Starting in July, foreigners who live at least 60 days a year in Uruguay and buy real estate valued above 3.5 million inflation-linked UI – currently equivalent to $378,000 – will qualify for tax residency.
Newcomers can also obtain residency by investing more than 15 million UI in a business that creates at least 15 full-time jobs.
Uruguay will soon be even more welcoming to wealthy foreigners looking for a new home following a presidential decree that makes it cheaper to obtain tax residency in the South American country.
Starting in July, foreigners who live at least 60 days a year in Uruguay and buy real estate valued above 3.5 million inflation-linked UI -currently equivalent to $378,000 -will qualify for tax residency. Newcomers can also obtain residency by investing more than 15 million UI in a business .
Federico Fischer, managing partner at the local chapter of Andersen Tax & Legal, said more than 100 Argentines, Brazilians and Europeans have contacted him about the new rules. The decree will help Uruguay compete with countries such as Portugal, Spain and Italy that are also angling for rich foreigners, he said.
“It’s basically targeted to families wanting to live and invest here,” Fischer said in a telephone interview. “This isn’t an Argentine-focused initiative, but it’s natural ..
Source: The Economic Times
