CHILE · TAX
Key Facts
- —What is happening Chile’s tax agency, the SII, said on Wednesday, 21 October, that it selected 33 taxpayers for audits over payments of more than CLP 3.2 trillion (about US$3.3 billion) into foreign accounts.
- —Why it matters The payments were not included in the taxpayers’ annual income tax returns, and the SII is checking whether Chilean tax is owed, just days after a law opened a one-year capital amnesty.
- —The numbers Chileans held CLP 38.8 trillion (about US$39.8 billion) in foreign accounts at the end of 2024, which earned CLP 14 trillion (about US$14.4 billion) that year, per the SII.
- —Who is who The Servicio de Impuestos Internos is Chile’s tax authority, led by director Jorge Trujillo. President José Antonio Kast is a conservative whose reconstruction law creates the amnesty.
- —What to watch Whether the SII names any findings or penalties from the 33 audits, and when the amnesty, which the sources say opens in 2027, begins accepting declarations.
- —Power Index Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 63.6 points (October 2026 edition).
- —What it means for you Americans living in Chile and investors in Chilean assets should expect tighter scrutiny of foreign accounts, which the SII receives from 90 countries each September.
Chile’s tax agency has picked 33 taxpayers for audits over about US$3.3 billion paid into foreign accounts and missing from their returns. The step comes days after a law opened a capital amnesty.
Chile’s tax agency, the Servicio de Impuestos Internos (SII), said on Wednesday, 21 October, that it selected 33 taxpayers for deeper review. They received over CLP 3.2 trillion (about US$3.3 billion) in foreign accounts, money absent from their annual income tax returns.
The figure counts payments received in the accounts, such as interest, dividends and redemptions, not the size of the accounts. The SII has not said the money was hidden, and a reader should treat it as under review, not as proven evasion.
What the SII Announced
SII director Jorge Trujillo said, “What interests us is that everyone complies and pays the taxes they owe, no more, no less.” The agency published the notice on Wednesday, 21 October, as part of a push on Chile’s foreign-income enforcement (SII notice).
The cases come from the Common Reporting Standard (CRS), an OECD system under which tax agencies swap account data each September. After initial analysis, the SII chose the 33 for in-depth review and says they are being included in audits.
The audits aim to settle whether the foreign-source income must be recognised and taxed in Chile. Enforcement deputy director Carolina Saravia said such alerts “on their own do not constitute breaches” and need other data.
The Foreign Accounts Behind the Case
Chilean-linked accounts abroad held CLP 38.8 trillion (about US$39.8 billion) at 31 December 2024. A year earlier the balance was CLP 28.2 trillion (about US$28.9 billion).
Payments into them fell to CLP 14 trillion (about US$14.4 billion) in 2024. The 2023 figure was CLP 16.5 trillion (about US$16.9 billion).
The SII matched 144,388 direct or indirect account holders, who account for CLP 13 trillion (about US$13.3 billion), or 95.35% of payments. Of all holders informed, 93.53% are individuals and 6.47% are companies.
Switzerland holds the most, at CLP 9.9 trillion (about US$10.2 billion), then Luxembourg at CLP 7.8 trillion (about US$8.0 billion). The Cayman Islands follow at CLP 4.4 trillion (about US$4.5 billion), ahead of New Zealand, Peru and the Bahamas.
The United States is not on that list, and it reports through its own FATCA system rather than the CRS. These country totals cover all reported accounts, not only the 33 selected cases.
In this year’s tax filing season the SII also warned 8,700 taxpayers in advance about the foreign data it holds on them. It has started 15 audits of financial institutions and plans to audit 70 over three years, without naming them.
The Capital Amnesty Next Door
Law 21,850, the reconstruction law of conservative President José Antonio Kast, appeared in the official gazette on Saturday, 17 October, Emol reported. The SII said on Monday, 19 October, that the law includes a capital repatriation scheme (SII, 19 October).
Taxpayers who regularise undeclared foreign assets would pay a single 10% tax, or 7% if funds return for five years. The window lasts one year, and Emol and Poder y Liderazgo say it opens in 2027.
CIPER noted that it is not yet clear whether the 33 taxpayers could use the scheme and avoid sanctions. Poder y Liderazgo reported that no link between the audited taxpayers and the amnesty has been established.
Background is in earlier reports on the tax reform clearing Congress and on President Kast. The announcement pairs a carrot, the 7% to 10% amnesty, with the stick of audits.
What It Means for US Readers
Americans living in Chile with accounts in third countries should know that such accounts can reach the SII through data swaps. How Chile taxes foreign residents depends on how long they have lived there, as a guide to Chile taxes for foreigners explains.
For investors, both the audits and the amnesty aim to raise revenue for a government that has cut taxes elsewhere. The SII has not named the financial institutions under audit, so investors cannot yet tell which banks are involved.
This is general information, not tax or legal advice. US residents with accounts abroad should also check their own reporting duties in the United States.
What Is Not Known
The SII has not named the 33 taxpayers, said if they are people or companies, or estimated any tax owed. Its notice gives the amounts only in pesos, and the US$ values here are a conversion at a fresh rate.
The notice says “more than” CLP 3.2 trillion in one place and “about” CLP 3.2 trillion in another. Some Chilean outlets give US$3.27 billion, which differs slightly because they use a different exchange rate.
No source says that the audited payments are illegal or that the taxpayers deny anything, and no taxpayer response has been reported. The exact start date of the amnesty window was not confirmed at the SII or in the official gazette text.
What Comes Next
The audits will test whether the foreign payments count as taxable Chilean income. The SII has not given a timetable for results.
The amnesty window, which the sources place in 2027, will show how many taxpayers choose to regularise. Peso conversions in this article use 974.77 pesos per US$, a rate from open.er-api.com dated 22 October 2026.
Frequently Asked Questions
What did Chile’s tax agency announce on 21 October?
The SII said it selected 33 taxpayers for deeper analysis and audits. They received payments above CLP 3.2 trillion (about US$3.3 billion) in foreign accounts that were not on their returns.
Is the US$3.3 billion hidden money?
Not established, because the figure is payments received in the accounts, such as interest and dividends. The SII says an alert alone is not proof of a breach.
How does the SII know about accounts abroad?
Each September it receives data from about 90 countries under the Common Reporting Standard, an OECD data-sharing system. The data covers account balances and payments at the end of the previous year.
What is the capital amnesty in Chile?
A new law lets taxpayers regularise undeclared foreign assets for a 10% tax, or 7% if funds return for five years. The sources say it opens in 2027 and lasts one year.
Does this affect Americans in Chile?
It can, if they are Chilean tax residents with accounts abroad, because those accounts can be reported to the SII. This is general information, not tax advice, so a Chilean tax adviser should be consulted.
Sources: SII, notice of 21 October; SII, 19 October; CNN Chile; La Tercera; CIPER Chile; Poder y Liderazgo; Emol, 17 October (all accessed 22 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief