The year of exceptions, as 2020 is known, was for many a year of important changes. With the social distancing and the quarantine imposed, as a result of the COVID 19 crisis, many Argentines stayed on this side of the pond without being able to return and others, with more planning time, decided to try their luck on this side of the pond.
Due to political instability, the wealth tax bill, the Vicentin crime, the Covid 19 crisis, its economic consequences, the elderly, and families with young children, they were attracted to make a drastic change in their lives. lives.
Many are those who also have the facility of being able to work from home. Added to this are substantial issues such as wanting to improve the quality of life, looking for a job opportunity or simply greater freedom, let's not forget that Uruguay is an exemplary country in terms of handling the contagion curve.
Who travels and why
At first most of those who emigrated represented the highest social class. This group, we can say, has been choosing the spa for years. They are vacationers, homeowners or entrepreneurs. Lately, the migratory trend is more focused on the middle class, upper middle class. They all process legal residence and a lot also go for tax residence.
Since December, inquiries by Argentines both to invest and to process the tax residence increased by 70%, and since the Vicentin phenomenon they increased by 20% more. In addition, those interested inquire about schools and the health system, basic and outstanding services given its good quality in the spa.
During the summer, the authorities offered massive informative talks to those interested in obtaining the necessary information to settle in the country.
Then in March, and partly due to the crisis given by COVID, the usual movement of Punta del Este after the season changed. On June 11, during the pandemic, the Uruguayan president signed a decree that seeks to make the procedures to obtain tax residency more flexible. The amount to invest in properties decreased considerably and the required time of residence decreased to less than half.
This made inquiries for tax residence explode.
In the middle of low season we can say that the movement of the city is different. There are not so many dark spaces left, with houses that previously remained closed until December. The off-season economy that used to be austere grew. Local businesses and entrepreneurs benefited.
A little push to gain momentum
After applying for the Uruguayan tax residence (and canceling the current one), Argentines must invest, either by buying a large unit or several small ones. The decree promulgated by the Uruguayan government estimates an investment of approximately US $ 380,000.
A phenomenon that is giving opportunities to new migrants in the city is that Argentine megaproject owners are not being able to afford the high expenses of their properties, therefore, sales of luxury properties are taking place for a total price of 30% per below the published price.
Another favorable point is that Uruguay is days away from approving the law that removes the compulsory banking system from all operations. With said law, the means of payment may be chosen in operations of up to US $ 105,000. This will facilitate the decision-making by Argentines to open bank accounts in the country.