Uruguay: Absence of Heritage Tax


Uruguay is a latinamerican country which area is of approximately 176.000 km2 and with a population that scarcely surpasses 3 million inhabitants, geographically located between Argentina and Brazil, with its coast over the Atlantic Ocean.
Uruguayan population has its main origin in Europe, specially from Spain, Italy and Central Europe.

The South Common Market (Mercosur) headquarters are domiciled in its main city, Montevideo. The South Common MarketĀ“s Country Members are Argentina, Brazil, Paraguay and Uruguay. Chile and Bolivia have recently become Associated Countries.
The South Common Market has well developed because the goods proceeding of the Member and Associated Countries are commercialized free of taxes in the region , while those proceeding from abroad have not this privilege.Uruguay has been traditionally a democratic presidencialist country, where the Parliament and the Courts are completely separated from the Executive Main Authority.

As for the taxation system, it is to remark the absence of a Heritage Tax.
In addition, the law protects the secrecy in bank operations, the professional secrecy and the free foreign currency circulation both in and from Uruguay.
During the last years, Uruguay has become a country which offers important benefits when tax optimums are desired and represents an Entrance Gate to the South Common Market business opportunities.