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Restricted activities and investment screening in Chile: no general approval, a pending strategic review bill, and the sector rules on media, broadcasting, aviation, land, ships and minerals

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

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

Chile has no general approval or national security screening of foreign investment: foreign investors face the same legal regime as Chileans and need no prior authorisation to own 100 percent of a business. A senators' bill filed on 3 March 2026 to add a strategic review of foreign investment to Ley Nº 20.848 remains at first committee stage in the Senate. Limits are sector specific: media owners and broadcasters must be organised and domiciled in Chile with Chilean presidents and managers, radio concessions with more than 10 percent foreign capital need reciprocity, foreign airlines may fly domestic routes subject to a reciprocity power, and border zone land, ship registration, cargo cabotage and non concessible minerals such as lithium carry their own rules.

USD figures use the dólar observado of CLP 972.60 per US dollar for 1 October 2026, the latest value shown in the SII dólar observado table on the verification date. UTM amounts use the October 2026 UTM of CLP 72,151 and UTA of CLP 865,812, and UF amounts the UF of CLP 41,221.08 for 26 October 2026, all published by the SII. Conversions are for orientation only.

Key facts

General approval or screening of foreign investment	None; equal treatment with domestic investors textLey Nº 20.848 art. 9, as of 2026-10-26 · in force
FDI strategic review bill (boletín 18105-05)	Pending: Senate, first stage, Finance Committee textBoletín Nº 18105-05, as of 2026-10-26 · pending
Foreign capital above which radio concessions need reciprocity	10 %Ley Nº 19.733 art. 9, as of 2026-10-26 · in force
Days to report media ownership changes to the FNE	30 daysLey Nº 19.733 art. 38, as of 2026-10-26 · in force
Domestic air routes open to foreign airlines	Yes, subject to reciprocity powers textDL 2.564 art. 1 and 2, as of 2026-10-26 · in force
Neighbouring country ownership that triggers the border zone land ban	40 %DL 1.939 art. 7, as of 2026-10-26 · in force
Term of a free to air TV concession with own means	20 yearsLey Nº 18.838 art. 15, as of 2026-10-26 · in force

The rule

1. Foreign investors are subject to the ordinary legal regime applicable to domestic investors and may not be arbitrarily discriminated against, directly or indirectly. The foreign investor certificate is optional and only gives access to the rights to remit and access the FX market; there is no prior authorisation of foreign investment in the framework law.Ley Nº 20.848, framework law for foreign direct investment, Art. 4 and art. 9, 2015-06-25 official text · verified 2026-10-26

2. Bill boletín Nº 18105-05, a senators' motion to amend Ley Nº 20.848 on the strategic review (apreciación estratégica) of foreign investment, was filed in the Senate on 3 March 2026 and sent to the Finance Committee on 4 March 2026. On 26 October 2026 the Senate records show it in the first constitutional stage, first Finance Committee report, with no urgency, and no votes or reports yet. Its content is not law and its final form is unknown.Senate of Chile, legislative record of boletín Nº 18105-05, Bill status (etapa and subetapa), 2026-03-03 official text · verified 2026-10-26 · changed: Bill filed 3 March 2026; pending in the Senate Finance Committee as of 26 October 2026.

3. Where the law allows an individual to own a media outlet, the individual must be domiciled in Chile; legal entity owners must be domiciled in Chile and organised there or have an authorised agency, and their president and administrators or legal representatives must be Chilean, in each case without convictions carrying afflictive penalties. Media must publish reliable, up to date information on their direct and indirect owners and controllers. Free to air radio concessions requested by legal entities with foreign capital above 10 percent may only be granted if it is first shown that the country of origin gives Chileans similar rights, and the same applies to acquiring an existing concession, on pain of automatic expiry. Each media outlet's responsible director (the editor answerable under the law) and the deputies must be Chilean and domiciled and resident in Chile.Ley Nº 19.733, on freedom of opinion and information and the practice of journalism, Art. 9 and art. 10, 2001-06-04 official text · verified 2026-10-26

4. Any relevant fact or act changing the ownership of a media outlet must be reported to the Fiscalía Nacional Económica within 30 days. For media under a State concession, the change needs a prior FNE report on its effects on competition, which the FNE must issue within 30 days of receiving the information; if it does not, the change is deemed unobjectionable, and an unfavourable report goes to the Competition Tribunal.Ley Nº 19.733, Art. 38, 2001-06-04 official text · verified 2026-10-26

5. Telecommunications concessions may only be held or used by public or private legal entities organised and domiciled in Chile. Transferring, assigning or leasing a concession or permit needs prior authorisation from the Undersecretariat of Telecommunications, which cannot refuse it without justified cause; for radio broadcasting concessions, authorisation cannot be requested until the works are approved and two years of legal service have passed. Presidents, managers, administrators and legal representatives of free to air broadcasting concessionaires must be Chilean, and foreigners may sit on their boards only as a minority; changes in management and share transfers must be reported within 10 days.Ley Nº 18.168, General Telecommunications Law, Art. 21 and art. 22, 1982-10-02 official text · verified 2026-10-26

6. Free to air television broadcasting concessions may only be held or used by public or private legal entities organised and domiciled in Chile, whose presidents, directors, managers, administrators and legal representatives must be Chilean. Concessions with own means last 20 years and with third party means five years, and are awarded by public tender.Ley Nº 18.838, which creates the Consejo Nacional de Televisión, Art. 15 and art. 18, 1989-09-30 official text · verified 2026-10-26

7. Air transport services, domestic or international, and all other commercial air navigation services may be provided by national or foreign companies that meet the technical and insurance requirements of the Chilean authorities. Foreign airlines operate under that rule provided that, on the routes they fly, other States grant similar conditions to Chilean airlines when requested. The Civil Aviation Board may, by reasoned resolution, end, suspend or limit cabotage or other services performed exclusively within Chile by foreign companies or aircraft if their country does not effectively give equal treatment to Chilean companies or aircraft.Decreto Ley Nº 2.564 of 1979, commercial aviation; Resolución Exenta Nº 63 of 2012, Junta de Aeronáutica Civil, on air cabotage, DL 2.564 art. 1 and art. 2; Res. Nº 63 considerandos 3 to 5, 1979-06-22 official text · verified 2026-10-26

8. For reasons of national interest, nationals of neighbouring countries may not acquire ownership or other real rights in, or hold possession or tenancy of, real estate located wholly or partly in declared border zones, unless exempted by a named supreme decree. The ban extends to companies with their main seat in a neighbouring country, or 40 percent or more of whose capital belongs to, or which are effectively controlled by, nationals of that country. It does not apply to the real estate referred to in art. 19 of Ley Nº 19.420 (Arica).Decreto Ley Nº 1.939 of 1977 (State property), Art. 7, 1977-11-10 official text · verified 2026-10-26

9. Liquid or gaseous hydrocarbons, lithium, deposits in waters under national jurisdiction and deposits in zones declared important for national security cannot be the subject of an ordinary mining concession, except concessions validly constituted earlier; they may be explored or exploited by the State directly, through its companies, through administrative concessions or special operating contracts.Ley Nº 18.248, Código de Minería, Art. 7 and art. 8, 1983-10-14 official text · verified 2026-10-26

Activity	Rule for foreign owners	Source
Any business	No approval; 100 percent foreign ownership allowed	Ley Nº 20.848 art. 9
Print and other media	Owner organised and domiciled in Chile (or authorised agency); Chilean president, managers and responsible director (editor)	Ley Nº 19.733 art. 9 and 10
Free to air radio	Reciprocity test if foreign capital exceeds 10 percent; Chilean managers; foreigners only a board minority	Ley Nº 19.733 art. 9; Ley Nº 18.168 art. 22
Free to air television	Concessionaire organised and domiciled in Chile; all directors and managers Chilean	Ley Nº 18.838 art. 18
Telecom concessions	Holder organised and domiciled in Chile; transfers need prior approval	Ley Nº 18.168 art. 21
Air transport	Open to foreign airlines; reciprocity powers on routes and cabotage	DL 2.564 art. 1 and 2
Border zone land	Ban for neighbouring country nationals and companies 40 percent owned or controlled by them	DL 1.939 art. 7
Lithium and hydrocarbons	Not concessible; State or special contracts only	Código de Minería art. 7 and 8
Fishing, ship registration, cargo cabotage	Specific rules; see the main investing page	Foreign investment regime page

Sector rules affecting foreign owners, with the governing article. Activities not listed have no foreign ownership ceiling in these texts; sector licences apply equally to all.

Worked example

A Mexican media group buys 100 percent of a Chilean news website company. No investment approval is needed, but the Chilean company must keep its domicile in Chile, appoint a Chilean president and legal representative and a Chilean responsible director (editor) domiciled and resident in Chile, publish its ownership chain, and report the change of ownership to the FNE within 30 days (Ley Nº 19.733 art. 9, 10 and 38).
If the target also held a free to air FM radio concession, the group, holding more than 10 percent of the capital, would first have to show that Mexico gives Chileans similar rights, and the transfer would need the Undersecretariat's prior authorisation and an FNE competition report within 30 days (Ley Nº 19.733 art. 9 and 38; Ley Nº 18.168 art. 21).
An Argentine buyer of a logistics company with warehouses in a declared border zone faces the land ban of DL 1.939 art. 7, since Argentina is a neighbouring country. See the Argentine guide for the Argentine side of outbound investment.

Step by step

1. Map the target's activities and assets against the table: media, broadcasting, telecom, aviation, border zone land, minerals, fishing, shipping.
2. Check the buyer's ownership chain for neighbouring country nationals or a 40 percent stake held by them where land in border zones is involved.
3. For media and broadcasting, plan governance: Chilean president, managers and responsible director; board composition; reciprocity evidence for radio above 10 percent foreign capital.
4. Build regulator approvals into the timetable: telecom transfer authorisation, FNE report for concession based media, merger control if thresholds are met.
5. Track boletín 18105-05 for any future strategic review requirement before signing long dated deals.

Common traps

Assuming no screening means no approvals. Sector approvals (telecom transfers, FNE reports on concession based media, merger control) still apply.
Overlooking indirect control. The border zone ban reaches companies effectively controlled by neighbouring country nationals, not only direct owners (DL 1.939 art. 7).
Selling a radio concession too early. Authorisation to transfer a radio concession cannot be requested until the works are approved and two years of service have passed (Ley Nº 18.168 art. 21).
Ignoring the reciprocity sanction. Acquiring a radio concession without proving reciprocity triggers automatic expiry (Ley Nº 19.733 art. 9).
Reading the pending bill as law. Boletín 18105-05 is a motion still in committee; its content may change or never pass.

Sources

← Tax stability contracts under Ley Nº 21.850: 10, 15 or 20 years for projects of US$50 million or more, what is frozen, the 1.5 point price and how it is lostRegional investment incentives in Chile: the Arica and Austral tax credits on fixed assets and the extreme zones hiring bonus, open until 2035 →