While filings for foreign operations in 2024 increased 43% to 43,159 and the total amount reached US$161 billion, last year FDI inflows fell 32% to US$12.521 billion.
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Statistics from the Internal Revenue Service (SII) on the increase in the number of filings and the amounts of Chilean investments held abroad have sparked debate among specialists.
When analyzing the reasons behind these figures, experts believe that “political and regulatory uncertainty” in recent years has played a key role. They also note that the increase can be explained by better investment conditions in other countries.
The government has taken a different view of the data. The Minister of Finance, Nicolás Grau, while stating that the increase in Chilean capital held abroad “is a phenomenon that needs to be studied in greater depth,” contrasted the SII figures with data on Foreign Direct Investment (FDI) flowing into Chile.
“When looking at foreign direct investment—that is, the interest from abroad in investing in our country—it is an interest that has been increasing over time. Chile has the highest per capita foreign direct investment in the region and, therefore, this demonstrates—helping to rule out one of the possible hypotheses (regarding capital outflows)—that investing in our country is very attractive,” Grau stated. He also emphasized that “of course, we must continue working on this; the reforms implemented in terms of permits will help Chile remain even more attractive for investment.”
While the number of filings for foreign operations as of December 31, 2024, increased by 43% to 43,159 and the total amount reached CLP 154 trillion (approximately US$161 billion), last year FDI inflows fell 32% to US$12.521 billion. As of July 2025, Chile has received a net FDI inflow of US$9.470 billion. According to the Central Bank, the FDI stock (accumulated amounts) in Chile reached US$286.747 billion by the end of 2023.
Easy outflows and slow returns
Credicorp Capital’s Chief Economist for Chile, Samuel Carrasco, points to both global and local factors to explain capital movements.
“This is a phenomenon we are observing in Chile and also in other countries in the region, where money leaves relatively easily but returns relatively slowly, and where political and regulatory uncertainty in recent years has been a determining factor,” Carrasco warns.
To repatriate capital, the economist believes that “it will be key to restore investor confidence by offering legal and tax certainty.” In this regard, he explains that “a very high level of confidence must be generated among families and businesses to bring their resources back and reinvest in our countries. It is likely to be a slow process of capital repatriation, and it will only occur when there is full clarity on the rules of the game and peace of mind among investors.”
Meanwhile, Javier Jaque, Managing Partner of CCL Auditores Consultores, believes that among the reasons for the higher declared amount of investments abroad are “the stagnation of the domestic economy” and the advantages offered by other jurisdictions.
“Most likely, the returns and portfolio options available in the United States are greater and more diverse than those in Chile… After analyzing all the obstacles and factors that have created a crisis in the real estate sector (in Chile), markets such as Peru and Colombia have opened up for Chilean investors. There are companies that have chosen to invest in those countries because conditions in Chile are not favorable, both from a tax and economic perspective,” he warned.
Jaque also pointed to the deterrent effect of tax changes on the increased number of filings. “This is also related to the fact that more people have decided to declare, as information exchange has intensified, and given the risk of being exposed through information exchange lists, they choose to declare (their investments) voluntarily,” he said.
Less use of tax havens
Rodrigo Benítez, partner at SW Chile, notes that based on Internal Revenue Service data, “it is striking that so-called tax havens are no longer as widely used, with a proportional increase in investment in countries with tax systems aligned with OECD and UN international policies.” He adds that “this demonstrates a modernization of tax systems that are capable of avoiding excessive taxation simply for investing in another country.”