Chile's Internal Revenue Service (SII) has selected 33 taxpayers for in-depth audits because they received more than 3.2 trillion Chilean pesos in foreign accounts that they did not include in their income tax returns, the agency reported on October 21, 2026 ([SII](https://www.sii.cl/noticias/2026/211026noti02pcr.htm)). It is the result of the data Chile receives every September from about 90 countries: in total, financial accounts held abroad by Chilean taxpayers added up to 38.8 trillion pesos as of December 2024.
The 3.2 trillion pesos are worth about US$3.24 billion at this week's exchange rate of roughly 987 pesos per dollar (our own calculation). Here are the figures in the report, the countries where the money is and what changes under the new tax law.
What the SII found in foreign accounts
The SII analyzed the information received in the second half of 2025 on Chileans' accounts abroad. It matched the tax ID of 144,388 account holders, either direct or through foreign companies they control, who account for 95.35% of the payments reported. From that group it narrowed the list to 33 taxpayers with significant undeclared amounts, who will be audited to check whether they must report that income and pay taxes in Chile.
| Figure in the SII report | Value |
|---|---|
| Balance of Chileans' accounts abroad (Dec. 2024) | 38.8 trillion pesos |
| Payments received in those accounts in 2024 (interest, dividends, redemptions) | 14 trillion pesos |
| Account holders identified by tax ID | 144,388 |
| Taxpayers notified before the 2026 tax season | 8,700 |
| Taxpayers selected for audit | 33 |
| Undeclared payments of those 33 taxpayers | over 3.2 trillion pesos |
| Countries that sent information | 90 |
Source: SII, October 21, 2026. Individuals account for 93.53% of the total reported and companies for 6.47%. The agency notes that the data received "do not by themselves constitute non-compliance": they are red flags to be checked against other sources before concluding that there was underreporting, aggressive tax planning or evasion.
How much money Chileans hold in foreign accounts
The balance of Chilean taxpayers' foreign accounts nearly doubled in five years, according to the series published by the SII. The biggest jump came in the latest year reported: from 28.2 trillion pesos in 2023 to 38.8 trillion in 2024.
| Year | Balance of financial accounts | Payments into the accounts |
|---|---|---|
| 2020 | 21 trillion pesos | 8.5 trillion pesos |
| 2021 | 24 trillion pesos | 11.4 trillion pesos |
| 2022 | 28 trillion pesos | 12.8 trillion pesos |
| 2023 | 28.2 trillion pesos | 16.5 trillion pesos |
| 2024 | 38.8 trillion pesos | 14 trillion pesos |
Source: SII. Amounts are in pesos of each year, not adjusted for inflation or the exchange rate, which also matters: part of the increase may reflect a stronger dollar against the peso (see what Chile's observed dollar rate is).
The 10 countries with the most Chilean money
Switzerland, Luxembourg and the Cayman Islands hold almost 57% of the total balance of Chileans' foreign accounts. Peru ranks fifth and is the only Latin American country on the list.
| Rank | Country | Reported balance | Share of total |
|---|---|---|---|
| 1 | Switzerland | 9.9 trillion pesos | 25.5% |
| 2 | Luxembourg | 7.8 trillion pesos | 20.2% |
| 3 | Cayman Islands | 4.4 trillion pesos | 11.2% |
| 4 | New Zealand | 2.6 trillion pesos | 6.8% |
| 5 | Peru | 2.0 trillion pesos | 5.2% |
| 6 | Bahamas | 1.4 trillion pesos | 3.7% |
| 7 | Ireland | 1.3 trillion pesos | 3.4% |
| 8 | Liechtenstein | 1.1 trillion pesos | 2.7% |
| 9 | United Kingdom | 0.9 trillion pesos | 2.3% |
| 10 | Spain | 0.7 trillion pesos | 1.8% |
| Top 10 total | 31.2 trillion pesos | 80.4% |
Source: SII, which published exact peso amounts (Switzerland: 9,913,193,649,945 pesos). The share is our own calculation over the total balance of 38.8 trillion pesos. A country being on the list does not imply wrongdoing: many investments abroad are declared and taxed.
How the SII finds out: the CRS
The information arrives through the Common Reporting Standard (CRS), the OECD framework under which banks report accounts of foreign residents to their tax authority, and those authorities exchange the data. Chile receives each September the information as of December 31 of the previous year and can exchange data with more than 140 jurisdictions, according to the SII.
Oversight also targets Chilean financial institutions, which must identify their clients' tax residence and report it in Sworn Statement 1958. In 2026 the SII launched 7 audits of those processes and later 8 more, as part of a plan to audit 70 institutions over three years. Since the 2026 tax season, Sworn Statements 1963 and 1964 on crypto-assets also apply, under the OECD's new CARF standard.
| Tool | What it reports |
|---|---|
| CRS (Common Reporting Standard) | Financial accounts of Chileans in 90 countries |
| Sworn Statement 1958 | Accounts of non-residents in Chilean institutions |
| Sworn Statement 1937 (country-by-country) | Transactions between related companies |
| Sworn Statements 1963 and 1964 | Crypto-assets (CARF standard) |
Capital repatriation: what changes under Law 21,850
The report coincides with the publication, on October 17, of Law 21,850 on National Reconstruction, known as the "mega-reform" (La Tercera). According to the SII, the law opens a new window to regularize undeclared assets or income abroad at special rates:
- 10% if the taxpayer regularizes the assets or income held abroad.
- 7% if the taxpayer also brings them to Chile and meets the investment conditions, including keeping the investment in the country for at least five years.
The measure takes effect "in the third month after the law's publication" and lasts one year, according to the SII; by our calculation, that points to January 2027. The same law created a one-off 10% substitute tax on income accumulated in companies, which already applies (SII).
What people with foreign accounts should do
Holding money outside Chile is legal. What the law requires is declaring foreign-source income, such as interest or dividends, in the annual tax return. Those who received a notice from the SII during the last tax season can check whether they need to amend their return. The SII said it will keep "focusing its next enforcement actions" on this segment. This week it also reported an operation in Santiago's Meiggs district that brought in more than 10 billion pesos (SII). For the wider fiscal picture, see Chile's 2027 budget.
Frequently asked questions
How many taxpayers will the SII audit over foreign accounts?
33, who received more than 3.2 trillion pesos in accounts outside Chile that they did not declare, according to the SII (October 21, 2026).
How much money do Chileans hold abroad?
Financial accounts of Chilean taxpayers abroad totaled 38.8 trillion pesos as of December 2024, according to data received by the SII.
In which country do Chileans hold the most money?
Switzerland, with 9.9 trillion pesos, followed by Luxembourg (7.8 trillion) and the Cayman Islands (4.4 trillion).
Is it illegal to have an account abroad?
No. The law requires declaring the income those accounts generate in Chile and paying the corresponding taxes.
What is the CRS?
The OECD's Common Reporting Standard, under which countries exchange information on financial accounts of foreign residents. Chile receives it every September.
