Countries › Chile › Guide › 14. Disputes › Investment treaties and investor State arbitration in Chile: bilateral investment treaties, FTA investment chapters and how to bring a claim

Investment treaties and investor State arbitration in Chile: bilateral investment treaties, FTA investment chapters and how to bring a claim

Argentina. For full detail on Argentina, go to The Argentine Thread.

Last verified: 2026-10-26 · Status: Stable

Chile's ICSID membership does not by itself give an investor access to arbitration. The State's consent comes from a treaty: one of the 31 bilateral investment treaties (APPI) that the Undersecretariat of International Economic Relations (SUBREI) lists, or an investment chapter in a free trade agreement. Under the Chile US FTA, in force since 1 January 2004, a US investor must give 90 days' written notice and wait six months from the events, and it loses the claim three years after it knew or should have known of the breach and the loss. It must also waive local court claims for damages (Chapter 10, art. 10.15 and 10.17). The 1991 Chile Argentina investment treaty ended when the Chile Argentina trade agreement entered into force on 1 May 2019. Claims under it had to be filed within three years, and Chapter 8 of the new agreement now governs investor State disputes between the two countries.

USD is the currency of ICSID's fees. CLP figures use the Central Bank exchange rate of CLP 986.58 per US dollar published in the Diario Oficial for 23 October 2026 (CVE 2891564), for orientation only.

Key facts

Bilateral investment treaties (APPI) on SUBREI's list	31 SUBREI list of APPI, as of 2026-10-26 · in force
Limitation for investor State claims under the Chile US FTA	3 yearsChile US FTA art. 10.17.1, as of 2026-10-26 · in force
Minimum notice of intent before submitting a claim under the Chile US FTA	90 daysChile US FTA art. 10.15.4, as of 2026-10-26 · in force
Status of the 1991 Chile Argentina bilateral investment treaty	Terminated on 1 May 2019 by Annex 8.2 of the Chile Argentina trade agreement Decreto Nº 27 of 2019; Annex 8.2, as of 2026-10-26 · repealed
Waiting period from the consultation request before an investor State claim under the Chile Argentina agreement	180 daysChile Argentina trade agreement art. 8.24.1, as of 2026-10-26 · in force
Time limit to request consultations under the Chile Argentina agreement	3 yearsChile Argentina trade agreement art. 8.22.2, as of 2026-10-26 · in force
ICSID lodging fee for a request for arbitration or annulment	25000 USDICSID Schedule of Fees (2023), effective 1 July 2023, as of 2026-10-26 · in force
ICSID annual administrative charge per case	52000 USDICSID Schedule of Fees (2023), effective 1 July 2023, as of 2026-10-26 · in force

The rule

1. SUBREI publishes the list of Chile's agreements on the promotion and reciprocal protection of investments (APPI), each with its date of signature and promulgation. As of this review, the list has 31 treaties. Most date from the 1990s, and the most recent are Uruguay (signed 25 March 2010, promulgated 24 January 2012) and Hong Kong SAR (signed 18 November 2016, promulgated 23 May 2019). Countries that are not on the list may still be covered by an investment chapter in a free trade agreement, which SUBREI lists separately among the 36 trade agreements in force. Investor State arbitration under the ICSID Convention requires Chile's written consent, which these treaties provide subject to their own conditions (ICSID Convention art. 25).
Cost to do it: ICSID charges a non refundable US$25,000 lodging fee (about CLP 24,664,500) and US$52,000 a year (about CLP 51,302,160) in administrative charges under its schedule effective 1 July 2023, before arbitrators and counsel.
Example: A Spanish owned water utility in Chile structures its investment through its Spanish parent, which is covered by the Chile Spain treaty (signed 2 October 1991, promulgated 14 March 1994). A claim for CLP 4,932,900,000 would follow that treaty's dispute settlement clause. / The same claim is about US$5,000,000. Checking the treaty list when choosing the holding company's jurisdiction, before any dispute arises, keeps this option available.SUBREI (Ministerio de Relaciones Exteriores), list of agreements on the promotion and reciprocal protection of investments, Each treaty's dispute settlement article, 2026-10-26 official text · verified 2026-10-26

