Banking in Uruguay

Uruguay´s Banking system Solid banking system, financial center in the region: 1/3 of accounts belong to non-residents No history of forced conversion/freezing of deposits Strict Banking Privacy Laws (only released by a court order and because of fraud or tax fraud issues) Few banks, all global, plus one government bank (BROU) Plus 30+ representative offices of foreign banks

Uruguay´s Banking system No restrictions to receive funds in Uruguay or wire money out of the country No requirements to convert funds into local currency. Banks operate accounts in USD, Euros or local currency (Uy peso) Most banks offer e-banking Cities with main banking options: Montevideo, Punta del Este, Colonia

Banks operating in Uruguay Banco de la Republica Oriental del Uruguay (BROU). Government owned. Nuevo Banco Comercial (NBC).  Owned by Scotiabank of Canada Lloyds (British) Discount Bank (New York) Santander (Spain) BBVA (Spain)

Banks operating in Uruguay (cont.) Itau (Brazil’s largest bank) HSBC (British) Heritage (Swiss) Citibank (U.S.) Bandes (local) Banco de la Nacion Argentina (Argentina)

Representative offices More than 30 foreign banks have representation offices in Uruguay to promote their business in the region Examples: Credit Suisse Schweizerische Kreditanstalt – Zurich Standard Chartered Bank EFG Bank Ag SGBT Luxembourg RBS Coutts LGT Bank (Switzerland) Ltd. Lloyds TSB Bank Plc – Geneva Andorra Banc Agricol Reig S.A.

Requirements to open accounts It's easy to open a bank account: Foreign residents can open accounts (although some banks choose not to open accounts for U.S. Citizens) Accounts can be in local or foreign currency No special requirements for foreign residents No need to have residency in Uruguay, nor an address, or time spent in the country

Requirements to open accounts Two IDs (passport and driver’s license) Proof of address: any utility bill from your home country.  Not more than 30 days old A bank reference letter Indication of estimated funds that will come into the account, and transferred out of it, monthly.  For incoming funds, an indication of their origin Personal interview  

Private Banking NBC (Scotiabank) BBVA  

Opening an account today Itau BROU Introduction and follow-up  

Our contact information

Further Information www.fs.com.uy www.uruguayinvest.com Detailed presentations on: Legal Landmarks and Taxes The Property Purchase Process Residency and Immigration Investing in Farmland Or write to: jfischer@fs.com.uy

FS Attorneys at Law: Who We Are Leading Full-Service Law Firm: Clients: mostly foreign companies and individuals Staff: Bilingual Notaries Public, Attorneys, Tax Advisors Services (covering all of Uruguay): Notary / Legal Assistance in the Purchase Process Tax and Banking Advice Company Formation Title Insurance Advice Immigration / Residency

FS Attorneys at Law: Who We Are Main office: Rincón 487, Piso 4, Montevideo, Uruguay References: First American, Stewart (title insurance companies) World Bank (www.doingbusiness.org) Global law firms: Mayer, Brown, Rowe & Maw; White & Case Member Transatlantic Law International (www.transatlanticlaw.com) www.fs.com.uy & www.uruguayinvest.com  Contact: Managing Partner Juan Federico Fischer: jfischer@fs.com.uy Phone: (598) 2 915 7468 Fax (598) 2 916 1352