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New Law Improves Access to Tax Residency in Uruguay

New Law Improves Access to Tax Residency in Uruguay

In June 2020, a new decree was introduced to improve access to tax residency in Uruguay. According to Forbes, the country is considered one of the most favorable places to obtain residency and a second passport. Uruguay is characterized by being a country open to investment with a migration policy that provides a framework of public, legal and economic security for foreign nationals who decides to settle in Uruguay. On 11 June, President Luis Lacalle Pou announced Decree 163/20 in order to make the requirements for obtaining tax residency in Uruguay more flexible. A natural person who meets new eligibility requirements based on economic interest can obtain tax residency in the country. The Decree aims to stimulate investment on the premise of generating employment and improving social welfare for residents of Uruguay. Key points from Decree 163/20 to obtain tax residency in Uruguay According to Forbes, Uruguay is considered one of the most favorable places to obtain residency and a second passport. The new Decree outlines 2 key conditions to obtain tax residency in Uruguay: Investment in properties for a value greater than UI 3,500,000 (approximately US$370,000) made as of 1 July 2020, and an effective presence in Uruguayan territory for 60 days in the calendar year.Direct or indirect participation in a company with a value greater than UI 15,000,000 (approximately US$1,585,000) made as of 1 July 2020 and that generates at least 15 new direct jobs in a dependent employment relationship, hired from from 1 July 2020. Previous regulations for tax residency Previously,...

5 Tips for Buying Real Estate in Mexico

5 Tips for Buying Real Estate in Mexico

Get key advice from local specialists on how to manage the process of buying real estate in Mexico. Thanks to its varied climate, geographic location and business potential, Mexico is an attractive option for local and foreign investors who want to buy a property in Mexico. Citizens, residents and even companies accredited as Mexican can own one or more private properties in the national territory. Investing in a property in Mexico, whether for residential or commercial purposes, is a smart decision. However, for foreign investors interested in buying real estate in Mexico, there are certain restrictions and special requirements that must be taken into account. In many of these cases, you should have the advice of a local legal expert, and possibly a Public Notary will have to intervene in part of the process. Here are some important tips to keep in mind if you are interested in buying real estate in Mexico. 1. Identify the best places for buying real estate in Mexico Depending on the reasons for buying real estate in Mexico (residential or commercial) there are several attractive options to consider according to your needs. Below, we outline are some of the most popular locations. CDMX- Mexico City Depending on the reasons for buying real estate in Mexico (residential or commercial) there are several attractive options to consider. Mexico City ranks first place of the Urban Competitiveness Index as the country's capital and key business center for national and multinational companies, which generates more labor demand and business opportunities. The city is therefore...

Real Estate an Increasingly Popular Choice for Investing in Mexico

Real Estate an Increasingly Popular Choice for Investing in Mexico

As business opportunities grow in Mexico, so does the demand for prime real estate. Investing in Mexico 's real estate market over the last few years has shown increasingly strong returns. Thanks to its combination of iconic cities, unusual tourist attractions, and the economic expansion of its professional middle class, the real estate industry is experiencing substantial growth in competitiveness. Becoming part of this vein of success within Mexico is easier than many might think.  Real Estate - Investing in Mexico The sector is considered as a pillar of the Mexican economy, accounting for no less than 15% of the country's economic activity and generating more than 15 million direct and indirect jobs. Mexican real estate experienced a growth of 2.1% from the end of 2018 to the beginning of 2019. According to the January newsletter of the Mexican Association of Real Estate Professionals (AMPI), the sector is expected to grow by 6% in 2019.  This growth is partly due to the exceptional appreciations enjoyed by hotels in Mexico. Consequently, the Mexican market is set to be part of one of the ten fastest-growing real estate markets of 2019/20. On the same AMPI report, it is noted that real estate investment accounted for 12.1% of foreign direct investment received in 2018. The real-estate porperties in highest demand are hotels concentrated in cities such as Monterrey, Guadalajara, Querétaro, and Tijuana.  A sector boosted by tourism The two industries, real estate and tourism, are large contributors to the Mexican economy. The tourism industry is one of the greatest...

Colombia Tax and Immigration Cooperation: What Does this Mean for Business?

Colombia Tax and Immigration Cooperation: What Does this Mean for Business?

