On March 5 , 2014, Chile signed a FATCA Agreement with the United States. They signed a type-2 intergovernmental agreement (IGA).

Under the agreement there is no automatic exchange of information but each financial institution must provide to the IRS the information about financial accounts held by United States taxpayers.

This provision of information must be authorized by the relevant account holder, which is consistent with Chilean legislation. Where there is no consent from the account holder, the financial institution may provide only aggregated information about US taxpayers investing in Chile and, in case the IRS requires more information, it must request it under the exchange of information provision of the Chile/United States Income and Capital Tax Treaty of 2010. The Chile/ United States Income and Capital Tax Treaty (2010) , is currently under the ratification process in both countries.

Chilean pension funds and the various financial products provided by the Pension Law (Decree Law 3,500) are, inter alia, excluded from the scope of application of FATCA.

Chile is the first South American country that signs an IGA with the United States.

In accordance with Circular 230 Disclosure