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Beneficial ownership in Chile: the UAF 10 percent test, bank and SII disclosure, share registers and the pending national registry

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

Chile has no public central register of beneficial owners yet: a bill to create one has sat in the Senate since December 2023. In practice, beneficial ownership is disclosed to banks and other AML reporting entities under UAF Circular Nº 62 of 2025, which defines a beneficial owner as any individual holding 10 percent or more of capital or votes, directly or indirectly, or exercising effective control, and to the SII, which requires foreign investor entities to identify their owners when getting a RUT and all companies to report shareholder changes within two months.

USD figures use the dólar observado of CLP 972.60 per US dollar for 1 October 2026, the latest value in the SII dólar observado table on 26 October 2026. The UF is CLP 41,221.08 for 26 October 2026 (SII UF table) and the UTM is CLP 72,151 and the UTA CLP 865,812 for October 2026 (SII UTM table). Conversions are for orientation only.

Key facts

Ownership or voting threshold that makes an individual a beneficial owner	10 %UAF Circular Nº 62 of 2025, g.2), as of 2026-10-26 · in force
Beneficial owner below the threshold if exercising effective control	Yes textUAF Circular Nº 62 of 2025, g.2), as of 2026-10-26 · in force
Occasional transaction size that triggers customer due diligence	3000 USDUAF Circular Nº 62 of 2025, f.4), as of 2026-10-26 · in force
Minimum update frequency of client due diligence files	At least once a year or on relevant changes textUAF Circular Nº 62 of 2025, f.2), as of 2026-10-26 · in force
Central beneficial ownership register	Pending bill, Boletín 16.475-05, first stage in the Senate textBoletín 16.475-05, as of 2026-10-26 · pending
Months to report shareholder changes to the SII	2 monthsCódigo Tributario, art. 68, as of 2026-10-26 · in force

The rule

1. A beneficial owner is the natural person who ultimately owns, directly or indirectly, through companies or other mechanisms, 10 percent or more of the capital or voting rights of a given legal person or legal structure, and the natural person who, holding less than 10 percent, exercises effective control over its decisions. Effective control is the ability to take and impose relevant decisions, for example through a relevant shareholding, the power to appoint and remove senior management and the board, or the use and benefit of the entity's assets; the list is illustrative. Legal structures include trusts, Treuhand, fiducie and similar arrangements set up abroad.UAF Circular Nº 62 of 2025, under Ley Nº 19.913, Chapter G, g.2), 2025-03-19 official text · verified 2026-10-26

2. All reporting entities under art. 3 of Ley Nº 19.913 must ask their legal person and legal structure clients for a declaration identifying their beneficial owners, using the base form on the UAF website, before or when establishing a permanent relationship, for occasional transactions of US$3,000 or more (single or linked), and whenever money laundering or terrorist financing is suspected. They must take reasonable steps to verify the declaration, keep it in the client file, apply politically exposed person measures if a beneficial owner is a PEP, and update client files at least once a year or on relevant changes. For foreign legal persons and structures, they must obtain the identity and address of the most senior manager abroad and of the legal representatives domiciled in Chile, who must supply all beneficial ownership information. The circular took effect on 1 June 2025, when the UAF repealed its earlier circulars, including Circular Nº 57 of 2017 on beneficial owners.
Cost to do it: No filing fee; the cost is assembling the ownership chain and identity documents for each 10 percent holder.
Example: A Chilean SpA opening a bank account declares its foreign parent and, behind it, the two individuals who each hold 35 percent of the parent's shares. / A one off wire of US$3,000 or more by a non client company triggers the declaration.UAF Circular Nº 62 of 2025, Chapter F, f.2) and f.4); Chapter G, g.3.1) to g.3.7); sixth resolution, 2025-06-01 official text · verified 2026-10-26 · changed: From 1 June 2025 Circular Nº 62 replaced Circular Nº 57 of 2017 and the other UAF circulars as the single set of AML instructions; the 10 percent and effective control test is kept, and the trigger for occasional transactions is US$3,000.

3. The UAF base form records the declaring entity's RUT or ID, name, addresses, legal representative, company type and senior management; each beneficial owner holding 10 percent or more and each person with effective control, with ID, full name, address, country, tax domiciles and percentage held; and, for clients whose beneficial owners have not changed within one year of the last declaration, a statement repeating the earlier one. The declarant states whether they are Chilean, a resident foreigner or a non resident foreigner.UAF sworn declaration form for identifying beneficial owners, issued under Circular Nº 62 of 2025, Sections 1 to 4, 2025-06-01 official text · verified 2026-10-26

