TerraLex Guide to Foreign Direct Investment - NEW

In Chile, FDI is regulated at a national level, with two main rules that regulate foreign investment in the country: (i) Chapter II of the Compendium of Foreign Exchange Regulations of the Central Bank of Chile (hereinafter, “Chapter II”) and its Operational Regulation II.7 (hereinafter, the “R.O II.7”), and (ii) Law No. 20,848.

The Compendium of Foreign Exchange Regulations, issued by the Central Bank of Chile (hereinafter, “Central Bank”) using the powers conferred thereto by its Constitutional Organic Law to regulate matters related to international exchange operations, comprehends the general rules applicable to foreign exchange that must be observed by entities that are part of the Formal Exchange Market (as defined in the Constitutional Organic Law of the Central Bank), including the requirements applicable to those that are not banking companies, including individuals, together with the establishment of certain limitations applicable to the main international exchange operations that make up the country’s balance of payments and capital account, consisting in the requirement that the performance of certain operations be reported to the Central Bank and/or be carried out exclusively in the Formal Exchange Market (commercial banks and other entities authorized thereto by the Central Bank, i.e. certain stockbrokers and securities dealers) as defined in the Constitutional Organic Law of the Central Bank).

Chapter II offers a quick and relatively free-of-public-authority-intervention system allowing to bring foreign currency or Chilean pesos into the country in excess of USD10,000 (or its equivalent in other foreign currencies). Transactions below such level, are not regulated. The procedure set forth in Chapter II is available to individuals and legal entities, regardless of their domicile or residence. Under this mechanism, foreign investment is understood as the transfer into the country of foreign currency or Chilean pesos or the disposal of funds abroad, in order to acquire Chilean assets. The transfer of foreign shares or social rights in ex-change for Chilean assets is considered as a foreign investment as well, if the value of the foreign shares or social right surpasses the mentioned threshold.

The Compendium of Foreign Exchange Regulations issued by the Central Bank (hereinafter, “CNCI”) has been recently updated particularly with regards to the reporting system for investments, deposits, capital contributions, credits, and foreign securities held abroad. In this regard, a new reporting channel has come into effect: the Sistema de Información Cambiaria del Banco Central (“SICAM”).

Substantially, in the update of the CNCI remains the concept of foreign investment consistent with that established in the previous Compendium of Foreign Exchange Regulations. Likewise, the structure of regulatory obligations remains essentially unchanged, with variations in the means used for submitting reports to the Central Bank.

On the other hand, Law No. 20,848, enacted on January 1, 2016, sets forth the legal framework for foreign direct investment in Chile (hereinafter, Law No. 20,848). Law 20,848 also regulates the effects of contracts entered into during the term of Decree Law No. 600 of 1974 (DL 600), in order to guarantee the full validity of the rights and duties acquired by foreign investors under said legal regime, which is currently not in effect. Foreign investors which executed foreign investment agreements with the Republic of Chile under DL 600 before January 1, 2016, preserve all rights and obligations thereunder.

Additionally, Chile has entered into several bilateral and multilateral treaties that favor economic relations with different countries.

The authority in charge of applying the FDI rules in Chile is the Central Bank, which oversees compliance with Chapter II. Additionally, the Agency for the Promotion of Foreign Investment, acts as a facilitator for foreign investors, promoting the foreign investment towards the country and granting foreign investment certificates according to Law 20,848, among other activities.

Both entities can be approached formally. The Central Bank provides official guidance on whether a transaction must be filed under Chapter II, typically through written inquiries or consultations. Informal approaches are not common practice for regulatory confirmation, although the Agency for the Promotion of Foreign Investment may offer general orientation to investors.

First, Law 20,848 includes a definition of direct foreign investment, which involves any transfer into Chile of foreign capital or assets owned or controlled by a foreign investor, in an amount equal to or higher than USD5,000,000, through the transfer of freely convertible foreign currency, the contribution of physical assets, the reinvestment of earnings, the capitalization of credits, or the transfer of technology that may be capitalized or credits associated with foreign investments from related parties.

Furthermore, Law 20,848 states that investments of at least USD5,000,000 which are transferred into Chile by means of the acquisition of or the participation in the capital or equity of a Chilean company and which result in the control of at least 10% of the voting shares or rights of said company will be considered direct foreign investment.

