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Whither Tax Advantages In Uruguay?

Kathleen Peddicord by Kathleen Peddicord
May 31, 2010
in Investing
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Beachfront Property In Uruguay - Rocha Town
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Tax Haven No More?

“Bad news from down South America way,” writes friend and offshore expert Bob Bauman. Bob is legal counsel for the Sovereign Society, an organization we’ve trusted for years as perhaps the most reliable source of information on what can be complicated and murky issues.

“It was announced last week that the government of the Republic of Uruguay plans to introduce legislation to impose taxes on bank deposits and other assets held offshore by citizens and residents in the country.

“If this proposed legislation becomes law, this would be a radical change from the current territorial tax system that exempts citizens and residents of Uruguay from taxes on all offshore income, taxing only income earned within the country.

“According to Economy Minister Fernando Lorenzo, the controversial proposal will tax all income generated overseas from deposits held by Uruguay residents, as well as income from assets or investments from non-resident companies or ownership in any foreign entities. Current Uruguayan 12% income tax and wealth taxes would apply.

“‘If the law is approved, residents in Uruguay will have to pay income and wealth taxes on overseas income and from their share of assets in financial or other investments overseas,’ said Lorenzo.

“It is as yet unclear whether the new taxes would be imposed on foreigners living in the country. A considerable number of U.S. and European expatriates are living there, no doubt many attracted by the country’s current tax haven status.

“Worse still, the proposed legislation would seriously weaken existing Uruguayan bank secrecy and financial privacy laws. Current law allows courts to reveal individual’s information only in criminal or child support cases. The proposed bill would allow courts to order release of information to foreign governments in matters concerning tax evasion or other tax offenses.

“This would be drastic change to what is now one of the strongest financial privacy laws of any country.

“‘Uruguay is accepting pressure from rich countries, and the government is not defending the interests of Uruguayans,’ claimed Conservative Party leader, Pedro Bordaberry.

“‘This is crucial for Uruguay,’ Bordaberry continued, ‘since we are a small country and a net importer of capital. Very few Uruguayans have holdings overseas, but many foreigners who live here have earnings outside Uruguay, and we have always stated that only whatever is earned here is taxed here.'”

Kathleen Peddicord

Tags: bank offshoretax advicetax lawtax regulationtaxation uruguayuruguay tax rates
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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