ID number. Therefore you must have a RUT and RUN if you are moving to beautiful Chile. Here’s a useful article that will guide you on how to set up a new business company in Chile using RUT number.