As mentioned above, under Chapter II, entry into the country of foreign currency and/or Chilean pesos originated from external loans, including the funds obtained through the issuance of bonds abroad by individuals domiciled or residing in Chile, as well as deposits, investments, and capital contributions for amounts over USD10,000 (or its equivalent in other foreign currencies) shall be reported to the Central Bank.

Additionally, and in accordance with the R.O II.7 if foreign loans, investments, deposits or capital contributions are executed with the disposal of funds abroad, in an amount greater than USD10,000 or its equivalent in other currencies, and the funds are not brought into the country, the corresponding transaction must be informed to the Central Bank , either directly or through an entity of the Formal Exchange Market (hereinafter, an “EMCF”).

Law 20,848 specifically defines foreign investor as any individual or legal entity incorporated abroad, not residing or domiciled in Chile, that transfers capital into Chile under the terms stated above. The foregoing determines who will benefit from and who may join the investment regime. Therefore, any foreign investor which satisfies the objective requirements established by said law, will be able to develop any economic activity, regardless the sector or type of investment or investor.

The only limitation the foreign investor encounters is the fulfilment of the Chilean Laws and the sector-specific regulations, which applies equally to both domestics and foreigners.

In general terms Chilean legislation does not reserve economic activities for the State or for national individuals or legal entities, except for certain exceptions applicable to specific economic activities and/or due to national security grounds:

• Border Zones: Chilean legislation contemplates a prohibition to acquire the domain (or any other right), possession or tenancy of real estate bordering a neighbour country, which only affects the nationals (persons and corporations) of the respective country. Nevertheless, the President of Chile, by means of a Supreme Decree, may authorize such acquisition based on national interest grounds.
• Hydrocarbon Exploitation: According to our supreme law, the Political Constitution of the Republic, the state of Chile owns all the hydrocarbons, whether liquid or gaseous, existing on the national territory, having, the state of Chile, the exclusive right to extract or exploit those hydrocarbon deposits. This restrain affects both nationals and foreigners.
• Aquaculture: Only individuals who are Chilean or foreign with permanent residency in Chile, and legal entities incorporated according to Chilean laws, can hold authorization to carry out aquaculture activities in Chile.
• Nuclear Energy: The production of nuclear energy may be conducted solely by the Chilean Nuclear Energy Commission (CCHEN) or subject to its prior authorization. The Commission may undertake these activities either on its own or in collaboration with third parties.

Under Law No. 20,848, the substantive test for FDI control is objective and based on two criteria: (i) the investment must be equal to or greater than USD 5,000,000, and (ii) being the investment equal to or greater than USD 5,000,000, it must grant at least 10% of the voting shares or rights in a Chilean company.

On the other hand, under Chapter II and the R.O II.7, entry into the country of foreign currency and/or Chilean pesos originated from external loans, including the funds obtained through the issuance of bonds abroad by individuals domiciled or residing in Chile, as well as deposits, investments, and capital contributions must be processed through an EMCF and also shall be reported to the Central Bank if they exceed USD10,000 (or its equivalent in other foreign currencies).

Additionally, if foreign loans, investments, deposits or capital contributions are executed with the disposal of funds abroad, in an amount greater than USD10,000 or its equivalent in other currencies, and the funds are not brought into the country, the corresponding transaction must be informed directly to the Central Bank by the individual or company that carried out the transaction, as no EMCF entity is involved.

There are no qualitative tests or sector-specific control criteria, except for the restrictions mentioned above.

The Chilean FDI regime does not require pre-closing filing for foreign investments.

Under Law No. 20,848, requesting a foreign investment certificate is voluntary and can be done at any time, so there is no mandatory timeline. However, to request a foreign investment certificate, a form must be completed, which shall be accompanied by certain supporting documents, including a certificate issued by the Central Bank indicating the date, amount of the foreign currency transfer, and the purpose of the investment.

Regarding post-closing filings, Chapter II and the R.O II.7 establish reporting obligations applicable to individuals and legal entities resident or domiciled in Chile in respect of certain transactions involving external liabilities and foreign investments. The reporting requirements described below correspond to filings that must be made directly by the relevant reporting person or entity before the Central Bank.

1. Report on External Liabilities:

Foreign debt: This refers to foreign obligations in amounts equal to or greater than USD 1,000,000, or the equivalent in other currencies. In cases where the funds enter Chile, the reporting information must be submitted, directly or by the intervening EMCF entity, on the banking business day immediately prior to the entry of the funds. If the funds remain abroad, the report must be submitted within the first ten calendar days of the month following the transaction.

