Tall reinforced concrete shear wall buildings used for residential purposes performed well in the 2010 Maule earthquake in Chile. Despite their good performance, in 2011 the regulations governing their design (Ministerio de Vivienda y Urbanismo 2011a, b) were changed to incorporate measures to reduce wall damage by requiring special boundary elements, along with extending the design spectrum to accommodate a broader range of soil types, among other improvements. Therefore, it is now crucial to analyse the performance of RC shear wall residential buildings designed according to the updated Chilean earthquake-resistant design standards and characterise their seismic behaviour in terms of fragility functions. However, different modelling approaches can be adopted for seismic assessment, each involving specific assumptions that significantly influence the building response. This research aims to derive the fragility of typical RC tall shear wall residential buildings in Chile located in a high seismic hazard zone, by analysing the influence of modelling assumptions on the structural response, particularly for the floor system and damping ratio, as these factors have been shown to significantly affect seismic performance. One hundred synthetic ground motion records are used to assess the seismic performance of two representative case study structures (of 9 and 17 storeys) using non-linear time history analyses. Slight, extensive, and complete damage states are selected, and fragility curves are then derived, revealing that models utilizing shell elements to represent the floor system are more efficient and better aligned with the observed behaviour of residential buildings in Chile compared to those using elastic beam elements with rigid diaphragm constraints. Moreover, it is demonstrated that damping ratios are a highly sensitive parameter, significantly influencing the collapse probability of buildings. Therefore, the use of damping ratios from studies that better reflect real-world conditions is recommended. Overall, the results show that the studied buildings do not present a risk of collapse for spectral ordinates less than or equal to 0·5 g.