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Forex license in Chile: CMF authorisation under the Fintec Law.
A forex license in Chile is an authorisation from the Comisión para el Mercado Financiero (CMF) to intermediate financial instruments, CFDs included, and a Fintec firm may run no other business. Under the Fintec Law the CMF rules on registration within 30 business days and on authorisation within six months. Past its volume thresholds, capital is at least UF 5,000 (Unidad de Fomento, an inflation-indexed unit). We file from Santiago.
Updated · Reviewed by the Prifinance team
Forex license in Chile: two CMF routes into CFD and FX dealing.
Chile licenses CFD and FX-derivative business through the CMF, on two routes. The first is Ley 21.521 of 2023, the Fintec Law: only firms entered in the CMF's Registro de Prestadores de Servicios Financieros (RPSF) may provide its services professionally (art. 5), and intermediación de instrumentos financieros (intermediation of financial instruments) also needs the CMF's authorisation (art. 7). Art. 3 covers both models: buying or selling on the firm's own account with the prior intention of dealing the same instruments with the client, and dealing in the client's name. The second route is Ley 18.045, the Securities Market Law, under which the CMF registers the agente de valores (an off-exchange securities intermediary) and the corredor de bolsa (an exchange member). CFDs are inside the perimeter. General rule (Norma de Carácter General) NCG 562 of 20 April 2026 computes counterparty risk on an intermediary's derivatives and CFDs and counts CFDs among currency contracts.
The CMF rules on RPSF registration within 30 business days (art. 6) and has six months at most to grant or refuse the authorisation (art. 7). Chilean companies may apply whether or not foreigners own them, and a foreign entity may act through a Chilean agencia (branch). A registered company must have Fintec services as its exclusive object (art. 6). Once past the CMF's business-volume threshold, a Fintec intermediary keeps at least the higher of UF 5,000 and 3% of its risk-weighted assets (art. 11), and the threshold, the art. 10 guarantee and the CMF's fees are confirmed in the quote. Securities intermediaries move to NCG 562 on 1 March 2027, with the same UF 5,000 or 3% floor above Block 1 (the CMF may lift the 3% to 6%) and a UF 6,000 guarantee. The CMF has no rule by name on retail leverage or negative balance protection; product terms are confirmed with it before launch.
Chile licenses forex and CFD firms through the CMF: RPSF registration plus authorisation under the Fintec Law, or registration as agente de valores or corredor de bolsa.
Registration takes up to 30 business days, authorisation up to six months. Past volume thresholds, capital is the higher of UF 5,000 and 3% of risk-weighted assets.
Fintec authorisation or registration as a securities intermediary.
Both routes reach CFDs and FX contracts. The Fintec Law authorises the service, intermediation of financial instruments, one service at a time; Ley 18.045 registers the intermediary itself, whose capital rule changes on 1 March 2027.
Fintec authorisation, or a securities intermediary under Ley 18.045.
RPSF registration plus CMF authorisation
A Chilean company, foreign-owned or not, or a foreign entity through its Chilean agencia, registers in the RPSF and asks the CMF to authorise intermediation of financial instruments, as principal or in the client's name (Ley 21.521 art. 3). The CMF rules on registration within 30 business days and on authorisation within six months (arts. 6-7). Past the volume threshold, capital is the higher of UF 5,000 and 3% of risk-weighted assets (art. 11).
A Chilean company, foreign-owned or not, or a foreign entity through its Chilean agencia, registers in the RPSF and asks the CMF to authorise intermediation of financial instruments, as principal or in the client's name (Ley 21.521 art. 3). The CMF rules on registration within 30 business days and on authorisation within six months (arts. 6-7). Past the volume threshold, capital is the higher of UF 5,000 and 3% of risk-weighted assets (art. 11).
- ✓Principal or agency - art. 3
- ✓RPSF decision in 30 business days
- ✓Authorisation in six months at most
- ✓UF 5,000 or 3% of risk-weighted assets
- ✓Art. 10 guarantee for client losses
- ✓Exclusive object - Fintec services only
The securities intermediary under Ley 18.045
An agente de valores deals off-exchange; a corredor de bolsa is an exchange member. Both register with the CMF under Ley 18.045, and from 1 March 2027 NCG 562 sets their capital: Block 1 firms are exempt, larger ones keep the higher of UF 5,000 and 3% of risk-weighted assets and post a UF 6,000 guarantee. Until then NCG 18 of 1986 and Circular 632 apply. The figure for a 2026 applicant is confirmed in the quote.