Debt payments made directly abroad: This refers to the payment of foreign obligations in amounts equal to or greater than USD 1,000,000, or the equivalent in other currencies, made using funds held outside Chile. In such cases, the information must be reported no later than within the first five business days after the payment has been made.

Outstanding foreign debt balances: This refers to total outstanding foreign debt balances at the end of March, June, September or December, provided such balances are equal to or greater than USD 10,000,000, or the equivalent in other currencies. The information must be reported no later than within the first ten banking business days following the close of each quarter.

2. Report on capital contributions from abroad:

Capital contributions of non-residents: Companies resident or domiciled in Chile must report capital contributions or withdrawals equal to or exceeding USD 50,000,000, or the equivalent in other currencies, made by foreign investors, when such investors hold 10% or more of the voting power in the reporting company, or if that percentage is reached as a result of the capital contribution being reported. Furthermore, if capital contributions or withdrawals are made using funds held abroad, companies must report such contributions or withdrawals, as applicable, when the amounts are equal to or exceed USD 10,000. The information must be reported no later than within the first ten business days following the relevant transaction. In any case, capital contributions equal to or exceeding USD 10,000, where the funds are received in Chile, EMCF entities must report the transaction through SICAM in the term indicated below.

Quarterly balance of contributions: Companies resident in Chile with foreign investors holding 10% or more of the voting power, which results in total assets of USD 10,000,000 or more, or the equivalent in other currencies, at any time during the reporting period, regardless of whether they conducted business during that period, must provide the Central Bank with information on their assets and changes therein on a quarterly basis within 45 calendar days following the end of March, June and September, and within 60 calendar days following the end of December of each year.

Changes in ownership: Companies that, at any time, record changes in their capital contributions received from abroad resulting from the total or partial transfer of such contributions among foreign investors or changes in the recipient companies of these transactions, must provide information on such transactions to the Central Bank within the first 10 calendar days of the month following the change.

Investments under the former DL 600 adopting the CNCI: With respect to foreign investments brought into the country under former Decree-Law No. 600, the contract holder must report, no later than the first 10 days of the month following the month in which the public deed evidencing such termination was executed: (i) its intention to maintain in the country, subject to the provisions of the CNCI, the investment made under former DL 600; and (ii) its express and irrevocable waiver of the right to access the Formal Exchange Market to remit abroad the capital brought into the country under such special regime, as well as the corresponding profits.

Notwithstanding the above, in respect to any purchase, sale or exchange of foreign currency regulated by Chapter II that generates foreign currency or Chilean pesos inflows into the country, regardless of the amount thereof the intervening EMCF entity shall report it through SICAM, formalizing before the Central Bank the respective transfer and/or settlement of foreign currency or Chilean pesos. In accordance with the Operational Regulation II.2 of Chapter II, banking EMCF entities must report the corresponding transfers and/or settlements in foreign currency or Chilean pesos through SICAM by 10:00 a.m. on the following day. Non-banking EMCF entities, for their part, must report such transactions on a monthly basis by 10:00 a.m. on the fifth banking business day of the month following the month in which the transactions were conducted.

Under Law N° 20,848 there is no mandatory term for requesting a certificate since as previously indicated, the request of the certificate is voluntary.

There are no filing fees.

The applicable reporting obligations and filing deadlines are described in Question 5 above. Chapter II and the R.O II.7 establish the following categories of reporting requirements regarding liabilities, all of which must be reported through SICAM:

1. Report on External Liabilities:

Foreign debt: This refers to foreign obligations in amounts equal to or greater than USD 1,000,000, or the equivalent in other currencies.

The information that must be included in the report is specified in the Information System 7.1 of the R.O II.7 and includes, among other details, information on: details of the debt instrument (type, amount, currency, purpose), debtor information, disbursement terms, repayment schedule, identification of foreign creditors, and interest rates.

Debt payments made directly abroad: This refers to the payment of foreign obligations in amounts equal to or greater than USD 1,000,000 or the equivalent in other currencies, made using funds held outside Chile.

The information that must be included in the report is specified in the Information System 7.2 of the R.O II.7 and includes: debtor's tax ID (“RUT”), registration number of the obligation, type of payment (payment abroad, capitalization, debt forgiveness or novation), type and amount of commission if applicable, scheduled maturity and actual payment dates, currency, and amounts paid for principal, interest and commissions.

Outstanding foreign debt balances: This refers to total outstanding foreign debt balances at the end of March, June, September, or December, provided such balances are equal to or greater than USD 10,000,000, or the equivalent in other currencies.

