1. Banking in Uruguay

2. 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
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

3. 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

4. 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)

5. 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)

6. 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.

7. 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

8. 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

9. Private Banking
NBC (Scotiabank)
BBVA

10. Opening an account today
Itau
BROU
Introduction and follow-up

11. Our contact
information

12. Further Information www.fs.com.uy www.uruguayinvest.com
Detailed presentations on:
Legal Landmarks and Taxes
The Property Purchase Process
Residency and Immigration
Investing in Farmland
Or write to:

13. 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

14. FS Attorneys at Law: Who We Are
Main office: Rincón 487, Piso 4, Montevideo, Uruguay
References:
First American, Stewart (title insurance companies)
World Bank (
Global law firms: Mayer, Brown, Rowe & Maw; White & Case
Member Transatlantic Law International (
&
 Contact: Managing Partner Juan Federico Fischer:
Phone: (598)
Fax (598)