50% of the purchase and rental operations in Uruguay are by Argentines.

The trend of Argentines who decide to emigrate from the other side of the Rio de La Plata continues to increase and this is reflected in the real estate sector
Until two or three years ago, the participation of Argentines in the real estate business was very low and, practically, concentrated in Punta del Este. This changed in recent times. The search, now, is targeting  Montevideo and particular areas such as Pocitos.
Despite this increase in demand, property prices in Uruguay remain stable. Except for those considered "promoted homes" - they are aimed at a lower-income public - which are set in Uruguayan currency, the rest are ruled by the dollar, as in Argentina.
There is also a lot of demand for the purchase of real estate from the well, which is reactivating the construction sector in that country

Uruguay, one of the countries chosen for US citizens to migrate after the pandemic

The website, created a ranking of the 20 best democratic countries for Americans to move in after the pandemic, where the climate is decent and life is affordable.
Among other things, they have great weather, are welcoming to newcomers, and are not too expensive to live.
The United States has one of the highest numbers of cumulative coronavirus cases per capita, has had a significant increase in unemployment, and is already feeling the negative economic impact of the pandemic.
For our list, we looked at five metrics for democratic countries, including average temperatures, costs of living, how welcoming a country is to migrants, the country's score on The Economist Intelligence Unit's Democracy Index, and the decrease in daily cases of coronavirus.
Among the countries that occupy the top positions in the ranking, are Spain, New Zealand, Uruguay in the number two position and Australia topping the list.
Uruguay's cost of living is 34.8% lower than that of the United States. The country also has a pleasant climate, with an annual temperature of 63.8 degrees Fahrenheit in 2016. Uruguay has also had a low number of daily cases reported during the pandemic compared to other countries.
According to the US State Department, you can travel to Uruguay without a visa for 90 days.

In June, labor demand showed signs of improvement

After the deterioration caused by the pandemic, the closing of schools, halting jobs, stopping stores, there was a drop in the supply of jobs, reaching the lowest levels since 2005.
To the 120 thousand lost jobs, the 240 thousand workers with suspension of activities join (INE)
In June, a 35% increase in job opportunities stood out, above the previous month, which means the beginning of the recovery.
According to Advice, 41 job offers per day were published in June.
All areas of activity are below their previous level, with tourism being the most affected, ranking 60% below its level and the one that most increased its demand compared to the previous month was customer service with 96%.
The process of increasing labor demand will be gradual.
Source: El Observador newspaper

Argentines interested in investing in Uruguay

After President Luis Lacalle Pou mentioned Uruguay's vocation to receive migration.
A virtual event entitled “Real Estate Opportunities in Uruguay” was held, where agents from the sector and investment advisers ratified the growing interest on the part of neighboring citizens to buy real estate or fields on this side of Rio de la Plata to obtain rent or to move.
The Ministry of Foreign Affairs gives a list that gives priority to start the post-pandemic residency procedures in Uruguay, and the management with the Visa company to enable them to pay real estate fees with Argentine cards.
This "is not to buy a unit, but for the automatic fee" that arises from the financing of the property. In the case of payment of common expenses, the card charges an extra 4.5%.
He stressed that there is a varied offer of products for foreigners who want to invest in real estate, and that beyond the Argentines, "inquiries from Brazilians and Chileans" are received. In the case of the former.
The president of the Real Estate Chamber, Wilder Ananikian pointed out that "the difference is that before they looked (investments in Uruguay) for rent and now also as their own future home."
“Today Punta del Este has profitability and a variety of (real estate) products, whose prices are 20% lower due to the crisis and it is an opportunity. If you buy as an investment, you generate an annual income in dollars of 4%, because it is the most prestigious spa in Latin America and only with the January rental are all expenses and taxes covered, ”said Covello.
Information source: Diario El Pais

Interview with President Luis Lacalle Pou in the Argentine medium TN

President Luis Lacalle Pou gave an interview to an Argentine media and it was all the rage on social networks.
The TN signal conducted the first interview with the Uruguayan president where they spoke mainly of the COVID-19 combat in Uruguay.

