The Oriental Republic of Uruguay, is a country of South America, member of the Unasur and Mercosur. It is located in the eastern part of the American Southern Cone. It borders to the northeast with Brazil, to the west with Argentina and has coast in the Atlantic ocean to the southeast and to the south with La Plata river (River Plate). It has an area of 176 215 sq. km, being the second smallest country of South America in territory, after Suriname. It is a Spanish-speaking country, inhabited by about 3.2 million people, where half live in its capital, Montevideo. Its official legal tender currency is the Uruguayan Peso (UYU).
Uruguay is considered one of the most developed countries in Latin America. It has the fourth highest per capita income of Latin America, and the eighth in purchasing power parity terms. It also has one of the highest Human Development Index, most equitable income distribution, highest life expectancy and most peaceful and democratic. It is also considered one of the safest and greenest countries worldwide.
Its economy is relatively dependent of its neighbor Argentina. Due to the volume of Argentinean capital that receives and the commerce between both. Uruguay is an agro-exporting country, mainly rice, wheat, maize, sunflower, sorghum, barley, soy, sugar cane and livestock (cattle, sheep). The main industries are refrigerators, dairy and derivatives, textiles, paper and paperboard, fertilizers, alcohols, cement and hydrocarbon refining. Although mineral and energy resources are scarce, there are deposits of agates, amethysts, granite, marble deposits, and gold.
The services sector also has special importance in its economy, mainly tourism, financial, logistics, transport and communications, as well as the information technology industry, specially software development and related services. Tourism is one of its main revenues source, in 2016 more than three million people visited Uruguay, almost equal to the population of the country. Punta del Este is its major tourism hub, full of beaches and entertainment avenues.
Uruguay has been traditionally an offshore financial hub, specially for wealthy Argentinians. After the banking crisis of 2002, the sector lost reputation, but it has been recovering, and currently, the country has one of the most stable financial sectors of the region. Uruguay is also an interesting jurisdiction for the incorporation of companies conducting international business, as the country operates under a territorial tax system, where income of foreign-source is tax-exempt. At the personal level, foreign-source income is usually not taxed with some exceptions such as foreign income from dividends or interests, although a 5-year tax exemption applies for newly tax residents.
The country has a considerably open immigration policy, where residency can be obtained by proving a monthly income, and after five years (three for couples), a resident is qualified to apply for citizenship. At Flag Theory, we help you to find strategic locations globally to allocate part of your life, personal finances and business to increase your freedom, privacy and wealth. Below, you will find why and how to get residency and citizenship in Uruguay, set up a company, open an offshore bank account, investment and business opportunities in this Latin American country.
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