INVESTMENTS in URUGUAY

Business buy sale of Urban and Rural Real Estate in Uruguay

This section is intended for foreign and national clients, in many cases there may be some differences in the purchase and sales operations, in the countries of origin of the investors and Uruguay.

Next, we describe the main points, the mechanism and the procedures that govern in Uruguay at the time of acquiring goods (urban or rural)

In Uruguay, the client who buys or sells real estate must pay a sales commission of 3% of the total value of the investment plus VAT (Value Added Tax).

Investments in Uruguay are made in US Dollars.

The payment of taxes and commissions is made in Uruguay.

The payment method and payment location are subject to each business.

After reviewing the property in person or a tour (prior coordination of 4 or 5 days is requested to coordinate the tour of the properties, without exception) or, failing that, a virtual tour.

The steps to follow when investing in Uruguay.

1) The investor must have a bank account in Uruguay in US dollars.

Note: At the request of the BCU (Central Bank of Uruguay), the banks request that the client prove the origin of the funds, this being one of the many requirements that they request for the opening of accounts, the requirements for opening bank accounts depend from each banking institution.

2) After the agreement on the price of the property, the investor must sign a reservation ticket, with a deposit of 10% of the total value of the investment, this value will remain in custody of the notary in the name of the buyer

Note: The approximate term for the study of the documents and issuance of certificates is from 45 to 60 days, depending on the normal operation of the General Directorate of Registries.

3) The buyer must hire a notary to proceed with the elaboration of the reservation ticket, the study of the documentation of the property and finally proceed with the deed of the acquired property.

Said notary fees must be paid by the buyer, as agreed between the parties.

The expenses related to the stamps and the expenses related to the study of the documentation are also borne by the buyer.

4) Payment for the property is made by bank transfer, no cash payments are made.

Some payments can also be accepted by Bill of Exchange or Check, depending on the amounts, and if they are payments of taxes, rates and/or commissions.

5) The payment of the sales commission must be paid at the time of signing the deed or with the taking of possession of the real estate, without exception.