Maria P. Says:
Is it true that Uruguay is one of the easiest countries to become an expat? What’s special about it?
IL Contributor in Uruguay David Hammond Writes:
Hi Maria,
Well, I certainly think so. I moved to Uruguay in 2006, and it’s been a delight. Was it easy, though? I’d have to say yes.
In Uruguay you can buy and hold any type of property in your own name, including beach-town homes and farmland. Most real estate transactions are in U.S. dollars, so there’s no risk of currency value fluctuations, and no conversion costs when you buy and sell.
As far as value, attractive two-bedroom apartments in good locations go for around $150,000 in both Montevideo, Uruguay’s capital city; and in Maldonado, the middle-class city adjoining Punta del Este. You can also find simple and cozy single-family homes in many smaller cities and towns (including some coastal spots) for $150,000.
High-end properties include executive homes in a private golf community called La Tahona, just east of Montevideo. In and near Punta del Este, you find attractive suburban homes, luxury apartments with hotel-like services, large estates, and gentleman farms called chacras.
Rentals
In Montevideo, you can find clean two-bedroom apartments in good neighborhoods for $700 per month. In Maldonado, you can rent a nice apartment for $500 a month.
Utilities
Uruguay’s public power company, UTE, is among the top energy suppliers in Latin America for both reach and customer satisfaction. The country’s public telecommunications company, ANTEL, provides the deepest internet penetration in Latin America. And in Montevideo, the garbage is picked up every night.
Becoming a legal resident
To become a resident of Uruguay, you need to pass a criminal background check and show enough recurring monthly income to support yourself (often around $1,500 for a single person.) To apply, you enter Uruguay on a tourist visa and make your application in person at the national immigration office.
Before you come, coordinate with a reputable residency specialist in Uruguay to make sure you arrive with all the right documents. Once in Uruguay, your residency specialist will take you step-by-step through the process, which includes a physical exam and getting your documents from home translated into Spanish. (The physical exam is not for screening applicants.)
Banking
Opening a bank account is also done in-person in Uruguay. And you’ll need some documentation from home for this, too. Most residency specialists in Uruguay help their clients open a bank account as part of their service.
Note: If you’re a U.S. citizen, opening a bank account has more hoops. (Because of FACTA, a 2010 U.S. law that requires extra paperwork for foreign banks that accept customers with a connection to the U.S.) So, it’s wise to use a residency specialist with a proven track record of helping other U.S. citizens successfully open bank accounts.
You can read the story of a couple who moved to Uruguay and even started a business here in your IL magazine, right here.
Got a Question?
Send your thoughts to mailbag@internationalliving.com. We’ll post and respond to as many of your emails as we can right here in the e-letter.