Retire in Uruguay

Retire in Uruguay

(From Uruguayan Embassy in Washington D.C.)

The United Nations Program for Human Development has categorized Uruguay as the country with one of the highest standard of living in all of Latin America and the thirty-second highest in the world.

Below is some useful information about Uruguay that will help you to understand why:

I) Visa Requirements For U.S. Citizens: None You can stay up to 3 months without a visa, if you want to stay longer than 3 months you may ask for a visa once you are in the country.
II) Non-Citizens Are Subject To The Same Rules And Laws As Citizens When Buying Real Estate: A foreign investor is treated the same way as a domestic investor under Uruguayan law, without needing special authorization to set up a business in the country, to make deposits or perform other banking transactions in any currency, to access loans and receive promotional benefits. There are no restrictions to transfer capital or profits abroad, nor to enter into contracts expressing the obligations in any currency. Additionally, there are no controls on foreign exchange transactions.
III) There Is No Difference Between Non-Citizens And Citizens For Tax Purposes: There is no personal income or inheritance tax. The Basic tax system is as follows:
A) State Taxes: 1) Value-added tax, the value-added tax is not imposed on business income but rather is a method of taxing the domestic consumption of the population. The tax is calculated on net amount invoiced for sales and services. The basic tax rate in Uruguay is 23%.; 2) Capital tax - The capital tax is assessed at the rate of 2% on the net worth employed in business at year-end and is not therefore directly related to business profits. However significant restrictions on deductible liabilities are imposed. A Capital tax is collected on the wealth of individuals at a progressive rate (0.7% to 3.5%).; 3) Tax on real estate transfers - both parties to the transfer contract of real estate are subject to this tax at a rate of 4% each on the property tax value (generally below market value).
B) Local Taxes: 1) residence tax - paid by the owner of a property - about $ 25 a month.; 2) automobile tax - paid by the owner of the car - 4% of the market value of the car yearly.; 3) local property tax - paid once a year by the owner of the property - about 1% of market value.
IV) The Uruguayan People: The origin of uruguayan's people is mostly European.; There is not any kind of racial or religious problems.; The literacy rate is 95.8%. Life expectancy at birth is 72.41 years. This is all data that shows social, political and economic stability. In a world where crime rates are always increasing, Uruguay has a static or decreasing crime rate.
V) Living In Uruguay - Cost Of Living: Standard prices in U.S. dollars.
Basic Foods:: Milk - $1.20 (1 gallon); Flour - $1.00 (2 pounds); Eggs - $1.25 (1 dozen); Oil - $1.50 (1 lt.) Olive Oil - $8.00 (1 lt.); Potatoes - $0.40 ( 2 pounds); Meat - From $2 to $4 (2 pounds), depending on the cut; Coke - $1.70 (2 lt.); Beer - $1.20 (1 lt.) 1 Can - $0.80; Wine - $2 to $4.50 (1 lt.); Rice - $0.40 (2 pounds); Mineral Water - $0.30 (1 lt.)
Garments: Men's Suit - $170 and up; Men's Shirt - $35 and up; Pants - $40 and up; Coat - $140 and up; Leather Shoes - $85 and up; Brand Name Jeans - $60

Electricity - $ 35 per person, per month (approx.).

Telephone - $ 40 plus international calls, per month.

Food and Drink: Tea or coffee - $ 1; Chocolate - $ 1.60; Small Sandwiches - $ 1.50 to 2.50; Hot dog - $ 0.75

Private schools - $ 250 per month and up.

Gas - $ 2 (1 lt.) about $ 6 per gallon.

Real Estate Cost - A Simple house or condominium in an average area costs approximately $ 80.000. In addition there is a real state agent commission of 2%, a Notary Public fee of 3%, and a registration tax of 1%.

Medical Cost - There are many medical plans in Uruguay, each with its own Hospital. The monthly fee is, on average, $ 50 per person. Emergency service - $ 9

VI) Other Information: Health Requirements For Pets: The standard documents required to export a pet from the U.S. is sufficient. A consular visa is not needed, and there is no quarantine period.; TV, Standard System - PAL-N. There are four public access channels in Montevideo, five in Punta del Este and cable is installed all along the country.; Current Voltage - 220 Volts - 50 cycles. Power outages are preprogrammed. If you suffer a power outage for more than 24 hours caused by problems at the Electric Company (state owned) you receive one month of electrical usage free of charge.

