Uruguay It has historically positioned itself as an accessible country for foreigners when it comes to opening a bank account. This flexibility has been taken advantage of over the years by many Argentine citizens and those from other parts of the world.
The little cumbersome procedures, even for the non-resident Argentinesmake the possibility of having a bicurrency savings bank abroad during times of economic uncertainty. But, what are the requirements when opening a bank account in Uruguay?
About this, the economist Juan PlateroSelect and Private Banking manager of Santander Uruguayexplained to Ambit that “there are no major differences” between the Argentine residents in Uruguay and non-residents when opening a bank account.
However, he explained that despite the fact that there are no “extraordinary requirements” for the latter, the diligence is “greater and more complex”, since it deals with “clients who are based in another jurisdiction”. In the case of politically exposed persons, the same criteria are used as for local clients.
Requirements to open a bank account in Uruguay
To open an account at the bank, the Argentine citizen will need his ID and proof of address. In turn, documentation will be required that justifies the amount that is going to be deposited, as well as a justification of income and the variations that the movements of their accounts experience with respect to what was declared, in addition to the tax declaration where these amounts appear. .
Silversmith details that Uruguayan legislation allows the opening of accounts of up to 500,000 dollars remotely, but that in accounts where that amount is exceeded, face-to-face is necessary within 60 days immediately after opening and funding.
“The adaptation of each institution to the norm varies,” said the economist, who added that Santander Uruguay It has its own team for remotely opening bank accounts starting at $50,000 for non-resident international clients.
“Once linked, our investment service allows them to invest in Fixed deadlinesbut also internationally in money, bonds (domestic and foreign), Actionsand others (such as ETFs and Bills and Notes from the Uruguayan government),” he added.
“In Uruguaydelegated diligence is not allowed,” said Silversmithso that “a customer who comes from Santander Argentina, Spain either Chilito give examples, should be studied and analyzed as if the link to the Group were the first”.
This is intended to generate “a transparent financial system and in the long term, safer for clients”, said the Select manager. However, a reference letter from some of these institutions is seen as a good contribution for the analysis of the relationship with the potential client.
“Uruguay has a financial system that transmits security”
“Since the pandemic, Uruguay has positioned itself very favorably in the international framework,” said Silversmithwho remarked that this is reflected in the fact that more people in the region, and even from Europeconsider the country “to live in, to do business with, or to maintain part of the savings in a financial system that conveys security and reliability.”
In turn, he stressed that the closeness with Argentina, Brazileither Chiliis a relevant factor for positioning against very competitive markets, such as USA.
“In the special case of Argentina There are frequent consultations, but we have not noticed that they have grown significantly after the recent (primary) elections. The pace of consultations remains quite stable,” he concluded. Silversmith.
Source: Ambito
