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Everything you need to know before buying real estate is included in our Uruguay Property Pack
Yes, non-residents can absolutely open a bank account in Uruguay to facilitate property purchases.
Uruguay offers one of the most foreigner-friendly banking and property investment environments in Latin America, with no restrictions on foreign ownership and straightforward banking procedures for international clients. The process typically requires basic documentation and an initial deposit ranging from USD 2,000 to USD 5,000, depending on the chosen bank.
If you want to go deeper, you can check our pack of documents related to the real estate market in Uruguay, based on reliable facts and data, not opinions or rumors.
Non-residents can open bank accounts in Uruguay without residency requirements, making property purchases accessible to foreign investors.
The banking process requires standard documentation and most major banks like BROU, Itaú, and Santander welcome international clients with competitive services.
| Banking Requirement | Details | Timeline/Cost |
|---|---|---|
| Residency Status | No Uruguayan residency required | Immediate eligibility |
| Minimum Deposit | USD 2,000 - 5,000 initial deposit | One-time requirement |
| Required Documents | Passport, proof of address, income verification | 1-2 weeks preparation |
| Physical Presence | Required for account opening | Single visit needed |
| Account Opening Time | 1 meeting to few business days | Same week typically |
| Annual Fees | USD 50-100 maintenance costs | Ongoing annual expense |
| Property Purchase Rights | Full ownership rights for foreigners | No restrictions |
Can a non-resident open a bank account in Uruguay?
Yes, non-residents can absolutely open a bank account in Uruguay without any residency requirements.
As of September 2025, Uruguay maintains one of the most open banking systems in Latin America for foreign nationals. You do not need to be a permanent resident, temporary resident, or have any form of Uruguayan legal status to establish a banking relationship.
The Uruguayan banking sector actively welcomes international clients, particularly those interested in property investment. Major banks like Banco República (BROU), Itaú, Santander, and Scotiabank have established streamlined procedures specifically designed for non-resident account holders.
This accessibility makes Uruguay particularly attractive for foreign property investors who need local banking services to facilitate real estate transactions. The country's stable political environment and strong banking regulations provide additional confidence for international clients.
It's something we develop in our Uruguay property pack.
What documents do I need to provide to open a bank account in Uruguay?
The documentation requirements for opening a Uruguayan bank account are straightforward and follow international banking standards.
Your valid passport serves as the primary identification document, though some banks may request a secondary form of ID for additional verification. You'll need to provide proof of your current address, which can be a recent utility bill, rental agreement, or official correspondence from your home country.
Income verification is crucial and can include recent tax returns, bank statements from your home country, an employer letter, or business registration documents if you're self-employed. Many banks also require a reference letter from your current bank or recent banking statements to establish your financial history.
For property investment purposes, some banks may request additional documentation such as a purchase contract or proof of investment intent. All foreign documents should be properly translated into Spanish and may require apostille certification depending on the bank's specific requirements.
The documentation process typically takes 1-2 weeks to prepare properly, so plan accordingly before your visit to Uruguay.
Is there a minimum deposit requirement to open a bank account in Uruguay?
Most Uruguayan banks require an initial deposit ranging from USD 2,000 to USD 5,000 for non-resident accounts.
The exact amount varies by bank and account type, with some premium banking services requiring higher deposits of USD 10,000 or more. These deposits are not fees—they remain in your account as your initial balance and can be withdrawn according to normal banking terms.
Banco República typically requires around USD 2,000-3,000 for basic accounts, while international banks like Santander and HSBC may require USD 3,000-5,000. High-net-worth individuals looking at private banking services should expect minimum deposits of USD 25,000 or higher.
Some banks offer temporary higher deposit requirements during the verification process, which are refundable once your documentation is fully approved and your account status is confirmed.
Consider this deposit as part of your property investment preparation, as having local funds readily available can expedite property purchase transactions.
Are there any specific banks in Uruguay that are more favorable for foreigners?
| Bank | Advantages for Foreigners | Minimum Deposit |
|---|---|---|
| Banco República (BROU) | State-owned stability, extensive branch network, government backing | USD 2,000-3,000 |
| Itaú | Brazilian heritage, digital banking, expat-friendly services | USD 3,000-4,000 |
| Santander | International presence, English support, global banking experience | USD 3,000-5,000 |
| Scotiabank | Canadian management, North American banking standards | USD 4,000-5,000 |
| BBVA | Spanish bank, European banking practices, online services | USD 3,500-5,000 |
| HSBC | Global network, premium services, wealth management | USD 5,000-10,000 |
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Do I need to be in Uruguay physically to open a bank account?
Yes, physical presence in Uruguay is required by most banks to complete the account opening process.
This requirement stems from international anti-money laundering (AML) regulations and know-your-customer (KYC) compliance standards. Banks need to conduct face-to-face interviews, verify original documents, and complete identity verification procedures that cannot be done remotely.
The in-person visit typically involves meeting with a bank representative, presenting your original documents, completing application forms, making your initial deposit, and setting up account access credentials including cards and online banking.
While some offshore banking platforms may offer remote account opening, mainstream commercial banks that are most suitable for property transactions require physical presence. Plan for at least one full business day in Uruguay to complete the banking setup process.
Some banks allow preliminary application processing online or via email, but final approval and account activation must be completed in person at a branch location.
What is the process for foreigners to buy property in Uruguay?
The property purchase process in Uruguay is transparent and foreigner-friendly, requiring minimal documentation.
