A Report from a Latin Paradise By Bob Bauman JD, Offshore and Asset Protection Editor Dear Sovereign Investor, We are here in Montevideo, in the Oriental Republic of Uruguay, in search of greater freedom - both personal and financial - and we've found it.
In spite of a highly uncomfortable, nine-hour American Airlines flight from Miami, it was a relief to land at Montevideo's sun drenched, gleaming-white, ultra-modern Carrasco International Airport.
Unlike the long, mind-numbing lines that snarl the U.S. Immigration and Customs process at just about every American airport these days, we were whisked through the Uruguayan entrance routine in a matter of minutes.
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We have come for the Sovereign Society Uruguay Investment Conference, along with about 50 attendees, for five days of meetings and travel, as well as expert advice on residence, finances, investment local banking, real estate and professional services. In bright sunshine and with a brisk wind off the south Atlantic, with Erika Nolan at the wheel of our car and Jeff Opdyke as co-pilot, we groped our way from the airport to our downtown Montevideo waterfront hotel. A Charming Mix of Old and New And what a waterfront... miles of gleaming, spacious promenade and beach, known locally as the "Rambla," with thousands of strollers and bronzed sun bathers.
For the first-time visitor, as I am, Montevideo impresses with its clean, charming mix of old and new architecture, winding streets, busy people and leisurely traffic.
There is much to be said for this city of 1.3 million souls - about half of Uruguay's population - where at night you can hear dogs barking in the streets below your 22nd floor hotel room in the center city.
A massive thunder storm over the 137-miles wide Rio de la Platte that meets the Atlantic here was a visual and auditory wonder.
Montevideo is often overshadowed by its flashier neighbors, Punta del Este and Buenos Aires. But as the country's commercial and political hub, Uruguay's capital follows its own, nonchalant pace. Its skyline is punctuated by few skyscrapers, and it is home to charming small museums, and a lively old city.
Uruguay is clearly a beautiful place to call home.
My friend, Lee Harrison, who is an American expat living here, says Uruguay was a well-kept secret for a long time, at least for North Americans, but now the secret is out. Every year, he has seen more foreigners making Uruguay their home, along with many second-home buyers and investors. We also visited the magnificently restored Teatro Solís, a venerable opera house opened in 1878, where black-tie crowds still turn out to enjoy the world-class orchestras that come to town. Just a half block down the same street, local folks gather at a tiny tango club that looks like an abandoned building during the day. The singing and dancing goes on here until long after Teatro Solís closes for the night. Some of the city's best fine-dining establishments are also nearby, as are dozens of casual parrillas, whose giant grills and blazing wood fires attract Montevideo's meat-lovers.
Forbes magazine last year surveyed more than 100 countries and rated Uruguay number one in the world for personal freedom.
At the time, I wrote about how the Chilean polling firm Latinobarómetro, in its annual poll of Latin American public opinion in 18 countries, found that in every measure of national satisfaction, Uruguay is the Latin leader.
Another important question was whether respondents felt their country was "governed by a few powerful groups in their own interest" or "for the good of all the people." Once again, Uruguay scored at the top, with 54% saying that the country was run "for the good of all the people."
You can guess how most Americans would answer. A Zero Tax Rate on Foreign Income With that contrast in mind, you may want to explore Uruguay as an alternative. Real estate prices are rising, but are far below comparable U.S. prices and farm land here offers special investment bargains.
The laws and the government here welcome foreigners as immediate residents and citizens after three to five years. The country's seven banks welcome Americans as clients and hold more than half of their cash in dollars and euros. They also enforce strict financial privacy that only a court can waive.
If you're looking for a country that welcomes foreigners and offers a zero tax rate on foreign income, along with the freedom to open bank accounts that pay more interest than U.S. banks in a place with a safe and stable social and economic environment, Uruguay is it.
Uruguay is more than a safe-haven worth visiting. It could be your new home.
Faithfully yours,
Bob Bauman P.S. Uruguay is just one of the many offshore havens that many Americans aren't even aware existed. I've spent years traveling the world, researching the best options for legally decreasing your taxes, exempting yourself from onerous government regulations, and shielding yourself from spying government eyes. I've assembled all of my best research into The Passport Book, and to find out how you can get a copy, simply click here... | |
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