Andres Castellano He is Argentine and resident of Uruguay for more than a decade, and is the president of the Developers Association of Cologne. The businessman assured that the country is a great opportunity for real estate developers who are looking for stable destinations with great benefits for investors.
“Uruguay is a country that receives investments in general. Philosophically, it has mechanisms that attract investment,” the businessman established during the event. Scope Debate held yesterday at the Buenos aires city. In that sense, Castellano highlighted several qualities that the country offers for those who want to invest in real estate.
Among the qualities, the fact that Uruguay is one of the top ranked democracies of the region, accompanied by a strong institutionality. “It is one of the fullest democracies in Latin America, it has an institutional framework that makes it attractive when it comes to providing legal and personal guarantees,” Castellano established.
In that sense, he stressed that the country has a very important characteristic: policies and thoughts that transcend government. This, according to Castellano, is a great quality that people look for. investors who intend to stay in a country for a long time. “It is a country that has a philosophy, politics that are built in the long term that are independent of the government in power. It is important, something that investors analyze,” explained the businessman.
A country designed for investments and real estate
Among the characteristics that Castellano highlighted is the fact that Uruguay It is a predictable country in terms of economic cycles, a big difference it has with Argentina. “Investors have arrived, especially Argentines. There are some who do not want to know anything about Argentina, who want to go to Uruguay because, if there is a fall, it is foreseeable in a value range that is comfortable with the rest of the world. Not like the cycles that Argentina has,” he explained.
On the other hand, he explained that the tax system Uruguay is very favorable for investors. Among the benefits is the fact that they do not have to pay income and wealth tax – if their investments exceed $2.5 million – for ten years.
“Promoted housing was a big driver of this. The investor does not pay income tax for ten years, wealth tax. The developer also has benefits. In Uruguay conditions are safe. These are attributes that a country has that people are looking for,” said Castellano, who assured that “a very important number of square meters” have been built.
What refers to the sustainability – one of the requirements that investors are increasingly looking for worldwide – the businessman recalled that Uruguay is positioned as one of the world leaders in the production of wind power occupying second place. In that sense, he stressed that this is also an idea that transcends governments. “Long-term policies are important, they do not change regardless of the government,” he stressed.
The search for investors in Cologne
According to the businessman, it is necessary to carry out long-term plans to attract the attention of investors in places in Uruguay that are not yet as explored as, for example, Colonia. “From Cologne We have to have a consistent promotion plan and also consistent over time. We need to plan and promote Cologne in the markets we want to address and Buenos Aires is one,” he said.
Regarding his personal experience, Castellano highlighted that Colonia gives calm to everyday life that gives time to everyday life. “It’s quality of life. Living there is like being transported back in time, but at the same time living in modernity,” he said.
Source: Ambito
