I'm from India and it made more financial sense for us to go back. But, a lot of friends from my batch are still there post the 6 months (many from the north). It's definitely cheaper than North America and if you can find the right developers, nothing like it. And unlike us (30+ hour travel back to India) it's more convenient for you to visit your country and be back in Chile.
Santiago is not cheap. Prices are comparable to many North American cities. Sure, it's cheaper than NYC or SF. I'm from Whistler, Canada, which many people say is an expensive place to live, and Santiago is probably less than 10% cheaper.