The new president of Uruguay has announced a tax residency program which will commence on July 1. Now foreign citizens can obtain residency if they fulfill several important conditions:

spend sixty days a year in the country;
own property in the amount of US$377,000.

Investors can also invest over US$1.6 million in business and create at least 15 jobs.

Investors who are ready to participate in the program can expect to pay zero income tax, as well as no property tax for ten years.

Back in January, the president announced that he was going to attract foreign investors and residents, as well as offer people the chance to move here and transfer capital.

The residency program itself is not an innovation that affects the country. It existed before, it's just that the conditions were too onerous. According to the previous rules, the investor should:

invest more than US$1.8 million in real estate
or invest in a business in excess of $ 5.4 million
spend more than 183 days a year in the country.

The President of Uruguay emphasizes that the country has open the doors for foreign investors, and he also “offers as a guarantee of his state investment and migration policy, its institutional nature, the field of economic and social freedom and a land of unique natural resources."

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A New Uruguay Residency Program Opens On July 1