Uruguay offers more inducements to attract new immigrates
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In June 2020: Uruguay reduced the real estate investment to $378,000 to gain residency with just a minimum of 60 days stay in the country each year.
Having beaten the virus impact with minuscule death toll compared to most other countries, the country is eager to welcome new residents and investors. The minimum is based on a local index, UI, or Unidad Indexada which currently equates to under USD 400,000.
Click here for the PDF of the new residency plan dated June 2020 is now in place (Spanish). (There is a separate option for starting a business and providing 15 jobs instead which requires a higher investment than the real estate only option.)
A partial translation and interpretation of the relevant parts of the Spanish version are:
THE PRESIDENT OF THE REPUBLIC DECREES:
Option 1: An immigrant must purchase real estate of a value greater than 3,500,000 IU (approx USD 389,000), after the 1st of July 2020 but be prepared to live in Uruguay for a least 60 days of the year.
Option 2: By employing full time 15 or more local Uruguayan, directly or indirect, in a new company with a cost greater than 15,000,000 IU (fifteen million Units lndexadas) per year, provided that it is made from the 1st July 2020.
President LaCalle Pou Luis
These measures are in addition to the many other incentives that Uruguay offers investors.
Contact us if you are looking for a law firm recommendation to help navigate these new rules.
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