MARCH 2020

Draft Law to promote the foreign residence in Uruguay

President Luis Lacalle Pou has laid the foundations for his legislative plan to increase the size of the population by facilitating the entry of foreign residents through tax incentives.

Local media has reported that, specifically, the incoming administration seeks to attract between 50,000 and 100,000 foreigners in its 5 years of government, with a strong emphasis on medium to large capital Argentine and Brazilian businessmen who are affected by the economic ups and downs of their respective countries.

Uruguay draws inspiration from countries of the European Union, especially Portugal, to increase its population and activate its economy. Among specific measures, it stands out that Uruguay is currently asking a foreigner who wants to obtain residency to invest approximately US $ 1.8 million in real estate. The intention of the new government is to bring these amounts to similar levels of those of Portugal, for example, which are Euros 500,000.

We will bring you further information when official steps are taking.