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FX and capital controls in Chile: free exchange, the formal FX market, Central Bank reporting, and getting capital, dividends and interest out

Last verified: 2026-10-25 · Status: Changing

Chile has a free floating peso and no capital controls in force: anyone may carry out FX operations freely, foreign investors have a statutory right to the formal FX market and to remit capital and net profits once taxes are paid, and the exchange rate is whatever the parties agree. The only standing limits are channelling and reporting: loans, deposits, investments and capital contributions from abroad of US$10,000 or more must pass through a bank or other formal FX market entity and be reported to the Banco Central de Chile under the new FX Compendium in force since 1 January 2026. The Central Bank keeps reserve powers to impose restrictions such as a reserve requirement of up to 40 percent, but only by a majority of its full Council, on stability or balance of payments grounds and for at most one year at a time.

USD figures use the Central Bank exchange rate of CLP 986.58 per US dollar published in the Diario Oficial for 23 October 2026 (the rate set under Ley Nº 18.840 art. 44 and Title VII of Chapter I of the FX Compendium). Conversions are for orientation only; the FX reporting thresholds themselves are set in US dollars.

Key facts

Exchange rate regime	Free float since September 1999; intervention only in exceptional and qualified cases textCNCI Chapter I, Section II, as of 2026-10-25 · in force
FX restrictions currently applied by the Central Bank	None textCNCI Chapter I, Sections I and III; Ley Nº 18.840 art. 49, as of 2026-10-25 · in force
Access to the formal FX market to remit dividends and capital	Free, at a freely agreed rate, after taxes; subject to Banco Central de Chile powers textLey Nº 20.848, art. 5, art. 6 and art. 7, as of 2026-10-25 · in force
Minimum holding period before capital can be repatriated	None set by law textLey Nº 20.848, art. 5, as of 2026-10-25 · in force
Minimum size of a loan, deposit, investment or capital contribution subject to channelling and reporting	10000 USDCNCI Chapter II, Letter B, Section IV, Nº 19, as of 2026-10-25 · in force
Gross monthly change in foreign assets or liabilities that triggers flow reporting	50000000 USDCNCI Chapter II, Letter B, Section IV, Nº 20 a), as of 2026-10-25 · in force
Foreign assets or liabilities held that trigger quarterly stock reporting	10000000 USDCNCI Chapter II, Letter B, Section IV, Nº 20 b), as of 2026-10-25 · in force
Foreign loan size that requires reporting the financial terms	1000000 USDCNCI Chapter II, Letter B, Section IV, Nº 20 c), as of 2026-10-25 · in force
Maximum reserve requirement (encaje) the Central Bank may impose on foreign credits, deposits or investments	40 %Ley Nº 18.840, art. 49 Nº 2, as of 2026-10-25 · in force
Maximum preset term of an FX restriction (renewable)	1 yearsLey Nº 18.840, art. 50, as of 2026-10-25 · in force
Maximum fine for breaching FX reporting, channelling or restrictions	200 % of operationLey Nº 18.840, art. 58, as of 2026-10-25 · in force
Central Bank exchange rate published in the Diario Oficial	986.58 CLP per USDLey Nº 18.840, art. 44; CNCI Chapter I, Section VII, as of 2026-10-23 · in force
Additional tax on dividends to non residents (with credit for corporate tax)	35 %DL Nº 824, art. 58 Nº 2 and art. 63, as of 2026-10-25 · in force
Additional tax on interest on loans from foreign banks or financial institutions	4 %DL Nº 824, art. 59 Nº 1 b), as of 2026-10-25 · in force
Additional tax on other interest paid to non residents	35 %DL Nº 824, art. 59, as of 2026-10-25 · in force
Day of the following month by which withheld additional tax must be paid	12 dayDL Nº 824, art. 79, as of 2026-10-25 · in force
First category (corporate) tax rate, commercial year 2026, general regime	27 %Ley Nº 21.850, sixth transitory article, as of 2026-10-25 · in force

