Countries › Chile › Guide › 5. FX and capital controls › Legacy FX and investment regimes in Chile: DL 600 contracts, former Chapter XIX conventions and moving old investments to the general regime

Legacy FX and investment regimes in Chile: DL 600 contracts, former Chapter XIX conventions and moving old investments to the general regime

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

Before 2016 many foreign investors came into Chile under a DL 600 foreign investment contract with the State or, earlier, under a Central Bank FX convention such as the former Chapter XIX. Those contracts and conventions still bind on their own terms, including their FX access rights, and the new Compendium in force since 2026 keeps them alive. An investor can move an old investment to the general regime of the Compendium, but must terminate the contract or convention by public deed and irrevocably give up the special right of access to the FX market for its capital and profits.

USD figures use the Central Bank exchange rate of CLP 986.58 per US dollar published in the Diario Oficial for 23 October 2026 (Ley Nº 18.840 art. 44 and CNCI Chapter I, Section VII). UF values use UF 1 = CLP 41,205.16 (23 October 2026) and UTM values use UTM 1 = CLP 72,151 (October 2026), both as published by the Servicio de Impuestos Internos. Conversions are for orientation only.

Key facts

DL 600 contracts signed before 1 January 2016	Keep their rights and obligations in full textLey Nº 20.848 first transitory article, as of 2026-10-26 · in force
Transition window (now expired) to request DL 600 authorizations from 1 January 2016	4 yearsLey Nº 20.848 second transitory article, as of 2026-10-26 · repealed
Invariable total income tax rate for DL 600 contracts signed in the transition window	44.45 %Ley Nº 20.848 second transitory article, as of 2026-10-26 · in force
Former Central Bank FX conventions (Chapter XIX and others)	Continue under their own rules unless terminated or moved to the general regime textCNCI Chapter I, Section VIII Nº 5 and Annex Nº 4, as of 2026-10-26 · in force

The rule

1. Foreign investors and their recipient companies holding a foreign investment contract signed with the State under DL Nº 600 (consolidated by DFL Nº 523 of 1993) before 1 January 2016 keep in full the rights and obligations of those contracts. For a maximum of four years from 1 January 2016, foreign investors could still apply for DL 600 authorizations, with a total income tax rate fixed under invariability at 44.45 percent in all cases; they could also choose the new regime of Ley Nº 20.848.Ley Nº 20.848, framework law for foreign direct investment, First and second transitory articles, 2015-06-25 official text · verified 2026-10-26

2. The Central Bank law's FX chapter applies without prejudice to DL Nº 600, and FX operations under certain special laws (DL Nº 1.089 of 1975, DL Nº 1.349 and 1.350 of 1976, DL Nº 1.557 of 1976 and Ley Nº 18.156) continue to be governed by their own rules. Agreements the Bank signs with investors or creditors on how capital, interest and profits may be remitted can be changed only by mutual agreement of the parties.Ley Nº 18.840, Organic Constitutional Law of the Banco Central de Chile, Art. 47, third paragraph, and art. 52, 1989-10-10 official text · verified 2026-10-26

3. Rights and obligations under conventions signed under FX rules before the current Compendium, or of investments made under them, continue under the legal and regulatory provisions that apply to them, unless the parties agree to terminate them early or the investments move to the general regime. This includes conventions under the former Chapter XI and the former Chapter XIX of the Compendium in force before 19 April 1990, and the former Chapters XXIV, XXV and XXVII of Title I of the Compendium in force until 18 April 2001; the Bank keeps those chapters on its website while investments remain under them.FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter I, Section VIII Nº 5 and Annex Nº 4, Nº 1 and 2, 2024-01-30 official text · verified 2026-10-26

