Uruguay Reduces Tax Burden on Foreigners Who Obtain Tax Residency

Now all one has to do is spend 60 days a year in the country and own a property worth just under US$400,000 (R$2 million). In addition, the "tax holiday" benefit has been extended from five to ten years in order to allow for exemption from paying income tax.

RIO DE JANEIRO, BRAZIL - Uruguayan President Luis Lacalle Pou has kept the pledge, made before taking office, that he would relax tax regulations to attract Argentine entrepreneurs: his intention, he said, was for 100,000 Argentinians to take their money to the neighboring country and even move there.

He did so on June 11th, by issuing a decree establishing that, as of July 1st, all foreigners who want to have their fiscal residence in his country will be able to do so easily. They will simply have to live there for 60 days a year and own property worth no . . .

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