The rule

1. Anyone may freely carry out international exchange operations (OCIs). They cover purchases and sales of foreign currency and, in general, any act or agreement that creates, modifies or extinguishes an obligation payable in foreign currency, even if no funds move into or out of Chile. The exchange rate in the formal FX market is the one freely agreed by the parties, and the Central Bank publishes daily the rate for the main currencies based on the previous business day's formal market transactions. The Central Bank has run a floating exchange rate regime since September 1999 and may intervene only in exceptional and qualified cases.
Cost to do it: No authorization or registration fee for FX operations; the only cost is the bank's FX spread and transfer charges, which are negotiated with the bank.
Example: A Chilean SpA buys CLP 98,658,000 worth of dollars from its bank at a rate it negotiates; no prior permission is needed. / CLP 98,658,000 is US$100,000 at the published rate of CLP 986.58; the bank's quoted rate may differ from the published one because the price is freely agreed.Ley Nº 18.840, Organic Constitutional Law of the Banco Central de Chile; FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, Ley Nº 18.840 art. 39 and art. 44; CNCI Chapter I, Sections I, II and VII, 1989-10-10 official text · verified 2026-10-25

2. The formal FX market (Mercado Cambiario Formal, MCF) is made up of the banks plus other entities the Central Bank authorizes (securities brokers and dealers, representative offices of foreign banks supervised by the CMF, and open corporations registered with the CMF whose sole purpose is FX). An operation is in the formal market when it is done by or through one of those entities. Formal market entities must verify the identity and RUT (Chilean tax ID) of anyone carrying out an FX operation through them and of the representatives acting for them, and report the operations to the Central Bank. Non bank entities of the third type need net worth of at least UF 12,000 and a bank guarantee of UF 8,000.
Cost to do it: For investors, none beyond bank charges. For a non bank company seeking to join the formal market as an FX house: UF 12,000 minimum net worth and a UF 8,000 bank guarantee.Ley Nº 18.840; FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, Ley Nº 18.840 art. 41 and art. 43; CNCI Chapter I, Section IV and Annex Nº 1, Sections II and III, 2024-01-30 official text · verified 2026-10-25 · changed: The new FX Compendium, published in the Diario Oficial on 30 January 2024, replaced the former Compendium and repealed all its chapters and its Manual from 1 January 2026.

3. Loans, deposits, investments and capital contributions from abroad (and the corresponding outbound assets) made by individuals or companies that are not institutional investors must be carried out through the formal FX market, unless they are made with funds held abroad, and must be reported to the Central Bank. The rules apply only to operations of US$10,000 or more (or the equivalent). When the funds arrive, the recipient tells the formal market entity the type of operation and its concept, and the entity reports it. If the funds are used directly abroad, or a payment is made abroad, the Chilean resident reports directly to the Central Bank. Every payment or remittance of capital, interest, adjustments, profits and other benefits on these operations must also be reported, through the bank when paid from Chile. Operations are governed by the rules in force on the date the funds enter Chile or are used abroad, and payments by the rules in force on the date of payment. All references in laws and contracts to the former Chapters XII and XIV of the Compendium are now read as references to this Section IV.
Cost to do it: No Central Bank fee. Inbound and outbound transfers carry the bank's FX spread and wire charges.
Example: A foreign parent sends CLP 9,865,800 of capital to its Chilean SpA: at US$10,000 it is exactly at the threshold, so it must enter through a bank and be reported. / A US$9,000 contribution (about CLP 8,879,220) is below US$10,000 and outside these channelling and reporting rules.FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter II, Letter B, Section IV, Nº 16 to 22 and Nº 29 to 35; Chapter I, Annex Nº 5, Section IV (definitions of credits, deposits, investments and capital contributions from abroad), 2024-01-30 official text · verified 2026-10-25 · changed: From 1 January 2026 the former Chapter XIV (liabilities with abroad) and Chapter XII (assets abroad) were folded into Chapter II, Letter B, Section IV of the new Compendium, with reporting through the Central Bank's FX information system (SICAM).

4. On top of reporting each operation, informants face size based reporting: (a) those whose assets or liabilities with abroad (each counted separately) changed by a gross accumulated US$50,000,000 or more in the month must report those operations; (b) those that at any time in the period held assets or liabilities with abroad (separately) of US$10,000,000 or more must report quarterly stocks, whether or not they made operations; and (c) anyone who takes a loan from abroad of US$1,000,000 or more must report the financial terms of each operation. Informants must sign up to report to the SICAM and must report later modifications of their operations.
Cost to do it: No filing fee; the cost is internal or adviser time to file through the SICAM.
Example: An intercompany loan of CLP 986,580,000 from the foreign parent triggers the loan terms report. / CLP 986,580,000 is US$1,000,000; a US$800,000 loan (about CLP 789,264,000) is still reported as an operation through the bank, but not under the loan terms rule.FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, CNCI Chapter II, Letter A, Nº 2 and 4; Letter B, Section IV, Nº 20 and Nº 35, 2024-01-30 official text · verified 2026-10-25