The process begins with property search and selection, followed by making a formal offer through a real estate agent or directly to the seller. Once your offer is accepted, you'll sign a reservation agreement (reserva) with a small deposit, typically 1-3% of the purchase price.
Due diligence includes property title verification, tax clearance checks, and physical property inspection. Your lawyer will conduct these searches through the national property registry to ensure clear ownership and no outstanding liens or debts.
The final purchase contract is signed before a public notary, with the full payment transferred either from your Uruguayan bank account or via international wire transfer to an escrow account. Property registration in your name occurs at the national registry office, completing the legal transfer.
The entire process typically takes 30-60 days from offer acceptance to final registration, depending on document preparation and financing arrangements.
Can I use a foreign bank account to purchase property in Uruguay?
Yes, you can use foreign bank accounts to fund property purchases in Uruguay through international wire transfers.
Uruguay has no currency controls on incoming transfers, making it easy to bring money into the country for real estate investment. Most property transactions are conducted in US dollars, which simplifies the transfer process for international buyers.
Wire transfers are typically sent to either your Uruguayan bank account or directly to a notary's escrow account during the closing process. Banks and notaries require proper documentation of the funds' source for anti-money laundering compliance.
Transfer fees vary by bank but typically range from USD 50-200 per wire transfer, plus potential receiving fees charged by the Uruguayan bank. Large transfers may trigger additional verification requirements, so inform your bank in advance of significant property-related transfers.
It's something we develop in our Uruguay property pack.
Are there restrictions on foreign ownership of property in Uruguay?
No, there are absolutely no restrictions on foreign ownership of property in Uruguay.
Foreigners enjoy identical property rights to Uruguayan citizens, including the right to own residential, commercial, and agricultural land anywhere in the country. You can purchase properties on the coastline, in border areas, or in any location without special permits or ownership limitations.
This includes full ownership rights (fee simple), meaning you own both the land and any structures permanently. There are no requirements for local partnerships, nominee arrangements, or corporate structures to circumvent ownership restrictions because none exist.
Foreign owners can freely buy, sell, rent, inherit, and transfer property without government approval or notification. You can also mortgage your property through Uruguayan banks and use it as collateral for loans.
This unrestricted ownership policy has made Uruguay one of the most attractive destinations for international real estate investment in South America.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Uruguay versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
Do I need to have a local Uruguayan tax ID to buy property?
No, you do not need a Uruguayan tax ID (RUT) to purchase property in Uruguay.
Property purchases can be completed using only your passport as identification. The RUT (Registro Único Tributario) is only required if you plan to generate income from the property through rentals or business activities, or if you become a tax resident of Uruguay.
For simple property ownership without income generation, your foreign tax status remains unchanged and no local tax registration is necessary. However, you may be subject to property taxes (contribución inmobiliaria) which are paid annually regardless of your tax residency status.
If you later decide to rent your property or establish a business, you can apply for a RUT at that time. The process is straightforward and can be completed at any DGI (tax authority) office with your passport and property documentation.
Many foreign property owners maintain their properties as vacation homes or investment holdings without ever needing local tax registration.
Can I transfer money internationally to fund my property purchase in Uruguay?
Yes, international money transfers to Uruguay for property purchases are completely unrestricted and straightforward.
Uruguay maintains an open economy with no capital controls, allowing unlimited amounts to be transferred into the country for real estate investment. Most property transactions are conducted in US dollars, eliminating currency conversion concerns for many international buyers.
Wire transfers should include proper documentation indicating the purpose as real estate investment, along with property details and purchase contract information. This documentation satisfies anti-money laundering requirements and ensures smooth processing by both sending and receiving banks.
Transfer processing typically takes 1-3 business days for major currencies from established banking systems. Ensure your sending bank is aware of the large transfer amount in advance to avoid delays or additional verification requirements.
It's something we develop in our Uruguay property pack.
How long does it take to open a bank account in Uruguay as a foreigner?
Opening a bank account in Uruguay typically takes from one business meeting to several business days, depending on document preparation and bank procedures.
If you arrive with all required documentation properly prepared and translated, many banks can complete the account opening process during a single appointment. This includes document verification, application completion, initial deposit, and account setup.
However, additional verification procedures or incomplete documentation can extend the process to 3-5 business days. Some banks may require additional reference checks or compliance reviews for larger initial deposits or complex financial backgrounds.
International banks like Santander or HSBC may have more streamlined processes for clients from their home countries, potentially reducing processing time. Conversely, peak tourist seasons or busy periods may cause slight delays in appointment scheduling.
Plan to spend at least 2-3 hours at the bank during your initial visit, regardless of whether the account is approved immediately or requires additional processing time.
What are the ongoing fees or charges associated with a foreigner's bank account in Uruguay?
| Fee Type | Typical Cost | Frequency |
|---|---|---|
| Monthly Maintenance | USD 5-15 | Monthly |
| Annual Account Fee | USD 50-100 | Yearly |
| International Wire Transfer (Outgoing) | USD 25-50 | Per transaction |
| International Wire Transfer (Incoming) | USD 10-25 | Per transaction |
| ATM Usage (Local) | USD 2-5 | Per transaction |
| ATM Usage (International) | USD 5-10 | Per transaction |
| Debit Card Annual Fee | USD 20-40 | Yearly |
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Opening a bank account in Uruguay for property investment is a straightforward process that requires minimal documentation and no residency requirements.
The combination of unrestricted foreign ownership rights and accessible banking services makes Uruguay one of the most investor-friendly destinations in Latin America for international real estate investment.