Uruguay is a South American country located in the southeast. Uruguay has a population of 3.44 million people, with Montevideo as its capital. Uruguay is the second-smallest country in South America, behind Suriname, with an area of around 176,000 square kilometers (68,000 square miles).
Uruguay is first in Latin America in terms of democracy, peace, low perceptions of corruption, and e–government, and first in South America in terms of press freedom, middle-class size, and prosperity. This country, more than any other in South America, has a European flavor about it. When looking for an offshore location, this could be a viable option to Cyprus. It is quite easy to obtain residency in Uruguay. It is quite inviting, and there are only a few standards to meet. It isn’t even necessary for you to invest in the country.
- Birth certificate
- Marriage certificate (if married)
- Police record from the country of nationality, and all the countries where the applicant resided. This document cannot be more than 6 months old
- Proof of income, the only real requirement for a foreigner willing to reside in Uruguay is to prove that they have enough funds to provide for themselves and for their family. The amount you declare needs to be consistent with your lifestyle.
- Medical checkup, easy and fast and can be done in Uruguay
- All the documents need to be Apostilled.
As we mentioned before, permanent residence is usually granted within 6 to 12 months. In the meantime, you will be a “Temporary Resident”, with an Uruguayan National Identification Card (“cédula de identidad”) from the beginning, and as such, you may stay in the country indefinitely (or come and go), and even bring your household goods import tax-free.
Uruguay has made it clear that it welcomes foreign nationals who wish to reside there. There are no immigration quotas, and applicants are not compelled to invest in the country. Permanent legal resident status is always granted if the applicant passes a few simple requirements. Furthermore, Uruguay has a beneficial tax residency system: new tax residents receive a ten-year tax vacation, after which they are only taxed on two forms of outside income: dividends and interest, both of which are taxed at a rate of 12 percent. Uruguay credits any tax paid anywhere on that income to avoid double taxation.
Multiple citizenships are permitted in Uruguay. And while the country’s passport is highly regarded, if one wishes to get Uruguayan citizenship (and a second passport), one must wait three years (if married) or five years (if unmarried) (if single). This time begins when a person first arrives in Uruguay to apply for residency.