5. A foreign investor has the right to remit abroad the capital transferred and the net profits its investments generate once all Chilean tax obligations are met, and has the right to access the formal FX market both to convert the currency of its investment and to obtain the currency needed to remit capital or net profits, at the exchange rate freely agreed. These operations remain subject to the Central Bank's powers under its organic law. Foreign investors are subject to the same legal regime as domestic investors and may not be arbitrarily discriminated against. The law sets no minimum holding period before capital can leave.
Cost to do it: No authorization fee; taxes must be paid first (see the dividend and interest rules below).Ley Nº 20.848, framework law for foreign direct investment, Art. 5, art. 6, art. 7 and art. 9, 2015-06-25 official text · verified 2026-10-25

6. The Central Bank may impose restrictions on formal market FX operations, including: an obligation to bring home and convert export and other foreign proceeds; a reserve requirement (encaje) on credits, deposits or investments in foreign currency coming from or going abroad, never above 40 percent of the operation and applying only to operations remitted after it is imposed; prior authorization for certain payments and remittances abroad (never for payments of goods imports); and limits on FX holdings of formal market entities. When money comes in as investments, capital contributions or credits, the Bank must allow access to the formal market to meet the resulting obligations on the general terms in force at the date the currency was converted. Restrictions require a reasoned agreement of a majority of the full Council, grounded on currency stability or balance of payments financing, for a preset term of at most one year (renewable). The Minister of Finance may veto, in which case unanimity of the Council is needed. The Compendium states that no FX restrictions are currently applied.
Cost to do it: None today. If a 40 percent reserve requirement were imposed on a new US$1,000,000 loan, US$400,000 (about CLP 394,632,000) could be immobilized for the period set by the Bank.Ley Nº 18.840; FX Compendium (CNCI), Ley Nº 18.840 art. 49 and art. 50; CNCI Chapter I, Sections I and III, 1989-10-10 official text · verified 2026-10-25 · changed: Art. 49 Nº 2 was amended by Ley Nº 21.641 (Diario Oficial 30 December 2023), art. 3 Nº 8.

7. Persons without domicile or residence in Chile pay additional tax (impuesto adicional) at 35 percent on profits distributed by Chilean companies to them as shareholders and on profits withdrawn or remitted by a Chilean branch. The base is grossed up by the first category (corporate) tax credit, which is then credited against the 35 percent. Returns of capital brought into Chile under the Central Bank law and other legal provisions are not taxed, but only up to the capital actually brought in. Whoever remits, credits or pays income subject to additional tax must withhold it at the applicable rate and pay it by the 12th of the following month. Until the end of 2026, a non treaty shareholder must also restitute 35 percent of the corporate tax credit (raising the total burden to 44.45 percent); this does not apply to residents of countries with a tax treaty in force under which corporate tax is deductible from the additional tax.
Cost to do it: 35 percent additional tax with credit for corporate tax: an effective 35 percent total burden on pre tax profit for treaty country shareholders, 44.45 percent for others while restitution applies.
Example: Profit of CLP 98,658,000 taxed at 27 percent leaves CLP 72,020,340 to distribute; additional tax is CLP 7,892,640, so a treaty country parent nets CLP 64,127,700, and a non treaty parent pays a further CLP 9,323,181 of restitution and nets CLP 54,804,519. / On US$100,000 of profit: US$27,000 corporate tax, US$8,000 additional tax, US$65,000 net to a treaty country parent; US$9,450 more restitution and US$55,550 net for a non treaty parent.Decreto Ley Nº 824, Ley sobre Impuesto a la Renta, Art. 58 Nº 1 and Nº 2, art. 63, art. 74 Nº 4 and art. 79, 1974-12-31 official text · verified 2026-10-25 · changed: Ley Nº 21.850 (Diario Oficial 17 October 2026) repeals the final paragraph of art. 63 (the restitution rule) from 1 January 2027, but its fifth transitory article keeps a restitution of 30 percent for corporate tax credits generated in tax year 2028 and 20 percent for those generated in tax year 2029.

