UruguayStatueSafe, Cheap, Charming and Tax-friendly

We like Uruguay not only for its four mild seasons, long stretches of coastline, charming old quarter (in Montevideo), and laid-back way of life...but also for its friendly tax legislation, its absolutely low cost of living, and its real estate investment opportunities right now. Montevideo's old town is being rejuvenated, thanks to foreign (not only American) investment, but it's not too late to get a super-good buy on a classic-style apartment in a good location. Beyond the capital, you can find even better buys, on estancias and big tracts of productive land.

Best known beach buy in the country is Punta del Este, which has been a draw for Argentine and other South American sun-seekers for decades. This Gold Coast, but an hour-and-a-half from Montevideo, has been enjoying such a boom that rental owners we know have lately reported extraordinary returns, as much as 12% net and more per year.

Uruguay qualifies as sleepy, which is both a pro and a con. But un-sleepy Beunos Aires is only a quick flight or ferry ride away.

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Population 3.316 million (July 2012 est.)
Gross Domestic Product (GDP) $52.02 billion (2011 est.)
GDP Per Capita $15,400 (2011 est.)
Inflation Rate 7.8% (2011 est.)
Currency Uruguayan Peso (UYU)
Exchange Rate Versus U.S. Dollar 19.04 Uruguayan pesos = 1 U.S. dollar (March 2008)
Language Spanish
Capital Montevideo
Population of Capital City 1.63 million (2011)
Time Zone UTC minus 3
Seasons Temperate; warm summers, cold winters
International Dialing Code 598
Electricity 220V / 50 Hz; Plug Type: C, F, I, L
System of Government Constitutional Republic
Name and Party Affiliation
of Current Leader
Jose Mujica Cordono
Income Tax Rate for Residents 0% to 25%
Property Tax 0.84% to 1.6275% for residents; 8.4% to 16.275% for non-residents
Capital Gains Tax 12%
Inheritance Tax No
Rental Income Tax 12%
Transfer Tax 2%
Sales Tax 22%, 10% applies in certain cases.
Restrictions on Foreign
Ownership of Property
None
Local Chamber of Commerce www.cncs.com.uy
Rincon 454 P.2
Montevideo 11000
Tel: (598) 2 916 12 77
American Chamber of Commerce www.ccuruguayusa.com
Plaza Indepencia 831
Office 209
Montevideo 11000
Tel: (598) 2 908 91 86
Primary Exports Meat, rice, leather products, wool, fish, dairy products
Residency and Visa Requirements Tourist Visa: automatic 90 days upon entry
Residency: temporary residence, permanent residence
Citizenship: after legal residence for 5 years if you practiceany art, science, or industry in Uruguay
Special Benefits for Foreign Residents or Retirees None
National Airline PLUNA
www.flypluna.com

 

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