Off-exchange or exchange member; from 1 March 2027, NCG 562 capital and a UF 6,000 guarantee above Block 1.
- ✓Off-exchange or exchange member
- ✓Block 1 exempt from capital and guarantee
- ✓Blocks 2-3: UF 5,000 or 3%, if higher
- ✓UF 6,000 guarantee - Ley 18.045 art. 29
- ✓Liquidity index of 1, debt up to 20 times
- ✓CMF may raise the 3% to 6%
Costs and timelines are confirmed for your case before any work begins. The CMF's registration fees under art. 33 of Decreto Ley 3.538 and the guarantee amount it sets for a Fintec intermediary go into the quote.
Chile writes the CMF's deadlines into the Fintec Law.
The Fintec Law binds the CMF to deadlines and NCG 562 already prices CFD risk; on the other side, a Fintec company may run no other business and dividends sent abroad bear 35%, less a credit for corporate tax.
The CMF rules on RPSF registration within 30 business days and, once any defects are cured, registers the firm within three business days (Ley 21.521 art. 6). For authorisation it has six months at most from the application (art. 7), and the authorisation request can go in with the registration.Authorisation can be filed with registration.
NCG 562 measures a securities intermediary's counterparty risk on CFDs as fair value plus potential future exposure, in the band of contracts up to one year, and charges operational risk at 0.01% of the daily average notional of derivatives and CFDs. A CFD book knows its capital cost before 1 March 2027.NCG 562 weights CFD risk already.
Ley 21.521 registration is open to Chilean legal persons whether or not foreigners own them. A foreign entity can skip the Chilean company and act through an agencia, set up by an extract under art. 123 of Ley 18.046 or art. 449 of the Código de Comercio.Chilean company or a Chilean agencia.
The authorisation file for intermediation, listed in NCG 502 II.F, may carry its manuals in Spanish or English. The legal representative files it online with the CMF.Filed online with the CMF.
The UF 5,000 floor applies once a firm passes the CMF's volume thresholds. From 1 March 2027, Block 1 securities intermediaries hold no minimum capital or guarantee under NCG 562, as long as adjusted equity never turns negative; Block 3 starts above 5,000 active clients, UF 500,000 of daily transactions or UF 50,000 of yearly income, or with any client assets in custody.UF 5,000 only past volume thresholds.
Under NCG 502 anyone who uses any means of communication to direct offers to residents of Chile provides services in Chile, wherever those means originate. The CMF's alerts, one of them dated 3 September 2026, name FX platforms that are neither registered nor authorised, and unregistered business is a serious infringement (art. 14 a)).Offers to Chilean residents need the licence.
How Chile differs from other routes.
A Panamanian casa de valores needs B/.350,000 of capital and a Belizean principal dealer BZ$1,000,000, while the BVI leaves the figure to its Regulatory Code. Chile's UF 5,000 floor applies only past the CMF's volume thresholds. The Fintec Law also gives the CMF a deadline: six months at most. Tax runs the other way, with 27% first-category tax and 35% on dividends abroad, less a credit for that tax, against 25% on Panama-source income and none in the BVI.
| Feature | Chile | Other jurisdictions |
|---|---|---|
| Dealer's capital | UF 5,000 or 3% of risk-weighted assets, past thresholds | B/.350,000 Panama · BZ$1,000,000 Belize · Regulatory Code BVI |
| Timeline | Six months at most by statute · 9-12 months planned | 9-12 months Panama · 4-8 months Belize, BVI |
| Retail CFD rules | CFDs in capital rules · terms confirmed with the CMF | Set in the SMV-approved plan · Panama |
| Corporate tax | 27% · Pro Pyme 12.5% for 2025-2027 | 25% Panama-source · territorial Belize · none BVI |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
Chile | CMF Fintec authorisation or securities intermediary | 27% · 35% on dividends abroad, with credit | UF 5,000 / 3% past thresholds, exclusive object |
Panama | SMV casa de valores licence | 25% territorial · dividends 10% or 5% | B/.350,000, five directors, two residents |
Belize | FSC registration (principal) | Territorial business tax | BZ$1M (~US$500k) in Belize |
BVI | FSC Category 1 dealing | No corporate income tax | Code capital, vetted people |
Chile
Panama
Belize
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Forex license requirements in Chile: what the CMF checks.Chile forex license requirements.