On 2 May 2019, the Colombian Tax Authority (DIAN) and the Colombian Immigration Office (Migración Colombia) published a press release informing that they had signed an inter-institutional cooperation agreement. The main purpose of this agreement is to allow the agencies to provide information between themselves in order to prevent tax evasion, money laundering and increase immigration control.    We explore what this agreement means for businesses operating in the country, and those considering their expansion options. Tax Cooperation - Streamlined tax and immigration information sharing Public entities enter into cooperation agreements with the aim of joining efforts to carry out their functions, and reach common objectives. Having agencies share information means less bureaucratic requirements on their customers to ensure information is communicated correctly across those involved in a cooperation agreement. In this case, the interest of the two entities converge in immigration and customs control. These Colombian agencies – DIAN and Migración Colombia - will start sharing information about foreign migrants living and working in the country. This will allow the agencies to communicate with each other on who in their system may potentially be evading taxes, money laundering, or posing another kind of threat to the country’s fiscal security. Ensuring greater tax compliance and monitoring of tax risks enables these agencies to make more informed decisions on applications for tax residence accreditation or tax certifications. What does this mean for foreigners in Colombia?...

Investing in Real Estate in Australia

Investing in Real Estate in Australia

Real estate and property investment is one of the most lucrative industries to get involved in. Tacking on to your non-liquid assets and generating a passive secondary income are just a couple of the numerous benefits that investors gain from real estate and property purchases. Moreover, international property investment can bring about even more advantages and benefits for investors willing to take the leap of faith. Australia has one of the strongest and most consistent real estate and property investment markets in the world. Through a combination of many favorable economic conditions and government support, the country developed a stable and profitable industry for Australians and foreigners alike. The country has a rich investment history and plenty of popular investment locations. However, there are some ‘involved’ projects and processes for foreigners.  Australia’s real estate market backstory The Australian property market has a longstanding history of success and profitable returns on investment. Since the early 1900s, the industry steadily grew in value by 0.5% until the 1990s. Once the 2000s hit, the market saw a spike in growth and investments. According to the Australian Bureau of Statistics, the average property price index for a lot grew significantly from 2010 to around 2018. Fueled by globalization, trade relationships, and increase in foreign investments and interest in foreign property, Australia’s real estate sector started making a name for itself in the global market.  Reaching a peak in the price index in 2018, experts are predicting an overall...

Investment Opportunities in Bolivia: 2019 and Beyond

Investment Opportunities in Bolivia: 2019 and Beyond

In recent years, Bolivia has been working on highlighting its strengths to attract foreign investors. The country aims to achieve legal certainty and clarity, and balance macroeconomic, political and social stability. Bolivia makes it quite clear that the country needs trade partners, and not bosses. The government explains that the investors obviously will take their profits, but regulations aim to keep some revenues and dividends in Bolivia for the purpose of boosting the economy, especially the hydrocarbon, electricity or mining area. According to the Central Bank of Bolivia, foreign direct investment reached US$1.553 million in 2018, the highest number in several years. This boost fed into the country’s economic growth, mainly through the increase in reinvestment of profits. Gary Rodríguez, General Manager of the Bolivian Institute of Foreign Trade (IBCE), identified that natural resources are a strong attraction for foreign capital; although the hydrocarbons sector with 32% and mining with 21%, received half of the gross flows. As Bolivia surfaces on foreign investors’ radars, we outline some profitable business opportunities offering long term commercial success in the Latin American country. Investment opportunities in Bolivia: Financial technology (fintech) The finance world is ballooning with the introduction and momentum of technological innovation, creating a vast range of opportunities in fintech. Like many of its regional counterparts, Bolivia hasn’t fully explored its fintech potential. Jorge Velasco, a financial analyst, says that while the financial system...

Four Booming Sectors in Australia for Foreign Investors

Four Booming Sectors in Australia for Foreign Investors

Boasting more than 26 years of consecutive economic growth, Australia is a country unlike any other. It houses a multicultural workforce and offers easy access to its markets for foreign workers and investors. The nation has strong and stable economic foundations, a pro-business government, and a string of globally successful industries. These high-performing industries include energy, agriculture, finance, education, and tourism. Additionally, Australia’s global connections offer unique trade opportunities and barrier-free access to markets in Asia, Europe, and the Americas. Simply put, Australia is a strong contender for foreign investors and businesses looking to incorporate a company. However, these successful industries aren’t the only moneymakers in Australia's productive economy. In this article, we will explore five booming sectors that provide attractive alternative investment opportunities. Australia´s Booming Sectors - Exploring Australia’s investment environment Foreign direct investment flows to Australia have been strong since 2011, driven predominantly by the energy sector. According to the World Investment Report 2018 published by UNCTAD, Australia ranked eighth in the world for the total value of FDI inflows in 2017. This ranking moved up one spot higher than the previous year. Australia ranks 18 out of 190 countries in the World Bank's 2019 Doing business report for ease of doing business. The country is one of the most open countries for foreign direct investment among OECD-member states, with FDI representing over a third of the country's GDP. That is...

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