banking in uruguay
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Banking in Uruguay. Uruguay´s Banking system. Solid banking system, financial center in the region : 1/3 of accounts belong to non-residents No history of forced conversion/freezing of deposits - PowerPoint PPT PresentationTRANSCRIPT
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Banking in Uruguay
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Uruguay´s Banking systemSolid banking system, financial center in the
region: 1/3 of accounts belong to non-residents
No history of forced conversion/freezing of deposits
Strict Banking Privacy Laws (only released by a court order and because of fraud or tax fraud issues)
Few banks, all global, plus one government bank (BROU)
Plus 30+ representative offices of foreign banks
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Uruguay´s Banking system No restrictions to receive funds in Uruguay
or wire money out of the country
No requirements to convert funds into local currency. Banks operate accounts in USD, Euros or local currency (Uy peso)
Most banks offer e-banking
Cities with main banking options: Montevideo, Punta del Este, Colonia
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Banks operating in Uruguay Banco de la Republica Oriental del Uruguay
(BROU). Government owned.
Nuevo Banco Comercial (NBC). Owned by Scotiabank of Canada
Lloyds (British)
Discount Bank (New York)
Santander (Spain)
BBVA (Spain)
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Banks operating in Uruguay (cont.)
Itau (Brazil’s largest bank)
HSBC (British)
Heritage (Swiss)
Citibank (U.S.)
Bandes (local)
Banco de la Nacion Argentina (Argentina)
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Representative offices More than 30 foreign banks have representation
offices in Uruguay to promote their business in the region
Examples: Credit Suisse Schweizerische Kreditanstalt – Zurich Standard Chartered Bank EFG Bank Ag SGBT Luxembourg RBS Coutts LGT Bank (Switzerland) Ltd. Lloyds TSB Bank Plc – Geneva Andorra Banc Agricol Reig S.A.
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Requirements to open accounts
It's easy to open a bank account:
Foreign residents can open accounts (although some banks choose not to open accounts for U.S. Citizens)
Accounts can be in local or foreign currency
No special requirements for foreign residents
No need to have residency in Uruguay, nor an address, or time spent in the country
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Requirements to open accounts
Two IDs (passport and driver’s license)
Proof of address: any utility bill from your home country. Not more than 30 days old
A bank reference letter
Indication of estimated funds that will come into the account, and transferred out of it, monthly. For incoming funds, an indication of their origin
Personal interview
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Private Banking
NBC (Scotiabank)
BBVA
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Opening an account today
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Our contact information
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Further Information
www.fs.com.uywww.uruguayinvest.com
Detailed presentations on: Legal Landmarks and Taxes
The Property Purchase Process Residency and Immigration
Investing in Farmland
Or write to:
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FS Attorneys at Law: Who We Are
Leading Full-Service Law Firm: Clients: mostly foreign companies and individuals
Staff: Bilingual Notaries Public, Attorneys, Tax Advisors
Services (covering all of Uruguay): Notary / Legal Assistance in the Purchase Process Tax and Banking Advice Company Formation Title Insurance Advice Immigration / Residency
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FS Attorneys at Law: Who We Are
Main office: Rincón 487, Piso 4, Montevideo, Uruguay References:
First American, Stewart (title insurance companies) World Bank (www.doingbusiness.org) Global law firms: Mayer, Brown, Rowe & Maw; White & Case Member Transatlantic Law International
(www.transatlanticlaw.com) www.fs.com.uy & www.uruguayinvest.com
Contact: Managing Partner Juan Federico Fischer: [email protected] Phone: (598) 2 915 7468 Fax (598) 2 916 1352