2. The Chile United States Free Trade Agreement was signed on 6 June 2003 and entered into force on 1 January 2004. Under Chapter 10, a claimant must deliver a written notice of intent at least 90 days before submitting a claim, identifying the provisions breached, the facts and law, and the relief and approximate damages sought (art. 10.15.4). Once six months have passed since the events giving rise to the claim, the claimant can submit it under the ICSID Convention, the ICSID Additional Facility Rules or the UNCITRAL Arbitration Rules (art. 10.15.5). No claim can be brought more than three years after the claimant first knew or should have known of the breach and of the loss (art. 10.17.1). The claimant, and the Chilean company where it claims on the company's behalf, must consent in writing and waive the right to start or continue proceedings before any court or administrative tribunal about the measure. Interim relief that does not involve payment of damages is still allowed (art. 10.17.2 and 10.17.3).
Cost to do it: Same ICSID charges if the claim is filed at ICSID: US$25,000 lodging fee and US$52,000 a year. UNCITRAL cases administered by other institutions follow those institutions' fees.
Example: A US investor learns on 1 March 2026 that a regulatory measure has cut the value of its CLP 4,932,900,000 Chilean investment. Its last day to submit a claim is 1 March 2029, and the notice of intent must be delivered at least 90 days before submission. / The same investment is worth about US$5,000,000. Starting a damages suit in Chile first can conflict with the waiver required by art. 10.17, so the forum strategy has to be set before any local filing.Chile United States Free Trade Agreement, Chapter 10 (Investment), signed 6 June 2003, in force 1 January 2004, Art. 10.15, art. 10.16 and art. 10.17, 2004-01-01 official text · verified 2026-10-26

3. Chile and Argentina signed a trade agreement in Buenos Aires on 2 November 2017. It is contained in the 61st Additional Protocol to Economic Complementation Agreement Nº 35, which Chile promulgated by Decreto Nº 27 of 26 February 2019, published on 6 June 2019, and it entered into force on 1 May 2019. Annex 8.2 terminated the 1991 Chile Argentina investment treaty, its protocol and the 1992 amendments, with all their rights and obligations, on the agreement's entry into force. The 1991 treaty continued to apply only to investments made before then, for acts that occurred or situations that ended before then, and only if the investor submitted the claim under its article X within three years. Later acts are governed exclusively by the new agreement. Under Chapter 8, consultations must be requested within three years of when the investor knew or should have known of the breach and loss (art. 8.22.2). If no claim is filed within one year of the consultation request, the request is deemed withdrawn (art. 8.22.6). A claim can be submitted only 180 days after the request for consultations (art. 8.24.1), under ICSID, UNCITRAL or ad hoc rules by agreement, or at the claimant's choice if there is no agreement within 30 days (art. 8.24.4 and 8.24.5). The claimant must waive local proceedings over the measure, except interim relief (art. 8.25).
Cost to do it: Same ICSID charges where ICSID is chosen. Mediation is available at any time, and the parties can ask the Chairman of ICSID's Administrative Council to appoint the mediator (art. 8.23).
Example: A Chilean investor's subsidiary in Argentina suffers a measure in 2026. The 1991 treaty no longer applies, so the investor must request consultations within three years under Chapter 8, wait 180 days, and file within one year of the request. / The investment is about US$5,000,000. Investors relying on advice written before 2019 should note that the 1991 treaty's dispute clause has been replaced by Chapter 8. The Argentine side of this relationship is covered by The Argentine Thread guide.Decreto Nº 27 of 2019 (Ministerio de Relaciones Exteriores) promulgating the 61st Additional Protocol to ACE Nº 35 containing the Chile Argentina trade agreement, Diario Oficial 6 June 2019, CVE 1600879, Chapter 8 art. 8.22, art. 8.24 and art. 8.25; Annex 8.2, 2019-05-01 official text · verified 2026-10-26 · changed: On 1 May 2019 the Chile Argentina trade agreement entered into force and, under Annex 8.2, terminated the 1991 bilateral investment treaty. Claims under the old treaty had to be filed within three years, so by 1 May 2022.