The information that must be included in the report is specified in the Information System 7.3 of the R.O II.7 and includes, among other details, information on: debtor's RUT, reporting period, type of instrument (loan, bond, promissory note, credit line, financial leasing, payable to related entity, or other), currency and closing balance at the end of the period.

2. Report on capital contributions from abroad:

Capital contributions of non-residents: Companies resident or domiciled in Chile must report capital contributions or withdrawals equal or exceed USD 50,000,000, or the equivalent in other currencies, made by foreign investors, when such investors hold 10% or more of the voting power in the reporting company, or if that percentage is reached as a result of the capital contribution being reported.

Furthermore, if capital contributions or withdrawals are made using funds held abroad, companies must report such contributions or withdrawals, as applicable, when the amounts are equal to or exceed USD 10,000.

The information that must be included in the report is specified in the Information System 7.4 of the R.O II.7 and includes, among other details, information on: RUT of the receiving company, month and year of the transaction, type of transaction (contribution received abroad, contribution in shares, channeled through the formal exchange market, repatriation or dividend payment abroad), type of contribution based on degree of control or influence, currency, country of the contributor and amount.

Quarterly balance of contributions: This reporting obligation applies to companies resident in Chile with foreign investors holding 10% or more of the voting power, which results in total assets of $10,000,000 or more or the equivalent in other currencies, at any time during the reporting period, regardless of whether they conducted business during that period.

The information that must be included in the report is specified in the Information System 7.5 of the R.O II.7 and includes, among other details, information on: company's RUT, reporting quarter, currency, and the complete equity variation for the period: opening balance, capital contributions (in cash and in shares), capital repatriations, dividends, profits/losses, other variations and closing balance.

Changes in ownership: This reporting obligation applies to companies that, at any time, record changes in their capital contributions received from abroad—resulting from the total or partial transfer of such contributions among foreign investors or changes in the recipient companies of these transactions—.

The information that must be included in the report is specified in the Information System 7.6 of the R.O II.7 and includes, among other details, information on: filer's RUT, type of modification (change of non-resident contributor or resident recipient), full identification of the new contributor or recipient, currency, amount transferred, date of the modification and contact details of the person responsible for filing.

Investments under the former DL 600 adopting the CNCI: This reporting obligation applies to foreign investments brought into Chile under former Decree-Law No. 600 where the investor elects to adopt the CNCI regime.

The information that must be included in the report is specified in the Information System 7.7 of the R.O II.7 and includes, among other details, information on: RUT and name of the recipient, name of the foreign investor, country of residence of the investor, original date and amount of the investment under the former DL 600, currency, and the date on which the investment formally adopts the CNCI regime.

Under Law N° 20,848, the foreign investor may voluntarily request the above-mentioned certificate, and will have to fill a form denominated “Solicitud de Certificado de Inversionista Extranjero” which must be delivered to the Agency for the Promotion of Foreign Investment, attaching to such filling the documents requested thereby, listed below:

For Individuals

1. Copy of passport.
2. Powers of attorney to represent the foreign investor before the Agency for the Promotion of Foreign Investment.
3. Certificate of domicile or tax residence abroad, issued in Spanish or English, duly apostilled or legalized and notarized, as applicable.
4. Certificate issued by the Central Bank indicating the date, amount of the foreign currency transfer, and purpose of the investment.
5. Public deed of incorporation or capital increase of the company receiving the investment, and any other document evidencing the materialization of the investment and the foreign investor’s ownership percentage in it.
6. Copy of the registration of the recipient company in the Registry of Commerce of the Real Estate Registrar (Registro de Comercio del Conservador de Bienes Raíces), evidencing current validity.
7. Any other documents deemed relevant by the Agency for the Promotion of Foreign Investment.

For Legal Entities

1. Articles of incorporation of the foreign investor, issued in Spanish or English, duly apostilled or legalized and notarized, as applicable.
2. Certificate of Good Standing of the foreign investor, issued in Spanish or English, duly apostilled or legalized and notarized, as applicable.
3. Power of attorney sufficient to represent the foreign investor before the Agency for the Promotion of Foreign Investment, issued in Spanish or English, duly apostilled or legalized and notarized, as applicable.
4. Certificate issued by the Central Bank indicating the date, amount of the foreign currency transfer, and purpose of the investment.
5. Public deed of incorporation or capital increase of the company receiving the investment, and any other document evidencing the materialization of the investment and the foreign investor’s ownership percentage in it.
6. Copy of the registration of the recipient company in the Registry of Commerce of the Real Estate Registrar (Registro de Comercio del Conservador de Bienes Raíces), evidencing current validity.
7. Any other documents deemed relevant by the Agency for the Promotion of Foreign Investment.

