The wave stopped: Argentine residences to live in Uruguay fell 42% in 2022

The wave stopped: Argentine residences to live in Uruguay fell 42% in 2022

During 2022 it reduced the amount of paperwork to obtain legal Uruguayan citizenship by Argentines compared to the previous year, when there was a peak of residences obtained from families from the neighboring country to settle in Uruguay.

While in 2021 12,489 residences were completed, last year only 7,209 were processed. That is, it generated a negative variation of 42%. In this way, the growing trend that had been registered since 2018, the year in which 1,482 Argentines obtained their legal residence to have a house in Uruguay, changed.

In 2019 this figure grew compared to the previous year and stood at 2,043. By 2020, the year in which the covid-19 pandemic arrived and settled in both countries, the number of procedures rose to 6,816. Along the same lines, between 2020 and 2021 a positive variation of more than 45% was generated in relation to the growth of this type of procedure.

In any case, the number of legal residences last year is somewhat higher than in 2020, and it remains above the last pre-pandemic years.

The peak of procedures that was registered in 2021 was related to the strict quarantine imposed by the Argentine government at that time, argued Juan Troccoli, a partner at Andersen, a study that provides legal and tax services.

“To this must be added the uncertainty generated by the wealth tax promoted by the president of Argentina, Alberto Fernández,” added Troccoli. This extraordinary tax was promoted to alleviate the damage caused by the pandemic and, according to the Argentine president , 80% of those affected by the payment actually made the corresponding disbursement. This was another factor that influenced and “caused an increase in consultations to settle in Uruguay”, added the expert.

So that eventually this and other taxes would not fall on Argentines who were interested in settling in Uruguay, citizens should apply for tax residence to pay taxes in Uruguay and not in their country of origin. “The amount of tax residences processed are between 10% and 20% in relation to the legal ones”, explained the expert.

With Uruguayan legal residence, “Argentines came to the country during the pandemic years when they wanted, in search of tranquility and space; they wanted freedom,” Troccoli said of his clients’ experiences. At that time, it should be noted that the borders were closed and only Uruguayan citizens and residents were allowed to enter.

“Beyond that peak that was registered in 2021 (regarding the residence procedures initiated), which responded to a rather conjunctural situationit is worth noting that Argentines who began to apply for their residency in recent times are more determined to settle in Uruguay” beyond the change in trend, explained, meanwhile, the manager of Andersen’s Residency and Immigration division, Francesca Magno.

magno said to Coffee and Business that inquiries by foreigners to settle in Uruguay in recent years are growing. In the region, the Brazilians stand out, as a result of the political instability that arose during the last electoral campaign, and also the Chileans. “Legal and institutional stability continues to be an attraction for foreigners to choose to settle here,” said Magno.

The europeans they are also becoming increasingly interested in settling in the country and, even, they want to project themselves in Punta del Este, they come with their family willing to live in the country between six and eight months of the year, at least”, added the expert.

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