4. To obtain a RUT, a legal person or entity constituted abroad must identify its owners, partners, contributors, participants, settlors, founders or beneficiaries, giving each one's name, date and country of incorporation if an entity, and country of tax residence and tax address; listed companies need only name the exchange, and certain public funds and pension funds are exempt from listing participants. Chilean entities must identify their partners or shareholders with RUT, contributions and percentages of capital and profits, except open corporations.SII Resolución Exenta Nº 77 of 2025, Resolution 1º, IV and Annex I, 2025-06-26 official text · verified 2026-10-26

5. Companies must report to the SII within two months any change of partners, shareholders or co owners, of legal representatives with general powers, of capital, of profit sharing agreements that differ from capital shares and of preferred dividend share series. Open corporations need not report shareholder changes but must report changes of controllers. The failure is fined under art. 97 Nº 1.
Cost to do it: Late reporting fine of 1 UTM to 1 UTA, CLP 72,151 to CLP 865,812 (US$74 to US$890) at October 2026 values (art. 97 Nº 1).Código Tributario art. 68 as amended by Ley Nº 21.713, Art. 68, 2024-10-24 official text · verified 2026-10-26

6. An SpA must keep a shareholder register with each shareholder's name, address and identity card or RUT, shares held, registration date and liens, available at all times to shareholders and managers, who are jointly liable for inaccurate entries; corporations must keep an updated list of shareholders with addresses and shares at their head office. For companies in the online Registro de Empresas y Sociedades the share register is kept only in the registry, with access restricted to shareholders, managers and authorized attorneys; registering a subscription or transfer there is deemed to inform the SII.Código de Comercio; Ley Nº 18.046; Ley Nº 20.659 as amended by Ley Nº 21.366, Código de Comercio art. 431; Ley Nº 18.046 art. 7; Ley Nº 20.659 art. 13 bis, 2021-08-25 official text · verified 2026-10-26

7. The bill creating a Registro Nacional de Personas Beneficiarias Finales (Boletín 16.475-05) was filed by presidential message in the Senate on 18 December 2023. On the verification date it was in its first constitutional stage in the Senate, at the first report of the Finance Committee, with no urgency in force; the last urgency recorded was renewed on 3 September 2025. It is not law.Boletín 16.475-05, bill creating a national register of beneficial owners, Bill status, 2023-12-18 official text · verified 2026-10-26

Holder	What	Who sees it	Source
Banks and other UAF reporting entities	Sworn declaration of 10 percent owners and controllers	The reporting entity and competent authorities	UAF Circular Nº 62 of 2025, G
SII	Owners of foreign investor entities; partners and shareholders of Chilean companies and their changes	Tax authority	SII Res. Ex. Nº 77 of 2025; Código Tributario art. 68
Company	Shareholder register	Shareholders and managers	Código de Comercio art. 431; Ley Nº 18.046 art. 7
Registro de Empresas y Sociedades	Share register of online companies	Shareholders, managers and authorized attorneys	Ley Nº 20.659 art. 13 bis
National beneficial ownership register	Not yet created	Not applicable	Boletín 16.475-05

Where Chilean beneficial ownership information sits today

Worked example

A Chilean SpA is wholly owned by a Delaware LLC whose members are a US fund (60 percent) and two individuals holding 25 and 15 percent. When the SpA opens its bank account, it declares on the UAF form the individuals who ultimately hold 10 percent or more through the chain and anyone exercising control of the fund; its Chilean legal representative signs (UAF Circular Nº 62 of 2025, g.3.1 and g.3.7).
When the LLC sold 40 percent of the SpA to a new investor, the SpA reported the shareholder change to the SII within two months (Código Tributario art. 68), recorded the transfer in its share register (Código de Comercio art. 431) and filed an updated declaration with the bank.

Step by step

1. Map the ownership chain to each individual with 10 percent or more of capital or votes, and anyone with effective control (UAF Circular Nº 62 of 2025, g.2).
2. Prepare the UAF form with identity, addresses, tax domiciles and percentages; banks may add fields (g.3.1).
3. When getting the foreign parent's RUT, list its owners and their tax residence (SII Res. Ex. Nº 77 of 2025, Annex I).
4. Keep the share register accurate and, for online companies, record transfers in the registry (Código de Comercio art. 431; Ley Nº 20.659 art. 13 bis).
5. Report shareholder and representative changes to the SII within two months and refresh bank declarations at least yearly (Código Tributario art. 68; Circular Nº 62, f.2).

Common traps

Stopping at the first corporate layer: the test looks through to individuals holding 10 percent directly or indirectly (g.2).
Ignoring control below 10 percent, for example board appointment rights (g.2).
Expecting a bank to accept the declaration at face value: reporting entities must take reasonable steps to verify it and may ask for more documents (g.3.4).
Unreported shareholder changes now carry art. 97 Nº 1 fines and can extend SII limitation periods (Código Tributario art. 68).
Planning around a public register that does not yet exist: the bill is still at first stage (Boletín 16.475-05).

Sources

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