If you are looking to invest abroad, Uruguay has implemented many laws to make sure that it is up there as one of the best choices for foreigners, ensuring that you will not only safely be able to acquire new assets, but also granting you the same rights as a Uruguayan national in the purchasing of real estate.
This means that with no extra paperwork or lengthy additional processes, the time between researching a new home and moving into it could pass in the blink of an eye.
Why Uruguay?
Uruguay is fast becoming a country that foreigners see as an attractive prospect for investment, and it is in no way by luck. In the 21 st century, the nation has seen a rise in popularity due to the international recognition of the highly educated workforce and human resources available, as well as the quality of life experienced by nationals.
The government has also implemented schemes that allow foreigners to obtain residency in less than a year, on our blog there is an informative article with all of the steps to achieve this!
The purchase process
Now, onto the purchasing of real estate, initially, the research phase is very important, as with any acquisition of property, however it is equally important to build an understanding
relationship with the seller.
Let's go through the steps:
1. A pre-purchase agreement must be written up by a Notary to establish trust between both parties, so a good relationship between you and the seller of the property is crucial to making the process as easy as possible.
2. A sales contract will be signed afterwards to make it all official and the money is transferred to the person selling the house directly, which is unusual as there are no middlemen as with many other countries. However, it is an attractive idea as it alleviates the hassle of exchanging information via agents and can make the process much faster.
3. It is still customary to provide a deposit, and this can be between 10% and 20% of the agreed purchase price, and the Notary will research up to 30 years of history of the property before writing the deed, registering it and paying necessary taxes before money can be transferred from you to the seller.
What else should I know about investing in real estate in Uruguay?
Despite the information outlined above, the majority of this process is undertaken by others, with the main things the individual needs to do being research, relationship building, and instruction of the necessary Notary before finalising the deal and buying your new property. It must be said that Uruguay stands out for its uniqueness when it comes to facilitating foreign investors in real estate, making it too good of an opportunity to miss!
It has to be said that with the vast opportunities on offer either for tourist, commercial or
private property, the small nation is becoming increasingly exciting, especially this year,
2023, where travel is returning to pre-pandemic levels the world over, and trade flows are creeping back up to normal levels, meaning your returns on investment are looking very promising.
So, if you are interested in finding out more about the pathway to residency in Uruguay through investment in real estate, as well as other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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