 "He was not willing to compel Uruguayans to confine themselves and go towards a police state" he also added in response to his strategy against COVID-19 "The Uruguayan has a genetic vocation in freedom. It is a very precious asset, which Sometimes in daily logic we forget, but in difficult moments the Uruguayan comes out ahead with that value and defends it, "said Lacalle Pou. And for this reason, he considered that he was not willing to implement a strict quarantine in the country. "You cannot put a prisoner who tries to gain weight," he said.

The president also highlighted the self-care attitude that Uruguayans had in the face of the pandemic and highlighted the individual and collective responsibility of society.

Lacalle Pou reviewed other topics such as diplomatic relations between the countries, the bilateral relationship with Argentina, its link with Alberto Fernández and the future of Mercosur.
"We look for coincidences of our country with the Argentine government. If we base our relations on ideologies, perhaps we will have conflicts and we would not represent the whole country. We have to honor a historical relationship of brotherhood"
“Uruguay has a vocation to grow, to attract people. We don't want them to just come to invest, we want them to come live. It is not only designed for Argentina, but for the world "

In this regard, the executive branch published a decree in June on the requirements for accessing a fiscal residence and promoting the arrival of capital in the country, reducing the assets required to process the residence.
Material generated from the information in the digital version of the newspaper La Nación (ar) and El Observador (uy)

Link access to the full interview: 

Financial Inclusion in the Law of urgent consideration

Financial inclusion in our country from the outset presented some opposition voices, since it was warned that it could undermine freedom of choice. Not only with respect to the means of payment, but also the right to privacy. This last point is linked to the fact that the State knows how the citizen spends (or not) the money, how much, the banking entities used, payment channels, among others.

Therefore, the individual lost the possibility of choosing not to be included in the Financial Inclusion Law, because the State forced him to enter said system.

With the change of government after March 1, 2020, the opposition (now ruling) made a few modifications (and several of them radical) that are contained in the Urgent Consideration Law.

One of the most important changes it presents is that the employer - previously forced to pay electronically - can now negotiate with the worker and resort to cash payment. This change also covers payments for professional services and food items.

Likewise, the deliveries of money made by the State to its suppliers are for the consideration of such suppliers, who will no longer be obliged to use a banking method. All the measures that previously restricted cash will also apply to individuals, who will now not be obliged to identify the electronic payment, so that both parties can agree on how to pay the money.

The Urgent Consideration Law will only require the use of means established by the Financial Inclusion Law, when, for example, the payment equals or exceeds 40,000 IU so that, only in this case, must the nature of this payment be identified.

Another change is that several articles (35, 36, 40 and 41) that are linked to real estate or motor vehicles, as well as commercial companies, are repealed. Specifically referring to the properties, it will no longer be necessary to record the account number in the contract, since the rents can be paid again in cash with money in hand.

Despite all these changes, the modifications to the Financial Inclusion Law do not make the fight against money laundering more flexible, but on the contrary, continue with the controls to avoid financing illicit funds and the movement of large sums of money that may be linked to it.

In summary, the citizen will now be able to dispose of the money that he previously had bankrupt and the Law of Urgent Consideration responds to this demand. Electronic payment will now emerge from the individual decision or between the parties to a transaction, instead of being an obligation imposed by the State.

Information generated using the material of the web page source: Asociación de profesionales uruguayos en gestión humana

Get to know our way of working remotely. Stay at home!

In accordance with what is suggested by the National Government regarding the COVID -19 pandemic and always working towards preserving health, well-being and taking the necessary provisions, it is that our office will remain closed. But we will continue working remotely, for which we have designed work procedures that do not stop your investments or put your health at risk.

This is why we have the possibility of:

1- Visits and virtual tours of the properties on our website.
2- Interviews through video conferences on Skype and WhatsApp Bussines.
3- Group meetings in Zoom.
4- Digital signatures of contracts and online documents.
5- We work with rental guarantees in non-contact ways.
6- Notary and accounting advice service by telephone and online.
7- 100% online property management.

