Uruguay is often touted as the perfect “Plan B” in Latin America. It can be for some people, but not for most people as there are ambiguities.
The pros of residency in Uruguay
- Extremely easy to get. Just show up with a developed country passport and they will grant you temporary residency within 2 weeks.
- You then have two years to hand in all the documents (birth certificate, criminal background check, proof of monthly income of minimum $1,500, etc).
- You must spend the majority of your time in Uruguay in order for them to them grant you the full residency, which is effectively permanent.
- Developed country
- Many tax incentives in place – living tax-free on foreign income is achievable
- Decent healthcare
- Very peaceful
- Good banking
- Does lead to citizenship if you actually live there full-time
The cons of residency in Uruguay
- Not a passive, paper residency. You must initially actually live in Uruguay.
- Uruguay is incredibly boring. Not much happens at all. It’s just agricultural land and mostly cold water.
- Foreigners typically think Uruguay is a conservative place, but in reality it is very liberal socially speaking. This gap in perception often leads to disappointment.
- The citizenship is not a full citizenship. It is a passport with your original citizenship still written in it. But this will likely change in the future.
- Expensive country to live in.
I discussed how to get residency in Uruguay with my immigration agent on the ground Macarena.
Overall I feel Uruguay is a great option for the right type of people aka people who just want to be on their own somewhere and are ok with a lack of excitement in their life.
Alternatively, if you are willing to sacrifice/dedicate one year living in Uruguay in order to get your permanent residency, then you will have a great plan B which doesn’t feature on blacklists and which has very decent international banking.
You can get in touch with Macarena and get more information on how to get residency and tax residency in Uruguay.
To a World of Opportunities,
The Wandering Investor.
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