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  • Writer's pictureCreimerman Product Team

Open an offshore bank account in Uruguay 2023 update

Are you looking to safeguard your savings and explore international banking options? We have the perfect solution for you. As some governments impose barriers on foreign currency savings and dollar purchases, market volatility and devaluation are becoming common concerns for many. Opening a bank account abroad might be the ideal solution. And one country that stands out as a perfect destination is Uruguay. In this article we'll explain in detail how to open an offshore bank account in Uruguay!

What makes Uruguay a standout choice?

Uruguay's banking system offers flexibility, legal protection, and tax benefits, making it an attractive option for your financial needs. You can choose from various account types, including investment accounts, current accounts for businesses, individual investment accounts, and more!

This country offers the convenience of remote account creation, saving you from the hassle of visiting in person. If you're a foreigner, you can still open an account, but it's essential to know the eligibility criteria.

How can I open an account in Uruguay as a foreigner?

For individuals, you'll need your:

  • ID card, other document for identification, MERCOSUR card or passport

  • · Tax bill or public service which shows your current address and name

  • · Bank reference letter

  • · Proof of declaration of taxes in your country of residence

For legal entities, Such as associates, shareholders, final beneficiaries, attorneys and or directors, the following documents are needed:

  • ID documentation

  • Proof of address

  • Bank reference card

  • Proof of declaration of taxes in country of residency

  • Business documents, properly certified and translated into Spanish if necessary.

Those who already have legal residency ought to present their:

  • Uruguayan ID card

  • Proof of address

  • Payslip

  • Forms and contract

  • Tax declaration

  • Pass the bank’s due diligence checks

Account Maintenance and Fees

We know you're curious about the account maintenance and fees. Let's dive into that!

Most Uruguayan banks aim to maintain low average balances for their accounts. For instance, some banks require a minimum of US$2,500 for current accounts and US$750 for savings accounts. Falling below these averages may result in small commission charges.

As for monthly charges, the average is around US$40 in local Uruguayan banks. Plus, there might be additional fees for incoming and outgoing transactions.

How is the procedure?

Well now that you know everything about the documents you need and the maintenance of the account we are going to explain how the process is in a step by step guide.

  1. Step 1: Gather the Required Documentation: The first step to opening a bank account in Uruguay is to gather the necessary documents. We have explained the different documents you have to submit depending if you are an individual, legal entities or resident.

  2. Step 2: Submit the Documentation to the Bank: Once you have all the required documents, you will send our team your documentation that will be evaluated. Once it is approved we will submit it to the bank via email. The bank will review your documents and provide further instructions if necessary.

  3. Step 3: Fill Out the Forms: Next, fill out the necessary forms for the account opening process. You can complete these forms on your computer and print them in color. It's crucial to sign the forms by hand, as electronic signatures may not be accepted.

  4. Step 4: Send the Documents to the Bank: After filling out and signing the forms, send everything to the bank's office in Montevideo using a reliable courier service like DHL

  5. Step 5: Completion and Account Orientation: Once the bank receives your documents and forms, the account opening procedure is typically completed in just a few days. Congratulations, you now have your very own bank account in Uruguay! As part of the process, you will be issued a debit and/or credit card linked to your account. The best part? Some of these cards come with the added benefit of allowing you to make purchases overseas without incurring any extra charges, making it convenient for international transactions. Moreover, the bank will provide you with orientation on how to effectively use their Home Banking portal. This online platform allows you to manage your accounts, monitor transactions, transfer funds, and even conduct other financial activities from the comfort of your own computer or mobile device.

So to conclude, I will share with you a little exciting secret about this offshore banking opportunity. If you meet certain investment or property criteria, you have the incredible chance to apply for tax residency in Uruguay. As a tax resident, you gain the remarkable benefit of 5 years of tax exemption, a game-changing advantage that can truly enhance your financial prospects!

So, if you are interested in finding out more about offshore banking and its opportunities to develop business, contact us today! Below this article, you will find a link to set up a free ten-minute consultation with us to discuss your options further.

Also, if you want to access our other great content, subscribe to our YouTube channel! At Creimerman, our team of professional global citizens would be happy to help you with your personal or professional cross-border ventures and help make them a success.



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