At Plaza Mayor we work from the beginning of our company in the digitization of processes and in situations like this we redouble our efforts, adapting ourselves to the circumstances to carry out their business as always in the safest and most reliable way.

Ask us about these work options, we are at your disposal to prepare the most suitable method and according to your needs.

Punta del Este highlighted internationally by the magazine Salidas

According to the magazine Departures, recognized worldwide as a quarterly publication that evaluates tourist destinations considered "luxury", Punta del Este is the Jet Set of South America.

This is due to the attraction it exerts in the region, where the arrival of Argentine public -and wealthy Uruguayans - stands out, who during the holidays leave their mark and enjoy the benefits (beaches, restaurants, outstanding architecture such as Casapueblo and a charm single coastal), and even modify its demographics.

On the other hand, the high-rollers who resort to casinos, 5-star hotels and the yacht port, which complete the landscape every season, are also mobilized.

However, we should not only focus on Punta del Este and its surroundings, but other towns such as José Ignacio, which according to the magazine "receives the most elegant crowd," are of vital importance. Its name is due to a solitary fisherman who, until just a few decades ago, toured the inaccessible places of the fishing village. Today, the area boasts the most expensive properties in South America, the value of which can be as high as $ 15 million.

According to many assiduous travelers, the building in Punta del Este has developed so much that it resembles that of Miami Beach, but unlike this, José Ignacio has restrictions to build in height, so that it maintains a conservative and unique architecture.

Geographically, Punta del Este is a peninsula that goes into the sea and is located just 150 km from the Uruguayan capital. It marks the political limit of where the Río de la Plata ends and the Atlantic Ocean begins.

Another recognized work is "the fingers of Punta del Este" that has given rise to many legends and is the best known postcard of the cape. Also the Brava beaches (with choppy waters and ideal for water sports) and Playa Mansa (transparent and calm waters) together with Gorriti Island complete the combo of the global destination.

For its part, the Port of Punta del Este offers the opportunity to take a walk, watch the sunset or have a good time in the bars, restaurants and pubs that are in the port. The seafood is the culinary star of the menu and it is also possible to hire sea and fishing trips.

The Museo del Mar is ideal for the whole family with a natural history told in 2300 m3, divided into four large rooms and offers its material to the public throughout the year. It is made up of: The Sea Museum, The Spas, The Memories Museum and finally, the Insectarium. As for the Isla de los Lobos, it is a nature reserve with the largest colony of sea lions in the western hemisphere. Two species live on the island: the sea bear and the sea lion.

The magazine also mentions the Vik, Mallman and Bulgheroni families for the investments made that, over time, became affluence areas and, therefore, obligatory visits. "Uruguay is like the Switzerland of South America," said Christian Wylie, director of Bodega Garzón. Political, social and financial stability, like offshore private banking, give people with high purchasing power the peace of mind they need to care for their wealth.

Material generated from site material: Departures

Uruguay presented investment opportunities to Argentines


Finishing the year 2019 and together with the first announcements given by Lacalle Pou to encourage the investment of entrepreneurs from Argentina, our country carried out the activity: “Investment opportunities in Uruguay,” which took place in Buenos Aires.

It was organized by the Institute for the Promotion of Investments, Exports of Goods and Services and Country Image “Uruguay XXI”, with a view to positioning it as an investment destination for Argentine companies that point to the region and the world, including sectors such as Science of Life, Corporate Centers, Agribusiness and Information and Communication Technologies (ICTs).

The opportunities were presented at a working breakfast organized by the aforementioned Institute and the Embassy of Uruguay in Argentina, at the residence of Héctor Lescano Fraschini. Networking was highlighted with a delegation of 30 Uruguayan assistants and 100 Argentine businessmen. The work tables were distributed according to sector specialists and representatives of the private sector were responsible for advising on investment possibilities.

For the Life Sciences sector, he spoke about Pharma Logistics and Medicinal Cannabis, while in the sector of regional corporate centers, there was talk about the centralization of shared services and trading. Food and the forestry-wood sector were the priority items in the Agribusiness area.

