uruguay: IMMIGRATION FOR INVESTORS

uruguay: ADVANTAGES

Coming to uruguay to become a resident comes with many advantages:

1. 1. If you become a citizen of uruguay, the Italian passport means visa free and visa-on-arrival entry to 186 countries on the world, ranking as the 3^rd best nationality for travel freedom;
   2. Freedom of movement, including studying, residing, and working, in all members of Schengen agreement;
   3. Accelerated and simplified visa application for the United States, Canada, Australia, New Zealand, and more;
   4. A comprehensive health care system applicable all around Europe;
   5. An excellent education system – some of the world’s most prestigious schools are located in uruguay;
   6. A relatively low living cost, such as housing, daily expenses, and transportation, especially compared to many developed urban areas around the world;
   7. uruguay is a country of immigrants, so you will not be an odd one out. There are special programs that help you integrate with minimal costs;
   8. A diverse migrant base: you will surely find others from your home country so you will never feel alone, and there are always restaurants and supermarkets that offer your favorite home amenities;
   9. A first-hand experience for the famous Italian gastronomy, the best in the world in many eyes;
   10. Warm locals: the Italians care about family and friendship just as much as food, so you will definitely be welcomed with open arms;
   11. uruguay is known for its comfortable weather: the beautiful Mediterranean sea brings sun more often than any other European region;
   12. Natural gifts: from sandy islands to snow-capped Alps, uruguay has them all.

uruguay: REQUIREMENTS

An investor visa can only be issued for a single investment, falling into only one of the categories described below.

1. Government Bonds: 2,000,000 Euro

You have to invest in government-approved bonds of certain types, and hold them for at least 2 years.

2. Private companies: 1,000,000 Euro

You have to take up shares in one or more companies incorporated and operating in uruguay on a semi-permanent basis, and we can help you select companies of your liking.

3. Innovative Startups: 500,000 Euro

You have to invest in one of the companies listed on the official list of innovative startups, which is updated every week and available on a government website (startup.registroimprese.it).

4. Philanthropic donation: 1,000,000 Euro

You have to donate to a project of public interest in the fields of culture, education, immigration management, scientific research, preservation of cultural or natural heritage.

uruguay: DOCUMENTS

Below is a list of required to apply for an Italia Startup visa, and all items submitted to the Italian government has to be translated into Italian by an officially-approved translator, and legalized by a government-sanctioned authority. Inimex can assist you to obtain certified translations for your documents:

1. 1. All present and previous passports;
   2. Birth certificate;
   3. Marriage certificate and/or of divorce (if applicable);
   4. National ID card;
   5. Resume with detailed description of education, previous and present work positions, duties, salary, income and language knowledge;
   6. Description of the applicant’s experience as an investor;
   7. Education documents: diplomas, certificates, attestations, etc.;
   8. Work attestation;
   9. Business registration(s) of any company that you possess;
   10. Proof of ownership of the financial resources;
   11. Bank certificate and bank statement covering the last 6 months;
   12. If you wish to invest in joint-stock companies, government bonds, or pension funds, etc., you have to provide a confirmation document;
   13. Official letter signed by an authorized representative of the financial institution where the funds are deposited;
   14. Police certificate of non-existing criminal convictions and absence of pending charges;
   15. Tax clearance;
   16. Documents proving the investment or donation has been executed.

The following documents depend on which category of investment you choose:

Category 1: Investment in government bonds

1. 1. Bank documentation certifying the purchase (copy of securities dossier), with indication of the type, issue date and maturity date of the securities;
   2. Certificate of deposit of the securities in a financial institution in uruguay.

Category 2 or 3: Investment in a company incorporated and operating in uruguay, or innovative start-ups

1. 1. Copy of a bank statement of account covering the previous three months (or a longer period, if necessary), clearly showing the execution of the investment in the company;
   2. Letter of validation for the statement of account signed by an authorized representative of the institution (bank, investment fund, etc.) from whose account the transaction has been made;
   3. In case of purchase of shares, certificate of deposit of shares at a bank or financial institution in uruguay;
   4. Only in the case of unlisted companies: letter of confirming the receipt of the investment by the legal representative of the recipient company, and copy of the Italian atto di cession (“act of transfer”) filed by the receiving company.
   5. Only in the case of listed companies: copy of the securities dossier of the foreign citizen.