NCG 502 of 12 January 2024 lists the registration and authorisation files for a Fintec intermediary, and NCG 562 adds the capital tests for securities intermediaries from 1 March 2027.
Reflects Ley 21.521, CMF NCG 502 of 12 January 2024 and NCG 562 of 20 April 2026, as of October 2026. The capital and guarantee that bind a new agente de valores or corredor de bolsa in 2026 are confirmed in the quote.Ley 21.521, NCG 502 and NCG 562, as of October 2026.
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawLey N° 21.521 (Fintec Law) - BCN Ley Chilenuevo.leychile.cl
- RegulatorCMF - NCG No. 502 (registration, authorisation and duties of Fintec providers)cmfchile.cl
- RegulatorCMF - NCG No. 562 (minimum capital, guarantees, liquidity and debt of intermediaries)cmfchile.cl
- GuidanceCMF - Press release on NCG 562, 20 April 2026cmfchile.cl
- GuidanceSII - Income tax of non-residentssii.cl
From the route choice to RPSF registration and CMF authorisation.
First the book: we place it under the art. 3 definition of intermediation, as principal or in the client's name, and in a volume block. The route follows from that, Fintec authorisation or securities intermediary.Art. 3 model, volume block.
The Chilean company is formed with Fintec services as its exclusive object, or the foreign entity sets up its agencia by an extract under art. 123 of Ley 18.046 or art. 449 of the Código de Comercio.Single-object company or agencia.
The legal representative files online with the CMF and pays the art. 33 fees. The CMF rules within 30 business days; once defects are cured, registration follows within three.Online filing, 30 business days.
The intermediation file goes in with the registration or later: business-volume block, risk policies, guarantee, audited accounts and operational capacity. The CMF has six months at most to decide.Six months at most.
The authorised service starts. The CMF may cancel a registration if no authorisation is sought within 12 months, or if the authorised activity stops for 12 months in a row.Cancellable after 12 idle months.
Ley 21.521 prints both clocks: 30 business days for RPSF registration (art. 6) and six months at most for authorisation, counted from the application (art. 7). An incomplete file may have to be filed again, and more than 30 days of inactivity on the applicant's side make it "no presentada" (art. 43 Ley 19.880). We plan for 9-12 months from company formation to authorisation.
Run from our Santiago office.

Fintec authorisation or registration as agente de valores, weighed against the business plan and against the NCG 562 capital rules that start on 1 March 2027.Fintec or agente de valores.
A company whose exclusive object is Ley 21.521 services, or a Chilean agencia of the foreign group, and the natural person who represents it before the CMF.Single object, or an agencia.
Online filing by the legal representative, with the business-volume block, risk policies, the guarantee and manuals in Spanish or English.Online, manuals in English.
The UF 5,000 or 3% test modelled against the volume thresholds, and a bank guarantee or insurance policy for client losses.UF 5,000 test, client-loss cover.






Taxation of forex brokers in Chile.
A Chilean broker pays first-category tax at 27% under the partial-integration regime. Dividends to a foreign parent bear the 35% Additional Tax, with a credit for that corporate tax.
First-category tax is 27% under the partial-integration regime and 25% under the Pro Pyme full-integration regime, according to the Servicio de Impuestos Internos (SII).Partial integration; 25% Pro Pyme.
Ley 21.755 (Diario Oficial, 11 July 2025) cut the Pro Pyme rate to 12.5% for income of 2025, 2026 and 2027 and to 15% for 2028, provided the employer pension contribution of Ley 21.735 stays on its schedule (SII Circular 53 of 3 September 2025). Whether a broker qualifies is confirmed per structure.2025-2027, if eligible.
Dividends to non-residents bear 35% Additional Tax, credited with the first-category tax paid. Under partial integration the shareholder gives back 35% of that credit unless it is resident in a treaty country: on the SII's example of 100 of profit, 17 is left to pay; by the same arithmetic, a treaty shareholder pays 8.Additional Tax, credit for corporate tax.
The paying company withholds the Additional Tax and declares it on Form 50 by the 12th of the following month.Form 50 by the 12th.
Interest paid to non-residents bears 35%, or 4% on some instruments. Payments for services bear 35%, and technical services 15%.35%; 4% or 15% in some cases.
