Uruguay: Why an Increasing Number of People Head to this South American Country
Uruguay is known as the “Switzerland of South America”, because of its stability. The main reasons why investors and foreign citizens look at Uruguay as a place to invest in or to relocate to include:
- Uruguay is Latin America’s safest country, thanks to a widespread middle-class, an educated workforce, and low crime rates.
- It is a stable democracy, where policy swings do not occur when governments change.
- The country has a non-corrupt, honest culture. Contracts are enforced, and the courts work.
- It’s an open economy, with no restrictions to the inflow and outflow (such as repatriation) of capital.
- There is no forced conversion of transfers into the local currency. In fact, 80% of deposits in Uruguay are held in U.S. Dollars or Euros.
- It has a solid banking system, with one of the world’s strictest banking secrecy laws.
For those relocating, besides an easy residency process (which basically requires a clean police record, a birth certificate, and proof that one makes an average of USD
650 per month), Uruguay offers excellent, affordable, health care, and many options when choosing where to live: colonial architecture, modern apartments, crowded or semi-empty beach resorts, or farms.
Fischer & Scickendantz is a full service law firm in Uruguay, with a specialized department dedicated to relocation. Our attorneys, accountants and tax advisors assist clients with:
- Residency and second passport.
- Structuring property purchases.
- Identifying investment alternatives.
- Banking and taxes.
- Incorporating onshore or offshore companies.
www.fs.com.uy • info@fs.com.uy