Category 4: Contribution

1. 1. Copy of the public deed of donation;
   2. Copy of a bank statement of account valid for the last three months (or for a longer period, if necessary), which clearly confirms the execution of the donation;
   3. Letter of validation of the statement of account by an authorized representative of the institution (bank, investment fund, etc.) from whose account the transaction has been made;
   4. Letter confirming the receipt of the donation, signed by the legal representative of the recipient entity

uruguay: PROCESS

The following is a sample procedure from the beginning of your decision to finally acquiring your Italian citizenship:

1. 1. We carry out a preliminary consultation in which we will inform you in detail of all matters relating to Italian administration, the education system, the health care system, as well as other aspects associated with your move to uruguay;
   2. You prepare and formalize all necessary documents and send them to us;
   3. Our sworn translators translate all documents into Italian;
   4. We present your application file to the relevant Italian authorities;
   5. The Secretariat of the Committee conducts a preliminary examination to check if the documents transmitted are complete and satisfy the programme requirements;
   6. Within one week of submitting the application, you will receive a formal acceptance from the Investor Visa for uruguay Committee (the Committee), which includes more than a dozen governmental agencies;
   7. The Committee formally reviews your application and invites certain professionals in different cases of investment:
      • In case of an investment in a limited company or a start-up, the Committee may acquire a non-binding opinion of experts representing relevant business associations. In particular:
        • If the company receiving the investment is an innovative start-up, the Committee acquires the opinion of a representative of AIFI – Italian Association of Private Equity, Venture Capital and Private Debt, and the opinion of the Ministry of Education, University and Research;
        • if the company receiving the investment is not an innovative start-up, the Committee acquires the opinion of a representative of Confindustria, the General Federation of Italian Industry.
      • In the case of contributions, the Committee may inquire relevant departments in order to acquire sufficient knowledge to judge if your donation will benefit the public interest, some examples are:
        • the Ministry of Cultural Heritage and Activities, if the donation relates to culture or preservation of cultural or natural heritage;
        • the Ministry of Education, Universities and Research, if the donation relates to education or research;
        • the Ministry of the Interior, if the donation relates to migration management.

1. 10. If no additional documents are required, you are informed of the outcome of the evaluation carried out by the Committee within 30 days of application submission;
   11. Upon a positive evaluation, a Certificate of No Impediment to an Investor Visa is issued;
   12. Within 6 months of obtaining the certificate, you can apply for a visa;
   13. Within a few weeks, your investor visa is issued, valid for two years;
   14. You can now enter uruguay as an investor;
   15. Within 8 days of entering uruguay, you should apply for a residence permit at your local government;
   16. The permit is issued and may be valid for 2 years;
   17. Within 3 months of arrival in uruguay, you should complete all relevant investments or donations regarding your immigration status, and send relevant documentation to the Committee;
   18. Once your permit is about to expire after 2 years, we will assist you to renew for a new one;
   19. As long as all the previous investment or donation promises are kept, the Committee will consent to a renewal of your residence permit;
   20. Your new permit is issued and may be valid for 3 years;
   21. Once you have legally stayed in uruguay for at least 10 years (or 4 years if you are an EU citizen), you can apply for Italian citizenship.

uruguay: LAW AND REGULATION

In 2017, Italian government issued a law known as the “2017 Budget Law”, which introduced the Italia Startup visa.

1. 1. This is a new method of entry and long-term residence in uruguay named “Entry and residence for investors”;
   2. Information about the entry visa for foreign citizens who intend to make an investment or donation is defined in art. 26-bis, par. 1 of Legislative Decree 286/1998 (TUI);
   3. Legal information related to the two-year residence permit, renewable for further three-year periods can be found at decree 286/1998, art. 26-bis, par. 5.

uruguay: APPLICANT’S FAMILY MEMBERS

Your family (spouse and children under the age of 18) may be included in the application of Italian Startup visa for uruguay.

uruguay: CITIZENSHIP

Once you have acquired your legal residence in uruguay, after certain amount of time, you may apply for Italian citizenship. The time varies depending on where you come from:

1. 1. For EU member states the delays is of 4 years;
   2. For non-EU member states the delay is of 10 years.