8. Interest paid to persons without domicile or residence in Chile bears additional tax at 35 percent, but at 4 percent on interest from credits granted from abroad by foreign or international banks or financial institutions (and certain foreign insurers and pension funds), and on interest from foreign currency deposits in institutions authorized by the Central Bank. The 4 percent rate is lost if the credit is part of a structured arrangement passing the interest to someone not entitled to it, and the lender must give the payer a declaration that no such arrangement exists.
Example: Annual interest of CLP 69,060,600 on a foreign bank loan bears CLP 2,762,424 of withholding at 4 percent. / US$70,000 of interest (7 percent on US$1,000,000) bears US$2,800 at 4 percent from a foreign bank lender, or US$24,500 at 35 percent if the lender is a non financial related company.Decreto Ley Nº 824, Ley sobre Impuesto a la Renta, Art. 59, Nº 1 letters a) and b), 1974-12-31 official text · verified 2026-10-25

9. Breaches of the reporting duty (art. 40), of formal market channelling (art. 42) or of restrictions (art. 49) can be fined by the Central Bank Council up to twice the total amount of the operation. Breaches of other Central Bank FX resolutions can be fined up to 100 percent of the operation, or up to 3,000 UTM (monthly tax units) when the amount cannot be determined. Before fining, the Bank must hear the person, who has 15 banking business days to answer. Malicious falsehood in documents filed with the Bank is a criminal matter for the courts.
Cost to do it: Exposure of up to 200 percent of the operation amount for unreported or wrongly channelled operations.
Example: An unreported intercompany loan of CLP 986,580,000 can in theory draw a fine of up to CLP 1,973,160,000. / That is up to US$2,000,000 on a US$1,000,000 loan.Ley Nº 18.840, Art. 58, art. 59 and art. 60, 1989-10-10 official text · verified 2026-10-25

10. Rights and obligations under FX conventions signed under earlier FX rules, and investments made under them (such as the former Chapter XIX conventions and the Foreign Investment Statute, DL 600), continue under the rules that apply to them, unless the parties terminate the convention early or move the investment to the general regime. A DL 600 investor that terminates its foreign investment contract and moves to the general regime must expressly and irrevocably waive its right of access to the formal FX market to remit the capital and profits under that special regime.
Cost to do it: Termination of a DL 600 contract requires a public deed (notary fees apply).FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, CNCI Chapter I, Section VIII Nº 5 and Annex Nº 4, 2024-01-30 official text · verified 2026-10-25

Trigger	Threshold	What is required	Rule
Any loan, deposit, investment or capital contribution from or to abroad	US$10,000 or more (about CLP 9,865,800)	Channel through a formal FX market entity (unless made with funds abroad) and report	Nº 18, 19, 31 to 34
Loan taken from abroad	US$1,000,000 or more (about CLP 986,580,000)	Report the financial terms of each loan	Nº 20 c)
Foreign assets or liabilities held at any time in the period	US$10,000,000 or more (about CLP 9,865,800,000)	Quarterly stock report, even with no operations	Nº 20 b)
Gross monthly change in foreign assets or liabilities	US$50,000,000 or more (about CLP 49,329,000,000)	Report the month's flow operations	Nº 20 a)
Funds used directly abroad or obligation paid abroad	Any reportable operation	Chilean resident reports directly to the Central Bank	Nº 33 and 34 b)

Central Bank FX reporting under the FX Compendium in force from 1 January 2026 (CNCI Chapter II, Letter B, Section IV). Amounts in US dollars as set by the rule, with CLP equivalents at CLP 986.58.

Step	Treaty country parent (credit clause)	Non treaty parent (restitution applies)
Pre tax profit	US$100,000 (CLP 98,658,000)	US$100,000 (CLP 98,658,000)
Corporate tax at 27 percent	US$27,000 (CLP 26,637,660)	US$27,000 (CLP 26,637,660)
Additional tax: 35 percent of grossed up base less credit	US$8,000 (CLP 7,892,640)	US$8,000 (CLP 7,892,640)
Restitution of 35 percent of the credit	None	US$9,450 (CLP 9,323,181)
Net received by parent	US$65,000 (CLP 64,127,700)	US$55,550 (CLP 54,804,519)
Total tax burden	35 percent	44.45 percent

Tax cost of taking US$100,000 of 2026 profit out of a Chilean company as a dividend, at the 27 percent corporate rate for commercial year 2026 (Ley Nº 21.850 sixth transitory article; DL Nº 824 art. 58, 63). CLP at 986.58 per US dollar.

Commercial year	Rate
2026	27 percent
2027	25.5 percent
2028	24 percent
2029 onward	23 percent

Corporate (first category) tax rate path under Ley Nº 21.850, sixth transitory article, which sets the credit available against the 35 percent additional tax.

