by surviveprosper

12 slides


Published May 20, 2013 in Business & Management
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Presentation Slides & Transcript

Presentation Slides & Transcript


Uruguay: Investor Friendly

Investment grade (Moody´s, S&P, Fitch, DRBS)

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


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

Visit our website for detailed presentations