In general terms, under Chapter II the responsible for the filing depends on whether the foreign currency or Chilean pesos (exceeding from USD10,000 or its equivalent in other foreign currencies), by means of which the investment, capital contribution, deposit or credit has been carried out, (i) has been remitted into Chile or (ii) if any of these transactions has been carried out abroad.

Any amount remitted into Chile aiming to carry out one of these transactions must be entered into the country through an entity that is a member of the EMCF.

If any amount has been remitted into Chile, the transaction will be reported to the Central Bank by the EMCF through which the funds were sent, even though the ultimate responsible is the individual or company domiciled or resident in Chile. For the avoidance of doubt in such cases, in addition to the reporting obligation incumbent upon the individual or company domiciled or resident in Chile, the relevant EMCF entity must report the transaction through SICAM.

If any of these transactions have been carried out abroad and the foreign currency or Chilean pesos have not been remitted into Chile, since no EMCF is involved, the only responsible for the filing is the individual or company domiciled or resident in Chile that: (i) has incurred a debt abroad; (ii) has received a capital contribution whose funds have not entered Chile; or (iii) has settled obligations abroad using funds deposited outside Chile, as described below.

Individuals and companies that have incurred in obligations with foreign parties for amounts equal to or greater than USD 1,000,000 or its equivalent in other currencies must report such transactions to the Central Bank in the manner indicated in Section II of the Information System 7.1 of R.O II.7 of the CNCI.

If the funds from the transaction enter the country, the required information must be submitted on the banking business day prior to the inflow of funds. In the event that the funds resulting from the transaction remain abroad, the company or the individual, as applicable, must submit this information within the first ten calendar days of the month following the completion of the transaction.

Additionally, under the CNCI, companies that are resident or domiciled in the country, which receive investments or capital contributions from abroad that meet the applicable reporting threshold, must report such transactions to the Central Bank in the manner indicated in Section I of the Information System 7.4 of R.O II.7 within the first 10 days of the following month when the transactions detailed therein are carried out.

Finally, payments of foreign obligations in amounts equal to or greater than USD 1,000,000 or its equivalent in other currencies, made using funds held outside Chile, must be reported no later than within the first five business days after the payment has been made. The information that must be included in the report is specified in the Information System 7.2 of the R.O II.7.

The reporting obligations under the CNCI must be fulfilled through SICAM. Individuals and legal entities subject to these reporting obligations must formally request access to SICAM in writing, by submitting the access request form outlined in Annex No. 1.1 of Operational Regulation 2.1 of the CNCI. Those already registered as users in the previous CNCI system will not need to re-submit the access request if the same profile administrators are retained.

Under Law N° 20,848, the foreign investor may voluntarily request the above-mentioned certificate and will have to fill a form denominated “Solicitud de Certificado de Inversionista Extranjero” which must be delivered to the Agency for the Promotion of the Foreign Investment, attaching to such filling the documents requested thereby (i.e. bylaws, powers of attorney, certificate granted by the Central Bank certifying the materialization of the investment, and other details as mentioned above).

Under Chapter II, and in accordance with the Constitutional Organic Law of the Central Bank, failing to make a filing or filing late may result in administrative fines imposed by the Central Bank, which can amount to up to twice the value of the relevant foreign exchange transaction.

Under Law N° 20,848, no fines are contemplated.

No. The notifying parties are not required to suspend the transaction pending approval, because Chile’s FDI regime does not include a prior clearance process. There is no obligation to wait before closing, as there is no pre-closing review or approval requirement.

Consequently, there are no penalties for breaching a suspension obligation, since such obligation does not exist under Chilean law. Reporting obligations under Chapter II and the voluntary filing under Law No. 20,848 occur post-closing.

The authority in charge of applying FDI rules—the Central Bank—does not have discretionary powers to review transactions that do not meet the mandatory reporting thresholds under Chapter II. Its role is limited to supervising compliance with reporting obligations for transactions that fall within the scope of the regulation.

Similarly, under Law No. 20,848, requesting an investment certificate is voluntary, and there is no mechanism for the authority to review or challenge transactions that do not meet the requirements for filing.

