• Creimerman Product Team

Open a Bank Account in Uruguay: avoid restrictions on your dollars

As a consequence of all the changes that are being generated in some governments concerning the economy and finances, many seek to place their savings outside the country.

Specifically, governments are beginning to impose obstacles for those who want to save in foreign currency, such as buying dollars.

Added to this is the volatility of the market and the great devaluation suffered by some countries to conclude in the growing decision to create an account abroad.

For this reason, those who do not want to lose their savings or be left empty-handed, seek more flexible jurisdictions and banking entities and above all, without shares.

We know that in the current financial framework it is important to manage a strategy to diversify risk where you can choose a new place to store your money in different currencies, choosing one or more banks in different countries.

Also, in particular, Uruguay offers tax advantages and legal certainty that allow you to manage your business assets with total flexibility and with broad advantages in terms of costs compared to the world.

What are the types of accounts that this country offers?

• Investment Accounts for Companies -with registered or bearer shares-.

• Current accounts of companies -with registered or bearer shares-.

• Investment accounts for individuals.

• Individual checking accounts.

• Savings banks for individuals. It should be noted that many of the Uruguayan banking entities are flexible and allow the user to create an account remotely, without having to do it in person.

However, to create an account in Uruguay, you must have a tax domicile in that jurisdiction; this happens, for example, with BBVA.

Now, an important aspect that you must take into consideration is the type of account that you can open in Uruguay from abroad: a non-resident one.

If you make investments of more than six million dollars or have a property that exceeds two million dollars, you can apply for Uruguayan tax residence, obtaining the benefit of not paying taxes for the first five years in Uruguay, since they are exempt during this time.

You can also open a bank account as a resident where the costs will be almost zero.

What are the requirements and how long does it take to open the account?

The documents that you must present to open a bank account in Uruguay, either person or remotely are:

For natural people: