The possibility of opening up investments more and not focusing them only on Argentina, since there are some opportunities, makes many Argentines decide to do so in the neighboring country.
Before and after the pandemic, various elements have arisen that have caused the construction and real estate investment sector to explode both in Montevideo and in Punta del Este. In terms of investment, an Argentine can do the same as a Uruguayan because the benefits they have are also extended to foreigners. In terms of tax residency, if they meet the tax requirements to invest, they can obtain it.
What is the difference between “tax residency” and “legal residency”?
In this regard, there is widespread confusion between tax residency and legal residency. Tax residency involves paying taxes after 183 days of residence or other criteria, while legal residency refers to obtaining an identity card, which allows one to work and access health services.
On the other hand, legal residency begins as a temporary residence and, once the process with all the necessary documents is completed, a permanent identity card is granted. This has no relation to tax residency, which is completely free and allows freedom of flow and currency; because in Uruguay, you can buy euros or dollars without exchange controls.
Banks: How they work for Argentines
As for banks, they used to be reluctant to open accounts for non-residents, but now they are more open. Opening accounts for non-residents is possible, although generally only savings accounts are allowed and not current accounts, due to the security of issuing checks. However, there is an opening for savings accounts for non-residents, depending on each bank.
How many Argentines invest in Uruguay
There was an increase due to those people who do not have funds, there are many loans available, since they are a country with a high investment rating. A natural person can perfectly buy a first or second home, with a 20% down payment and the bank mortgaging the remaining 80%.
Source: Profile