The authority in charge of applying FDI rules in Chile—the Central Bank—does not issue clearance or approval decisions, as the regime does not involve a prior authorization process. Its powers are limited to:

• Acknowledging filings under Chapter II of the Compendium of Foreign Exchange Regulations.
• Issuing administrative resolutions in case of non-compliance, including imposing fines for late or missing filings.
• Requesting information for statistical purposes.

Under Law No. 20,848, the only formal decision that may be issued is the granting of an investment certificate, which is voluntary and serves as proof of foreign investor status and access to certain guarantees under the law.

There are no decisions to block, condition, or prohibit transactions, as Chile’s FDI regime is open and does not include a substantive review mechanism.

Conditional approval is not possible under Chile’s FDI regime. Neither Law No. 20,848 nor Chapter II of the Compendium of Foreign Exchange Regulations provides for a mechanism to impose conditions or commitments on foreign investments.

The regime is designed as an open system without substantive review or approval powers. Therefore:

• No conditions or commitments can be imposed.
• There are no consequences for failing to comply with conditions, because such conditions do not exist under Chilean law.

There are no rights of appeal because Chile’s FDI regime does not involve substantive determinations or clearance decisions. The Central Bank only acknowledges filings under Chapter II and may impose administrative fines for non-compliance. These fines can be challenged through the ordinary administrative and judicial review mechanisms available under Chilean law, but there is no specific appeal process related to FDI approvals, as such approvals do not exist.

Under Law No. 20,848, the only formal act is the issuance of an investment certificate upon request, and there is no appeal mechanism because the certificate is voluntary and not subject to denial based on substantive criteria.

Chile’s FDI regime does not involve a prior approval process; it is primarily a post-closing reporting system. The steps and timeline depend on the applicable framework:

Under Chapter II of the Compendium of Foreign Exchange Regulations:

1. Channel funds through an EMCF when remitting foreign currency or Chilean pesos into Chile.

2. Report the transaction to the Central Bank (in general terms):

• If funds are remitted into Chile, the EMCF must report the transaction through SICAM and submit it to the Central Bank by 10:00 a.m. the following day.
• For foreign credits ≥ USD 1,000,000, reporting must occur through SICAM on the banking business day immediately prior to the entry of the funds .
• If the transaction occurs abroad and funds are not remitted into Chile, the report must be filed within the first 10 calendar days of the following month. Under Law No. 20,848
• Requesting an investment certificate is voluntary and can be done at any time. The investor must submit the form “Solicitud de Certificado de Inversionista Extranjero” to the Agency for the Promotion of Foreign Investment, attaching required documents (e.g., bylaws, powers of attorney, certificate granted by the Central Bank certifying the materialization of the investment, etc).
• There is no mandatory timeline for this filing.

Under Chapter II and Law N° 20,848, the process is confidential and the Agency for the Promotion of the Foreign Investment does not publish its decision.

Furthermore, in accordance with the Chapter I of the CNCI the information collected is used to fulfill the functions entrusted to the Central Bank by its Constitutional Organic Law, including providing general, non-personalized data for statistical or general informational purposes, the understanding and analysis of which can help participants in the financial system make decisions based on an appropriate risk assessment.

However, each of the Central Bank and the Agency for the Promotion of the Foreign Investment can publish general information of the transactions given their functions to collect, record and systematize information and statistics on foreign investment. In effect, both are empowered to request from public and private agencies and from foreign investors, the relevant information for the fulfillment of this function.

Yes. In addition to the FDI regime under Law No. 20,848 and Chapter II of the Compendium of Foreign Exchange Regulations, there are other controls and reporting obligations mainly related to foreign exchange and balance of payments monitoring:

Balance of Payments Reporting: The Central Bank collects and systematizes information on foreign investment and international transactions for statistical purposes. Entities may be required to provide data to comply with these obligations.

Outbound Investments and Foreign Subsidiaries: Transactions such as deposits, investments, and loans abroad made/granted by Chilean residents, as well as loans granted to foreign entities, are regulated in greater detail with respect to reporting requirements under other Operational Regulations of Chapter II (e.g., Operational Regulation II.6).

Formal Exchange Market Requirements: Certain operations must be carried out through entities of the Formal Exchange Market (EMCF), ensuring transparency and compliance with foreign exchange rules.

Sector-Specific Restrictions: While not part of the general FDI regime, constitutional prohibitions apply, among others, to private investment in hydrocarbon exploitation and acquisition of real estate in border areas by nationals of neighboring countries as described in Section 3 above.