Obtaining residence & Citizenship in Uruguay
Uruguay (“the Switzerland of South America”.) is one of the most liberal countries in the world when it comes to obtaining a second passport or citizenship. Uruguay attracts a lot of globetrotters, business people and retirees who are seeking the numerous benefits of a second nationality, better known as dual citizenship.
In Uruguay it’s easy to obtain a residency status, the applicants don’t require owning a property or having investments in the country in order to obtain residency (owning property does not eliminate the income requirement either).
A deposit of 6000USD in a local bank in Uruguay and an income proof that the applicant has a yearly income of at least 6000USD fulfils the financial requirement to apply for the residency.
Once the application is processed the applicant can travel passport-less to Argentina, Brazil, Chile and Paraguay with the documents received from Uruguay authorities.
After five years of having filed for residency (3 in the case of families) one can apply for citizenship. The citizenship application process is quick, and usually citizenship is granted within three months of one’s request.
Uruguay allows multiple citizenships and the key benefit of its citizenship is that it allows a Uruguayan passport holder visa-free travel to all Latin America and several European countries.
Uruguay attracts many rich foreign investor and offshore resident who are looking to get benefits from a second residency. Both USD and EURO are widely used by the banks, and risk free bank transfer is one of most outstanding feature of this economy. One can bring and take out money with ease with no restriction on money transfer and no taxation on money earned outside Uruguay.
Assets in Uruguay can be owned by any type of foreign body, with no disadvantage.
Uruguay is a tax haven again like the BVI, where you are not entitled to pay tax for income earned from foreign. Banking in Uruguay is very convenient and easy, even a non-resident can start a bank account with an address proof which can be in any country. Banking law in Uruguay is tight closely packed and is very famous of its secrecy pattern. The banks under no circumstances can share information with any party, including the government of Uruguay (expect on matrimonial cases relating to alimony)
Uruguay maintains a reputation as an efficient and trustworthy offshore jurisdiction, mainly through two instruments: offshore companies and free-zone companies. Uruguay is a country that is very open to foreign citizens (not only to those doing business or buying property, but also to those seeking legal residency).
After filing for residency, the applicant does not need to stay in Uruguay, but should enter the country once, before the granting of the residency, or at least once a year. On average, six to twelve months after the initial filing, residency is granted (Can do faster too).
Uruguay allows multiple citizenships, and the key benefit of its citizenship is that it allows a Uruguayan passport holder visa-free travel to all Latin America and several European countries.
A special law that applies to people who are officially retired (with a pension), and income of over USD 18,000 per year guarantees a Uruguayan passport more rapidly. For those who apply for residency under this law, a passport is granted after a year to eighteen months (the time the process usually takes)
To apply for Permanent Residency in Uruguay, following documentation will be required:
1. Certified copy of Birth Certificate, duly legalized by Uruguayan Consulate closest to or at place of birth.
2. Certified copy of Marriage Certificate (if applicable), duly legalized by Uruguayan Consulate closest to or at place of marriage.
3. Certified copy of Divorce Sentence (only applicable, if applicant is divorced and has intentions to get married again), duly legalized by Uruguayan Consulate closest to or at place of divorce (please ask for more specifications if this is the case)
4. In case of minors doing the process alone or with only one of the parents, please ask before travelling.
5. Good Conduct Certificate issued by country’s National Police of country of birth, duly legalized by Uruguayan Consulate closest to or at place of residency.
6. Good Conduct Certificate issued by country’s National Police where applicant has lived for the past 5 years (if several countries, then from each country), duly legalized by Uruguayan Consulate closest to or at place of residency.
7. In case that you have a Police Record, prove of accomplished sentence, duly legalized by the corresponding Uruguayan Consulate.
A Health Certificate will also be requested by Immigrations, which only is obtainable at specific Institutions in Uruguay.
After the Residency has been approved, the Local ID will specify the approval and will be valid for 3 years, which is renewable for further terms of 3 years.
Uruguay offers the best deal when it comes to obtaining your dual citizenship, as not many documents and investment are required to obtain residency or the citizenship and you can take your hard earned money to a tax free haven and enjoy all benefits of a second passport. We work really close with some of the most reputed immigration lawyers in Uruguay, please free to contact us regarding any enquiry. Click here to book an appointment and meet our immigration specialist regarding your second passport.