Real estate investment in Uruguay: An easy process and an unmissable opportunity for foreigners
If you are looking to invest abroad, Uruguay has implemented many laws to make sure that it is up there as one of the best choices for foreigners, ensuring that you will not only safely be able to acquire new assets, but also granting you the same rights as a Uruguayan national in the purchasing of real estate. This means that with no extra paperwork or lengthy additional processes, the time between researching a new home and moving into it could pass in the blink of an eye.
Uruguay is fast becoming a country that foreigners see as an attractive prospect for investment, and it is in no way by luck. In the 21st century, the nation has seen a rise in popularity due to the international recognition of the highly educated workforce and human resources available, as well as the quality of life experienced by nationals. The government has also implemented schemes that allow foreigners to obtain residency in less than a year, on our blog there is an informative article with all of the steps to achieve this!
The purchase process:
Now, onto the purchasing of real estate, initially, the research phase is very important, as with any acquisition of property, however it is equally important to build an understanding relationship with the seller.
A pre-purchase agreement must be written up by a Notary to establish trust between both parties, so a good relationship between you and the seller of the property is crucial to making the process as easy as possible.
A sales contract will be signed afterwards to make it all official and the money is transferred to the person selling the house directly, which is unusual as there are no middlemen as with many other countries. However, it is an attractive idea as it alleviates the hassle of exchanging information via agents and can make the process much faster.
It is still customary to provide a deposit, and this can be between 10% and 20% of the agreed purchase price, and the Notary will research up to 30 years of history of the property before writing the deed, registering it and paying necessary taxes before money can be transferred from you to the seller.
Despite the information outlined above, the majority of this process is undertaken by others, with the main things the individual needs to do being research, relationship building, and instruction of the necessary Notary before finalising the deal and buying your new property. It must be said that Uruguay stands out for its uniqueness when it comes to facilitating foreign investors in real estate, making it too good of an opportunity to miss!