Worked example

A foreign parent capitalizes its Chilean SpA with US$2,000,000 (about CLP 1,973,160,000) and lends it a further US$1,000,000 (about CLP 986,580,000). Both transfers must come in through a Chilean bank, and the SpA tells the bank that one is a capital contribution and the other a credit from abroad so the bank can report them (CNCI Chapter II, Letter B, Section IV, Nº 31 and 32). Because the loan reaches US$1,000,000, the SpA must also report its financial terms to the Central Bank (Nº 20 c).
If the lender is a foreign bank, interest of US$70,000 a year (about CLP 69,060,600) bears 4 percent withholding, US$2,800 (about CLP 2,762,424), paid by the SpA by the 12th of the following month (DL Nº 824 art. 59 and art. 79). If the lender is the non bank parent, the rate is 35 percent, US$24,500 (about CLP 24,171,210).
Years later the SpA returns US$2,000,000 of capital: it is not taxed up to the capital actually brought in (DL Nº 824 art. 58 Nº 2), the SpA buys dollars at a freely agreed rate (Ley Nº 20.848 art. 6), and the remittance is reported through the bank (CNCI Section IV, Nº 34 a). The bank reports kept since the original contribution are the evidence of how much capital came in.
If the parent is an Argentine company, Chile applies its tax treaty with Argentina, listed by the SII as in force and applicable in Chile from 1 January 2017; whether restitution is avoided depends on the treaty's dividend clause, which should be checked case by case. The Argentine side of receiving that dividend, including Argentine FX and tax rules, is covered in the Argentine guide.

Step by step

1. Get a RUT for the foreign investor and for the Chilean company before money moves; formal FX market entities must verify the identity and RUT of whoever carries out an FX operation through them (CNCI Chapter I, Section IV).
2. Open a bank account in Chile (pesos or dollars) for the receiving company. Choose a bank or authorized FX entity of the formal market to channel the inflow.
3. Size the transfer against the thresholds: US$10,000 for channelling and reporting, US$1,000,000 for loan terms reporting, US$10,000,000 for quarterly stock reporting and US$50,000,000 for monthly flow reporting.
4. When the funds arrive, tell the bank the type of operation (capital contribution, credit, deposit or investment) and its concept so it can report it to the Central Bank (CNCI Chapter II, Letter B, Section IV, Nº 32). If the funds stay or are used abroad, report directly to the Central Bank through the SICAM after signing the reporting request.
5. For investments of US$5,000,000 or more, consider requesting the InvestChile certificate once the funds are in (see Investing: foreign investment regime).
6. Keep a file of every inflow report and capital contribution; it supports the tax free return of capital up to the amount actually brought in (DL Nº 824 art. 58 Nº 2).
7. Before any dividend, interest or capital remittance, compute and withhold additional tax, pay it by the 12th of the following month, and report the outbound payment through the bank.
8. Report any later change to a reported loan or investment (rescheduling, capitalization, assignment) to the Central Bank (CNCI Chapter II, Letter B, Section IV, Nº 35).

Common traps

Still filing under the old Chapter XIV forms. Since 1 January 2026 the rules are in Chapter II, Letter B, Section IV of the new FX Compendium, and references to the old Chapters XII and XIV are read as references to that Section.
Settling a foreign loan or capital contribution offshore and forgetting the Chilean filing. Funds used directly abroad or obligations paid abroad must be reported directly to the Central Bank by the Chilean resident (Nº 33 and 34 b).
Treating reporting breaches as paperwork. The Central Bank can fine up to twice the operation amount for breaches of the reporting, channelling or restriction rules (Ley Nº 18.840 art. 58).
Assuming dividends always bear 35 percent. Until the end of 2026 a non treaty shareholder also restitutes 35 percent of the corporate tax credit, for a 44.45 percent total burden, and reduced restitution survives for credits generated in tax years 2028 and 2029 under Ley Nº 21.850.
Assuming the 4 percent interest rate applies to any foreign lender. It covers foreign banks and financial institutions (and some insurers and pension funds) that give a declaration of no structured arrangement; related company loans bear 35 percent.
Moving a legacy DL 600 investment to the general regime without noticing that it means an irrevocable waiver of its special FX access to remit capital and profits (CNCI Chapter I, Annex Nº 4).
Assuming peso funding is outside the rules. Non residents may make loans, deposits, investments and capital contributions in Chile in pesos, but they must still go through the formal FX market (unless funded from pesos held abroad) and be reported (CNCI Chapter I, Annex Nº 3).

Sources

Related: Chile country profile · live dashboard · central bank and release calendar · our posts on X · where Argentina is involved, see The Argentine Thread guide

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