4. A DL 600 investment can move to the general regime of Chapter II, Letter B, Section IV if the foreign investor (i) agrees by public deed with the State to terminate the foreign investment contract and (ii) tells the Central Bank in writing, within the terms set in RO II.7 and with an authorized copy of the deed, that it will keep the investment in Chile under the general rules and expressly and irrevocably waives its right of access to the formal market to remit the capital brought in under DL 600 and the related profits.
Cost to do it: A public deed before a notary (notary fees apply) and the investor's legal costs; no Central Bank fee.FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter I, Annex Nº 4, Nº 3, 2024-01-30 official text · verified 2026-10-26

5. An investor under a former Chapter XIX convention, or holding a Bank authorization under art. 15 of the former FX law (DS Nº 471 of 1977), may ask to move to the general regime of Chapter II if it (a) signs with the Central Bank a public deed rescinding the convention, declaring that the investment will be governed by Chapter II and expressly and irrevocably waiving its right of access to the formal market to re export capital or remit profits (or, for an authorization, waives its rights by public deed), (b) proves to the Bank that it holds the rights, including any changes of name, restructurings, mergers or divisions, and (c) proves the current amount of the investment.FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter I, Annex Nº 4, Nº 4, 2024-01-30 official text · verified 2026-10-26

6. For DL 600 investors who waive in advance and irrevocably their right to remit profits under that regime, reinvested profits count as a capital contribution from abroad under the Compendium. The concept of credits from abroad also includes the associated credits of DL 600 art. 2 letter d).FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter I, Annex Nº 5, Section IV letters c) and d), 2024-01-30 official text · verified 2026-10-26

Regime	Status	How to move to the general regime	What is given up
DL 600 contract signed before 1 January 2016	Rights kept in full	Public deed with the State ending the contract, plus written notice to the Central Bank with the deed	Special FX access to remit DL 600 capital and profits
DL 600 contract signed in the four year transition window	Rights kept; 44.45 percent invariable total rate	Same as above	Same as above
Former Chapter XIX convention	Continues under its own rules	Public deed rescinding the convention with the Central Bank, proof of title and of current investment amount	Right of access to the formal market to re export capital or remit profits under the convention
Other former conventions (Chapters XI, XXIV, XXV, XXVII)	Continue under their own rules	By agreement with the Central Bank	As agreed

Legacy regimes and the exit route to the general regime (Ley Nº 20.848 transitory articles; CNCI Chapter I, Annex Nº 4).

Worked example

A European group invested in a Chilean mining company in 2010 under a DL 600 contract. Its contract rights, including its tax and FX terms, remain in force under the first transitory article of Ley Nº 20.848.
To simplify group reporting it decides to move to the general regime. It signs a public deed with the State ending the contract, then writes to the Central Bank with an authorized copy, irrevocably waiving its DL 600 right of FX access to remit that capital and the profits. From then on its remittances follow the general rules of the Compendium and, if its investment meets the US$5,000,000 floor, the statutory rights of Ley Nº 20.848 to remit capital and net profits after tax.
Before signing, it reviews what else the contract gave it, such as any invariability terms, because the termination ends them.

Step by step

1. Locate the original DL 600 contract or Central Bank convention and any amendments or assignments.
2. List the rights it gives (FX access, tax invariability, other terms) and compare them with the general regime.
3. If moving, prepare the public deed (with the State for DL 600, with the Central Bank for Chapter XIX conventions).
4. Notify the Central Bank in writing within the RO II.7 terms, with an authorized copy of the deed, and prove title and the current investment amount where required.
5. From the change date, report under the general rules of Chapter II, Letter B, Section IV.

Common traps

Treating old contracts as dead after the 2026 Compendium. They continue under their own rules until terminated or moved.
Moving to the general regime without valuing what is lost. The waiver of the special FX access is express and irrevocable.
Mixing reinvested profits into capital without a waiver. For DL 600 investors, reinvested profits count as capital from abroad only after an advance, irrevocable waiver of the right to remit them under DL 600.
Losing the chain of title. Moving a Chapter XIX investment requires proof of title, including mergers, divisions and name changes.

Sources

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