Foreign and local investors treated equally (Article 1, Law 16.906, January 1998)
No currency exchange controls or forced conversion
Foreign currency can be used: USD, Eur
No restrictions or taxes when transferring money into the country
No restrictions or taxes when transferring money out of the country (repatriation of capital)
Solid legal system with strong reputation for respect of contracts & private property
Uruguay's Banking system is solid…
Uruguay is the region’s financial center (Brazil, Argentina, Chile)
Few banks, all foreign-owned plus one strong government bank (BROU)
Long standing policy of allowing only large, solid banks, to operate
… it is open, and stable
25% of Uruguay’s bank accounts belong to non-residents
Banking privacy law
No history of forced conversion or freezing of deposits
Banks Operating in Uruguay
A dozen banks operate in Uruguay (BROU being the largest, government owned)
And more than 30 global banks have representative offices in Uruguay to promote their business in the region: Credit Suisse ● EFG Bank ● SGBT Luxembourg RBS ● Coutts ● LGT Bank Switzerland Ltd …
US citizens / US residents
Savings accounts available to US citizens at BROU bank (state owned) and Itaú bank (largest Brazilian bank, strong in Uruguay)
Requirements are the same as for Uruguayans or other foreign residents
Opening an account: in person, not PoA
Account may be in UYpesos, Dollars or Euros
Requirements
No special requirements for non residents:
Two IDs (passport, driver’s license) Proof of Address (current utility bill from your home country) Bank reference letter Explanation of source of incoming funds Personal interview
Banco República (BROU)
Largest bank in Uruguay The account is open on the spot You get your ATM card + PIN number No administration costs if a minimum of USD 500 is kept in the account BROU also offers CDs: in pesos: 6% BUT you need to do some homework at home: apostille source of income
Itaú Bank Largest Brazilian bank, strong in Uruguay Client forms go to the Compliance Department before account is open Process takes 4 weeks approx. ATM card + PIN number given ONLY in person Admin costs are U$S 38/month Savings account open with U$S 750
And remember
Both banks offer e-banking
E-banking only in Spanish, but intuitive, user friendly
You can wire funds to your account
Check your country’s reporting and tax laws, regarding foreign bank accounts
Contact information
info@fs.com.uy
Visit our website for detailed presentations www.fs.com.uy
