• Creimerman Product Team

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:

  1. Identity card (copy of passport)

  2. Proof of address in Uruguay

  3. Reference letter

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:

  1. US$10,000

  2. €10,000

  3. 350,000 Uruguayan Peso