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10 January 2020 Share

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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