Are yu happy with capital controls and cash limits in Chile?

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tiagoabner
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Re: Are yu happy with capital controls and cash limits in Chile?

Post by tiagoabner » Fri Jan 17, 2020 9:54 pm

Chile does have anti money-laundering laws, and you need to declare anything over USD $10,000 in cash when you enter the country.

It's very common to withdraw cash in Chilean pesos at ATMs (there are fees, discussed at another topic. TL;DR Banco Estado is your friend), and I'm not aware about any limitations on withdrawals other than those imposed by your bank.

Also, bank accounts exist and international transfers are cheap and relatively easy.
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mem
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Re: Are yu happy with capital controls and cash limits in Chile?

Post by mem » Fri Jan 17, 2020 10:42 pm

To build on what Tiago said with my own experience. Another AML/KYC trigger I have experienced with sellers of assets and you are paying all physical cash is a boundary as low as $3K USD equivalent in CLP. When there is paperwork, it is not a big deal, it involves showing tier1 identification (valid passport or I guess valid carnet) them getting a photocopy of it and you signing a form statement that says what the source of the funds is (salary, stock market, etc).

So basically I have encountered two different trigger points depending on the institution within Chile that you are doing large transactions with in cash. $3K USD and $10K USD

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eeuunikkeiexpat
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Re: Are yu happy with capital controls and cash limits in Chile?

Post by eeuunikkeiexpat » Sat Jan 18, 2020 12:13 am

You can do whatever you want to bring in cash ATM or walking into the country over time wise, but the moment you officially "invest" in something including a simple bank CD, the questions and evidence of origin of funds will arise at probably the thresholds posted by mem.
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Re: Are yu happy with capital controls and cash limits in Chile?

Post by admin » Sat Jan 18, 2020 7:12 am

WTF is this guy going on about?

Let's see. You have no money, yet you are worried about about reporting it?

There is no capital controls or limits on chile.

If you want to launder illegal money, try Panama. They are the best in the world

I am seriously scratching the ban button with this trolling, because I am seeing a bunch of snippets of info from articles that have been floating around the internet.
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