· Your application for the Uruguay passport will be filed by the attorney when your permanent residence is issued. you should expect that your passport will be issued to you between six to seven months after your arrival in Uruguay.

· As a Uruguay passport holder , you are not subject to taxes on foreign income. Uruguay has no compulsory service, military or otherwise, and you can reside in Uruguay, or outside of Uruguay, as you choose.

 

Advantage of being a passport holder in Uruguay

Uruguay is a developed country with a thriving social and business life. The capital city, Montevideo, is one of the truly beautiful cities, and the standard of living is higher than most South American countries.

Near Montevideo are many lovely beach resorts, with white sandy beaches beloved by tourists. The city also has a thriving cultural life, with art museums, clubs, restaurants, discos, and parks.

The general cost of living in Uruguay is low, about 40% cheaper than the United States or Europe. There is also liberty of cash movements (no tariff or tax on bringing money into or out of the country), confidentiality of banking, and implementation of fixed interest rate regulations, all of which mean financial stability and security.

Uruguay is a good country for business. One indication of this is that government bonds are considered “investment grade” by rating agencies such as Moody's and the British IBCA. It ranks highest among Latin American countries in its financial ratings and its stability, and its government has demonstrated that the country is committed to supporting investment and business. Annual inflation was 5% in 2000, and has been lower than most of its neighboring countries since then. In summary, Uruguay is a most favorable investment opportunity, for development, for housing (including rental housing), for tourism, and for finance.

PANDA can help you find other investment opportunities in Uruguay, as well as assisting you in establishing businesses, including trading businesses in Uruguay's free trade zone in Montevideo. Details will be supplied to you at your request.