Counterparty	Signed	Promulgated
Germany	1997-04-14	1999-04-12
Austria	1997-09-08	2000-08-28
Belgium and Luxembourg	1992-07-15	1999-08-05
Costa Rica	1996-07-11	2000-05-29
Croatia	1994-11-28	2000-08-28
Cuba	1996-01-10	2000-08-11
Denmark	1993-05-28	1995-10-09
El Salvador	1996-11-08	1999-08-18
Spain	1991-10-02	1994-03-14
Philippines	1995-11-20	1997-11-06
Finland	1993-05-27	1996-04-08
France	1992-07-14	1994-08-18
Greece	1996-07-10	2002-12-09
Guatemala	1996-11-08	2001-09-27
Honduras	1996-11-11	2001-09-28
Hong Kong SAR	2016-11-18	2019-05-23
Iceland	2003-06-26	2006-05-16
Italy	1993-03-08	1995-04-05
Nicaragua	1996-11-08	2001-10-03
Norway	1993-06-01	1994-08-09
Panama	1996-11-08	1999-09-01
Paraguay	1995-08-07	1997-06-27
Poland	1995-11-28	2000-08-10
Portugal	1995-04-28	1998-01-08
Czech Republic	1995-04-24	1996-09-25
Romania	1995-07-04	1997-07-09
Sweden	1993-05-24	1995-12-06
Switzerland	1999-09-24	2002-05-20
Ukraine	1995-10-10	1997-06-27
Uruguay	2010-03-25	2012-01-24
Venezuela	1993-04-02	1994-02-11

Chile's bilateral investment treaties as listed by SUBREI, with signature and promulgation dates (verified 26 October 2026). FTA investment chapters, such as those with the United States and Argentina, are separate.

Worked example

A US fund holds a CLP 4,932,900,000 (about US$5,000,000) stake in a Chilean renewable energy company through a Delaware company.
In March 2026 a measure it considers expropriatory cuts the project's value. It first checks which treaty applies: the US is not on the APPI list, so the Chile US FTA Chapter 10 governs.
It delivers a notice of intent at least 90 days before filing and avoids starting a damages suit in Chile, which would conflict with the art. 10.17 waiver. It may still seek interim relief in Chile.
It submits the claim to ICSID before March 2029, paying the US$25,000 lodging fee (about CLP 24,664,500), with US$52,000 a year in administrative charges to follow.

Step by step

1. Map the ownership chain and check every holding company's jurisdiction against the APPI list and the FTA investment chapters.
2. Read the applicable treaty's conditions: notice, waiting period, time limit, waiver and fork in the road clauses.
3. Diarise the limitation period from the date you first knew of the breach and the loss (Chile US FTA art. 10.17.1; Chile Argentina agreement art. 8.22.2).
4. Do not file damages claims in Chilean courts before deciding on treaty arbitration, because waivers can bar the treaty claim.
5. Deliver the written notice of intent or consultation request with the content the treaty requires.
6. Budget for ICSID or other institutional fees, arbitrators, counsel and experts.

Common traps

ICSID membership is not consent: without a treaty or contract consent, there is no ICSID claim against Chile.
Old advice on the Chile Argentina investment treaty is outdated: it ended on 1 May 2019, and the three year window for claims under it closed in 2022 (Annex 8.2).
Local litigation for damages can destroy a treaty claim because of the waiver requirements (Chile US FTA art. 10.17.2; Chile Argentina agreement art. 8.25).
Under the Chile Argentina agreement, a consultation request lapses if no claim is filed within one year (art. 8.22.6).
Under the Chile Argentina agreement, claims cannot concern the establishment or acquisition of an investment, or investments made through corruption (art. 8.24.2 and 8.24.3).

Sources

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