Opening a bank account in Uruguay is not required when making a farmland investment in Uruguay. The purchase can be done through an escrow account and income can be wired to a bank account abroad. However, it is practical to have a bank account in Uruguay for payment of taxes and the receipt of rental income. More so, when one of the objectives for the investment is to use Uruguay as a safe haven for wealth.
Obviously, the Know Your Customer requirements have also reached Uruguay and banks will require a certain level of financial compliance in order to check the possibility of money laundering activities.
Since repatriation of funds is often not highly important for the investor, it is good to mention there are financial products available such as ´green´ bonds.
In order to prepare the opening of a bank account it may be good to look at the following:
- IDs (Passport and another)
- Proof of Address
- Origin of the funds
- Tax Statements
- Banking Reference Letter
We can make recommendations.
