The new government of Uruguay is going to offer tax incentives to attract wealthy foreigners to the country. So, the president-elect is going to offer a residence permit to 200,000. This means that the minimum amount of property that foreigners need to buy in order to apply for citizenship will be reduced.

To date, foreigners are forced to spend more than 183 days a year in the country in the country and purchase real estate worth more than £ 1.3 million. Another option is a business investment of more than £ 4.1 million.

Uruguay wants to be competitive in the market for second citizenship programs. According to the government, most of the target audience (200,000 people) can come from neighboring Argentina. There, on the personal assets of the HNWIs, taxes are raised, so people are looking for different ways to avoid this.

Marcos Galperín, the billionaire and co-founder of the unicorn company Mercado Libre, which is considered the country's most valuable company, has already left. Giant international companies such as Amazon, General Motors and Nike are freezing investment plans, according to media reports.

Alberto Fernandez, president of Argentina, has already spoken out about this and asked Uruguay to “think twice before turning the country into a tax evasion paradise.”

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Uruguay decided to offer tax breaks to attract wealthy foreigners

Learn more about Citizenship by Investment programs