Colombia and Uruguay: Latin American real estate investment opportunities for 2023
Are you looking to expand your real estate portfolio this year? Well, Latin America is fast becoming an exciting prospect for investors...
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Uruguay
Overview
The Eastern Republic of Uruguay is located in the Southern Cone of South America, with borders with Brazil to the north and northeast, Argentina to the west, and the Río de la Plata and the Atlantic Ocean to the south and southeast, respectively.
With a temperate and generally uniform climate, its main production is based on livestock and agriculture, and the country is located in one of the largest cattle and sheep regions in the world, with its large agricultural and livestock neighboring countries such as Brazil, Argentina, Paraguay and Chile.
Uruguayan society is cosmopolitan as a result of several successive European migrations. It is an open society, with a democratic government elected by free elections every 5 years, and promotes tolerance of religions or political ideologies and non-discrimination.
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Prove an income of at least U$S1500
Citizenship in Uruguay can be obtained within 3 to 5 years, depending on whether you have a family or not
Those who obtain Uruguayan tax residence can choose to pay IRNR, benefiting from a "Tax Holiday" for 10 fiscal, during which they will not pay income for capital gains
Aproximately 1 year
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Investment options:
Rentist residency:
A key factor for most of interested parts would be money, because many countries require a deposit or investment before granting residency for the program to become mutually beneficial. However, that option in Uruguay only requires you to prove a salary of at least US$1,500 per month. As soon as you arrive in Uruguay, the documents needed would have to be translated into Spanish. It is also important to pass physical exams prior to receiving your temporary residence card while your rental residence application is being processed. For most cases, this step lasts more or less a year, which seems like a long time, however, the temporary residence card allows you to spend time in Uruguay and not in your country of origin.
Investors residency:
To obtain Uruguayan tax residence based on economic interests, it is required to have an investment in real estate of more than UI 3,500,000 (approx. USD 380,000) and to register an effective physical presence in our territory for at least 60 days. The latest decree reduced the amount of investment in real estate, which was previously approximately USD 1,500,000 to approximately USD 380,000. Regarding investment in Uruguayan companies, the approximate amount of USD 4,500,000 required as another alternative to obtain tax residence was also modified by the new decree, which reduces it to UI 15,000,000 (approximately USD 1,600. 000), provided that the investment is made and generates at least 15 jobs in a dependency relationship during the calendar year.
Steps to follow
Step 1 - Preliminary Check:
Our specialized team will review the documentation submitted to verify that the immigration requirements are met. In addition, we will verify the transparency of investment funds. As a result, we will have a background check report and signed contract.
Step 2 - Choose of Investment:
You must select the investment option that most convinces and suits you, so that later we can start the process. If you decide to obtain residency through real estate investment, we will help you choose your property based on your needs and desires.
Step 3 - Preparation of documents and sending to the corresponding agency:
We take care of everything: we obtain the criminal record certificates, we fill out and complete the government forms, we certify the documents before a notary, we do the translation and apostille everything (this service has a separate cost), and then we send it to the residence. We present your documents independently and with strict compliance with the requirements, as well as monitoring the progress of the application. As a result, we will confirm the receipt of the documents by the government.
Step 4 - Due Diligence check:
Once the residency agency receives all the documents, the applicant's background check begins. In the event that additional documents are required during verification, we will handle those requests.
Step 5 - Case Investigation:
We look forward to a positive resolution and receive the new documents together with you. If necessary, we can also help you with other operational, commercial and even domestic matters (including the arrangements of additional documents).
Step 6 - Receiving residency:
When the investment and all fees are paid, you receive the certificate of residence. Then, these documents are sent to you, so that after the wait, you can start enjoying them.
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FAQ
Does this residency allow me to obtain citizenship?
Yes, citizenship in Uruguay can be obtained within 3 to 5 years.
How long does it take to get residency in Uruguay?
Once you apply for residency in Uruguay, it will usually take 12 to 18 months to get approved. After that, you’ll be allowed to stay indefinitely.
What documents are required?
• A completed application form with a photograph. • A copy of your passport. • Documents that prove your income is legal. For example a employment contract. • Certificates of no criminal records. • Health insurance policy. • Payment documents confirming the payment of state duties and fees. • Documents confirming the fulfillment of the investment conditions stipulated in the application.
How is taxation in uruguay?
Those who obtain Uruguayan tax residence can choose to pay IRNR, benefiting from a "Tax Holiday" for 10 fiscal, during which they will not pay income for capital gains.
Is dual citizenship accepted in Uruguay?
Yes, you can access dual citizenship in Uruguay.
With what currency must the residency programs be paid?
This residency program should be paid in pesos.
How strong is the Uruguay visa?
Having a Uruguay passport will allow you passport-free access to all of South America and MERCOSUR, as well as visa-free access to Europe’s Schengen Area. In the future, it may also allow you visa-free access to the US.
Can I bring my family in this experience?
Yes, this program is family friendly.
Can the residence be purchased with an investment in Real Estate?
Yes, there is a very stable real estate market that offers significant opportunities to investors as well as resident property dealers.
In what cases can my application be rejected?
Most of the applications are authorized, however there are some reasons why you may have difficulty with this residency. Such us: • Having criminal records. • Lack of documentation. • Do not meet the minimum time in the country.
The main applicant must go to uruguay?
The legal residency process can be initiated at the Uruguayan Consulates abroad, ending in Montevideo, for which it will be necessary for the person to travel to the country.
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