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These data are based on 2121 entries in the past 18 months from 213 different contributors.

Prices corresponding to January 2019. Original source here.



These are the authorised banks by the Central Bank of Uruguay:

(see original source here)


Official banks:


Banco de la República Oriental del Uruguay

Banco Hipotecario


No official banks:


Banco Bandes Uruguay

Banco Bilbao Vizcaya Argentaria (BBVA)

Banco de la Nación

Banco Itaú

Banco Santander

Banco Heritage





Can I open an account without being a legal resident?


These are the banks which have accounts for no residents: BROU, BANDES, BBVA, Heritage, Santander.


As general requirements you may present:


  • Identity Card

  • Resident certificate

  • Certificate of income certified by Public Accountant or income receipt

  • Two bank references

  • Account statement of the bank where you are operating, and card account summary




Natural persons who live in Uruguay are subject to the Personal Income Tax. Furthermore, natural persons pay Wealth Tax when their assets located in the country exceed the minimum non-taxable amount, established by the Executive Branch on a yearly basis.


Personal Income Tax (IRPF)


IRPF is a personal and direct tax which levies the income obtained by natural persons living in Uruguay. Residents are all natural persons staying in Uruguay for more than 183 days during a calendar year and who establish their core business or activities or have economic or vital interests in Uruguay. Payment is made on an annual basis and is liquidated - as a general rule - on December 31st of every year, without prejudice to the advances and withholdings made for different types of income. The tax is applied under a dual system whereby two types of income are taxed: 1st Category - income deriving from capital productive factor and 2nd Category - income deriving from work productive factor.


Category 1 comprises income derived from equity increase and return on investment, both real and movable property. This income is subject to the payment of IRPF (at rates ranging from 3% to 12%) to the extent that it is sourced, except in the case of the return on capital gains which is levied if it is from a local or foreign source. Taxpayers who have been taxed abroad for such return on capital gains, may offset (under the conditions established by regulation) the tax paid abroad against the IRPF generated in respect of the same income. The amount to be offset cannot exceed the portion of the aforementioned tax as calculated prior to such deduction. The 2nd Category includes income from work performed as an employee as well as work income earned by self-employed providers of personal services who do not pay IRAE.


Personal Wealth Tax (IP)


Corresponding to natural persons, families and undivided inheritance is applied on the assets in the country, net of certain debts. Only the assets established, placed or economically used in Uruguay are taxed. Natural persons pay IP at progressive rates ranging from 0.7% to 1.2%, with an individual non-taxable minimum of approximately USD 110,000, which is doubled for families. Natural persons domiciled abroad, as well as foreign legal persons, are not subject to the payment of this tax regarding the balances for exports, loans and deposits made to Uruguayan residents. The assets of natural persons, families and undivided inheritance are valued at marked to market value, with particular exceptions, mainly for real estate - the values of which are established by the government from time to time.


The following assets are exempted:


  • Shares in companies subject to the payment of this tax and shares in financial entities exclusively engaged in brokerage operations and foreign securities.

  • Public debt.

  • Natural persons’ bank deposits.


Deductible liabilities basically include average annual debts with local banks, and only the amount surpassing the sum of exempted assets plus the assets located abroad will be computable.