The possibilities for investing in the Uruguayan market, whether with a simple bank deposit or through the purchase of a property, are becoming increasingly accessible.
In the context of economic insecurity that Argentines are experiencing, obtaining a dual-currency savings account in Uruguay to protect what has been saved or choosing to make some investments can be good alternatives.
In recent years, Uruguay has positioned itself as the place of choice for opening bank accounts for different purposes. Legal security is the main reason for this choice, even beyond profitability.
Now, how much money is required to open a bank account in Uruguay? Here's the good news. There are no minimum amounts when opening an account in this country. Each bank is governed by its practices and the profile of the client, and no minimum or maximum amounts are established. A foreign person can, in some cases, open an account in Uruguay without making any prior deposits.
To open these accounts, you need a recommendation from a bank in your home country, payment of the fees for a non-resident account, a document or passport, a rental contract or a utility bill certifying your place of residence. You must prove that you are not a resident of that country.
If you manage your bank account in Uruguay from Argentina, it is advisable to carry out the process through an online bank or neobank. It is not possible to do so through a traditional entity, since it is mandatory to be physically present to complete the process and obtain this non-resident account.
Why do you choose Uruguay?
Today, Uruguay is a tempting destination with different investment options in real estate projects in Montevideo, Punta del Este and Colonia. Uruguay's economic and political stability, geographic and cultural proximity and quality of life have made it an interesting place to live and invest. It has implemented policies to attract foreigners by offering tax incentives and facilities in the investment process.
Under the Uruguayan housing promotion system, more than 2.000 properties were purchased in the last decade. It is important to know that this law does not only apply to buying a first home, but also to making investments. Today, it is estimated that the profitability obtained from renting in Uruguay is between 4,5 and 6% annually in dollars.
Although Punta del Este remains a very attractive destination for Argentines, there are other very interesting areas today. Without going any further, Montevideo is growing exponentially at the moment, being a city that receives many students and passengers on a daily basis, both for tourism and business, which generates that the properties have a permanent demand and a good profitability throughout the year.
The most sought-after neighborhoods are Tres Cruces, La Blanqueada and Palermo Soho. On the other hand, Carrasco and Avenida de las Américas. Looking at what happens with sales offers by neighborhood, we can make a division between more ABC1 neighborhoods and middle-class neighborhoods. For the latter sector, the value of a new, two-room apartment with 40 square meters for sale ranges from USD 110.000; the same apartment in the most exclusive areas can reach an average price of USD 160.000. We can continue with the scales at the level of square meters and locations, up to values of USD 1.000.000 or more for three bedrooms.
Used units generally have lower prices per square meter, however they require an investment in installations, bathrooms, kitchen, plumbing, electricity, etc.
In conclusion, to invest in Uruguay, a non-resident Argentine does not require a minimum financial investment. When considering a real estate investment, we should start from a minimum of USD 100.000 so that the investment is viable and profitable at rates of 4% to 6% per year in dollars.
Source: Infobae
