Uruguay: Why you should consider opening a bank account if you are eligible
The second smallest of all the nations in Latin America, Uruguay stands out for being a global pioneer in numerous sectors, such as legalising cannabis, competing with its larger neighbours and becoming a trailblazer for other countries in different continents. This is important because, in terms of immigration, countries that have a global presence stand out amongst investors and expats as attractive prospects for second citizenship and overseas corporations. In the globalising world we all form a part of, the development curve of a nation is the key factor in understanding the potential value of an investment made there, and as we have already established that Uruguay is ahead of the rest of the pack in a majority of areas, we will use today’s article to explore another key aspect of investment in a foreign country. Specifically, bank accounts, as eligibility criteria and other benefits are huge determining push or pull factors, as well as being vital to retaining peace of mind in your cross-border ventures.
A good place to start is always with the fine print, this is to say, underneath all of the benefits and possibilities that come with a Uruguayan bank account, who is actually able to benefit from them. In other words, who can open an account, and what are the necessary documents. Below you will find a list of these:
Identity card (copy of passport)
Proof of address in Uruguay
In reality, this is a short list, making the prospect of overseas banking in Uruguay a more attractive idea, furthered by the fact that you can have your deposits made in Euros, US Dollars and also the local currency, creating a safe place abroad for your currency you do not wish to convert. Not only this but the fact that pretty much any foreign national is able to apply, the lack of barriers is made vert evident. However, as with every investment or transaction in another country, hidden fees often become apparent, and, as of 2016, if you hold an account with the Banco República de Uruguay, and at any one time you are to deposit more than:
350,000 Uruguayan Peso
There will be a fee of two-thousandths of whatever you have placed into your account. This is a small number, yet worth knowing beforehand in order to avoid any nasty surprises, as well as to be useful when making large deposits from which the fee would equate to a larger number.
If you feel that the above information has provided you with enough contextual information to feel intrigued as to your possibilities for banking in Uruguay, perhaps the next section will serve as all the reinforcement necessary. The benefits, one of the most important lists when weighing up your choices for an overseas bank account, which is why below you will find some of the primary advantages of Uruguayan banks and the banking system over other nations in the region and the wider global scene:
Lack of barriers within transactions makes for an efficient and speedy process
No withholding tax on foreign capital transfers into or out of Uruguay
Diversity of currency options, your capital remains as safe as it would within your home country if you are from Europe or the United States
The process is very quick and easy, being completed often in only one day
Your affairs will remain yours, the privacy level of Uruguayan banks is very high
Development. In other articles we have touched on how innovative Uruguay is both digitally and in other sectors, making the banking system reliable and ahead of other countries in the region
This is certainly a promising outlook for one of Latin America’s most pioneering nations, and if you would like to find out more and get the ball rolling with your application, please do not hesitate to contact us today! At Creimerman, we take pride in creating a tailor-made service for each of our clients, and we would love for you to be the next.