At the Farma table, Megalabs' success story was presented with the Logistics corporate manager, Ana Carina Delgado, who shared with those present what activities have been carried out since Uruguay and the reasons for their selection.

For the development of the Case of success of the ICT sector, Globant and one of its founders, Néstor Nocetti, who addressed the experience of settling in our country, were presented. For his part, Ricardo Domínguez de RICA Consultores (specialized in taxes, labor, accounting and investment projects) presented the most outstanding features of Law 19,179 on free software and open formats in the State, which has been in force in our country since January 2019 .

Other prominent figures who participated were: the co-founder and Executive Director of Aguada Park, Francisco Ravecca and the business development manager of Zonamérica, Leandro Bonilla, on the occasion of the free zone regime. Both emphasized again the different options to settle in Uruguay.

There was present decision 33/15 of the MERCOSUR Common Market Council that regulates the treatment applicable “to goods originating in the countries that are members of the block, which transit through commercial or industrial free zones, export processing zones and special customs zones" In the words of the former vice president, Rodolfo Nin Novoa, "This rule is a very important step for the development of logistics businesses and is part of the strategy of international insertion (which drives) the Foreign Ministry".

Material generated from site information: Uruguay XXI

Luis Lacalle Pou’s Plan for 100,000 Argentines to move to Uruguay

Although he has not yet assumed (he will do it on March 1, 2020), he already anticipated that he will seek to facilitate the legal residence of immigrants and grant tax benefits that make it possible to send capital from the neighboring country.

According to his own statements: “Uruguay, for different reasons, has the possibility of becoming a place of arrival, not only for Mercosur neighbors, but for the world. We have some things to do there”. They were poured during the Expo Real Estate Expo in Punta del Este.

The newspaper El Observador, for its part, left a record of the following statement: “I first go for the family, after the families are there, they will be able to bring the money. If we have public security, long-term certainties, the country will become a destination”.

One of the measures proposed to begin with this process is the modification of the regulations related to the flow of capital of the Central Bank, “We are going to make some bank-centralist norm that makes capital inflows very difficult”. The object is not only the investment and tourism promotion, but also the permanent residence of Argentines, as well as entrepreneurs (large, small and medium) whose economic situation was affected by uncertainty.

The economist Gabriel Caamaño (Eco Ledesma) adds that: “It must be analyzed in comparison with Argentine law. But at a time when the Argentine government is increasing the tax pressure at the local level for the sectors with higher incomes, Uruguay's announcements begin to mark the limits to that increase.

And for his part, Gabriel Zelpo, of the consulting firm Seido said that: “It is positive that Uruguay makes fiscal conditions more flexible. It may be that Argentine companies that are in free zones are sold and move there in total. It already happened in 2013 and 2014. In the services sector, moving is easier, because today they are billing 30% less here, and there they also have no retentions. It already happens with Chile, where there are companies that should be in Argentina”.

The responses on social networks have been very positive, added to the fact that, in recent years, our country has regained its status of receiving immigrants. It is also reported that the Pit Cnt has been in accordance with Lacalle's proposals. The flexibility plan was devised for the next 5 years.

Other information of interest provided as a result of Pou's statements: “Those who set up the tax residence for the first time can choose the option of not paying personal income tax for their income abroad”, said FBM partner Fabian Birnbaum. Germán Cardoso, the future Minister of Tourism for the period 2020-2025, added that Argentine tourists are “high consumers or high quality taxpayers”.

Currently there is a differentiation to obtain legal residence (which allows to have the identity card) between the citizens of Mercosur countries and associated States and the rest of the world. While the former only have to demonstrate the spirit of staying and residing in Uruguay, the latter must also accredit livelihoods. For the fiscal residence there is no difference", explained the legal study partner Jiménez de Aréchaga, Viana & Brasue, Nicolás Herrera.

Finally, it is important to mention that the equivalent of our country to the Personal Property Tax, is the property tax, which begins to be taxed starting at $ 250,000. However, in Argentina, it is from $ 2 million (depending on the country's currency conversion, less than $ 30,000). This point is especially attractive for future residents.

Information generated from the site information: El Cronista

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