The Chilean government recently announced that it will raise the capital gains tax rate applicable to foreign insurers, foundations and sovereign funds that operate in the country. In a joint release, the Ministerios de Hacienda y Economia announced that the regulation will be sent to the Controlaria General this week.

The move is part of a series of steps being taken by the Chilean government through various ministries in an effort to raise $850 million to be used to maintain the liquidity of the Chilean credit markets and facilitate access to financing for exporting and local companies.