IVA is Chile's VAT; its treatment of brokerage commissions and CFD spreads is confirmed per structure before the price list is set.Confirmed per structure.
*As of 2026 per the SII's guidance on non-resident income tax and SII Circular 53 of 3 September 2025 on Ley 21.755. Group and founder-level outcomes are modelled per structure.
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Builds the application itself: Chilean company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
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Get your forex license in Chile with expert support.
Full-service assistance - from the route choice and the single-object company to the NCG 502 files, RPSF registration and CMF authorisation - run through our Santiago office.
Get a consultation →Is Chile the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Founders' questions on the CMF, the Fintec Law and CFDs.
Which licence does a forex broker need in Chile?+
A CMF licence on one of two routes: RPSF registration plus authorisation for intermediation of financial instruments under Ley 21.521, the Fintec Law, or registration as agente de valores or corredor de bolsa under Ley 18.045. Either way the CMF supervises the firm.
Are CFDs regulated in Chile?+
Yes, CFDs are inside the CMF's perimeter: NCG 562 of 20 April 2026 counts them among currency contracts and computes the counterparty risk an intermediary carries on them. Retail leverage has no CMF cap by name, so we confirm product terms with the CMF before launch; NCG 562's 20-times debt limit is the firm's own borrowing ratio, not client leverage.
Can a foreign broker serve Chilean clients without registering?+
No. A foreign broker that aims offers at residents of Chile, by any channel and from anywhere, is providing services in Chile under NCG 502 and needs CMF registration and authorisation; unregistered business is a serious infringement under art. 14 a) of Ley 21.521.
How long does a forex license in Chile take?+
By statute, the CMF rules on RPSF registration within 30 business days (art. 6) and on authorisation within six months at most from the application (art. 7). With the company, the NCG 502 file and the guarantee prepared first, we plan for 9-12 months from company formation to authorisation.
What does a forex license in Chile cost?+
The largest outlay in Chile is capital: past the CMF's volume thresholds, at least the higher of UF 5,000 and 3% of risk-weighted assets. A client-loss guarantee adds UF 6,000 for a securities intermediary above Block 1 from 1 March 2027, or what the CMF sets for a Fintec intermediary. The CMF's fees and ours are confirmed in the quote.
Can a foreign group own a Chilean Fintec intermediary?+
Yes. Ley 21.521 registration is open to Chilean legal persons whether or not foreigners own them, and a foreign entity may provide the services through an agencia in Chile without forming a company there. The application names a natural person with powers to represent the applicant in Chile.
Can a Fintec intermediary run other businesses?+
No. A Fintec intermediary in Chile must have Ley 21.521 services as its exclusive object (art. 6), so the broker cannot share a company with a group's other lines of business; the alternative is a foreign entity's agencia.
What changes for securities intermediaries on 1 March 2027?+
NCG 562 replaces NCG 18 of 1986. Block 1 firms then hold no minimum capital or guarantee; larger ones keep the higher of UF 5,000 and 3% of risk-weighted assets and post a UF 6,000 guarantee. NCG 562 also sets a liquidity index of at least 1 and a debt ratio of 20 times or less.
Chile or Panama for a Latin American broker?+
Panama, for a Forex activity named in its Securities Law: casas de valores hold it at B/.350,000 of capital and a B/.20,000 licence fee, with product terms set in the plan the SMV approves. Chile is the licence for serving Chilean residents, with decision deadlines written into the Fintec Law.
Why Prifinance for Chile?+
The choice between Fintec authorisation and the securities route is made with you at the outset, against the NCG 562 capital rules that start on 1 March 2027. For a Fintec intermediary our Santiago office forms the single-object company or the agencia and writes the NCG 502 files, proof of the client-loss guarantee included.
Which licence?+
Fintec authorisation or Ley 18.045 registration.
CFDs regulated?+
Yes; NCG 562 prices them.
Offshore?+
No; offers to residents need the licence.
How long?+
Six months at most by law; 9-12 planned.
Cost?+
UF 5,000 or 3% past thresholds.
Foreign owners?+
Yes, or through an agencia.
Other businesses?+
No; exclusive object.
1 March 2027?+
NCG 562 capital and guarantee.
Or Panama?+
Panama for a named Forex activity.
Why you?+
Santiago office, route chosen first.
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which CMF route fits your CFD and FX book in Chile, Fintec or securities intermediary, and what it will cost.
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Comisión para el Mercado Financiero (CMF) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.