Retire In Punta Del Este

The Town Council of Maldonado encourages the settlement of retired people who want to enjoy the beautiful resort of Punta del Este, and the near-by area.

Why Punta del Este?

Crime Rate: Perhaps, it is because there have been no reports of violent crimes against senior citizens in the last 5 years (such as rape, robbery, etc.); there are no reports of crimes related to drugs in Maldonado, either; crime rates against people are very low, and with one exception, that occurred in 1992, have not had fatal consequences.; Crimes against property (robberies) also have a low rate. The robberies that do occur are mainly focused on summer houses which are empty during the winter.; All of this information has been issued by the police chief of Maldonado.
Cost Of Living: The cost of living in Punta del Este, as reported by the Town Council of Maldonado, varies substantially. This is due to housing prices which are higher in the peak season (Summer - 12/1 to 3/1).; The cost of living at the middle-class level in the summer is approximately $1,500 a month. It could be said that the cost of living in Punta del Este is 50% higher than living in the rest of the country.
Local Services: Water and electricity services are more than sufficient, although minor inconveniences may arise during the peak season with water services. The Mayorship is currently working out these problems in order to assure the service, and eliminate inconveniences.; The Town Council services include: trash pick-up, street sweeping, public lights, etc. Local taxes in Maldonado are 100% higher than in other places in the country.

If you would like more information about living in Punta del Este, you should contact the "Intendencia Municipal de Maldonado". Their address is:

INTENDENCIA MUNICIPAL DE MALDONADO
Montevideo 745
Maldonado, Uruguay
Ph: 011 598 42 223906
Fax:011 598 42 229132

Laws That Allow Immigrants To Bring

Personal Property Into Uruguay

I) Decree 333/972: It allows residence applicants to bring into the country all types of home appliances, furniture and a car for personal use.; The resident must pay for transportation, insurance and port use (2.5% of CIF value) and 60% over the car invoice as tax.; These general decree apply to everyone who wants to emigrate into Uruguay.; Uruguayan citizens have some limits of time and special documentation to present in order to return to Uruguay.
II) Decree 416/964: Allows applicants for residency to bring into the county all the tools and equipment needed for their jobs or business enterprises (except cars or trucks).; To obtain tax free treatment, a special permit from the government must be requested in advance.
III) Decree 247/990: A special program exists for applicants that have been members of the foreign service of their country or officers of an international organization in which Uruguay is member. They are allowed to introduce not only all types of home appliances and furniture, but they also have the right to diplomatic franchises and can bring a new car into the country (for personal use) every five years.; This decree also applies to Uruguayan citizens who have worked at an international organization for more than 20 years. In every case the resident must pay for transportation, insurance and port use (2.5% of CIF value) and 60% over the car invoice as tax.; To enter this program you need to add the following to the basic documentation: a) the evidence that you have bought a property for a minimum amount of $ 50.000, or public debt for an amount of $100.000. The process of buying the property or the public debt can be done after you enter the country; b) a letter from the International Organization or Foreign Government that certifies your status.; Once you are in Uruguay, you must contact the Ministry of Foreign within the first 60 days upon entry and request the special diplomatic waivers.

Basic Documents And Other Requirements To Apply For Residence In Uruguay

Police Record - with no arrest, certified by the Uruguayan Consulate.
Financial Statement - to prove that you can financially support your family group.
Documents That Allow The Applicant And His Family To Return To His Original Country - in case the application is rejected, the person must return to his country of origin. For American citizens the U.S. passport is enough.
Health Examination - once in Uruguay, doctors will examine the candidate in order to certify that he or she is healthy.
Documents Of Marital Status - legalization in the Uruguayan Consulate of birth certificate, license of marriage and decree of divorce from vital records will be required for your own convenience in order to establish your marital status in Uruguay.
List Of Personal Property Moved To Uruguay - In case you decide bring your home appliances and furniture to Uruguay, you have to prepare a list and legalize it in the nearest Uruguayan Consulate.
Car Documents - If you want to bring a car for personal use (neither trucks nor business vehicles are allowed) you must legalize its documents (it must be in the name of the person who immigrates into Uruguay) and invoice (to establish its value at customs and other services).