When you land in Santiago, you get a 3-month tourist visa. After that, you can have it extended for another 3-months, which costs about a hundred bucks, or you can take a day-trip to Argentina and re-enter Chile to reset the clock. You can repeat this indefinitely, until you happen to get a cranky immigration officer that feels like turning you away. The tax climate is good for owning property (undeveloped rural land often has 0% property tax) but I wouldn't bother applying for citizenship because the personal income tax punishes productive people. As a resident, I keep my declared personal income bellow the tax threshold and write-off everything under the sun as a business expense. If you want a second passport that wont subject you to an income tax, I'd recommend nearby Paraguay for that.
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