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Usufruct and Inheritance

Posted on June 25, 2007
Filed Under Expat Tips, Culture, Taxes | 13 Comments

In an earlier article, I discussed the inheritance problems that could arise if you own properties in Uruguay and you or your spouse were to die. I wrote that there were no good alternatives to the problem and that therefore it might represent a significant financial risk for some couples.

After talking to a few friends, Urufish stumbled on a way to mitigate the problem. I did some research on the subject and here’s what I discovered. Please keep in mind that I am not a lawyer and what follows should be used only as a starting point for further exploration. Read more

Tax Implications of Life Abroad

Posted on June 16, 2007
Filed Under Cost of Living, Expat Tips, Taxes | 10 Comments

The US is one of the few countries that taxes its citizens based on their world income. This means that you need to file a tax return whether you live in the US or not. There is some debate as to whether this policy should be revised, however it is not likely to change soon. Countries wishing to attract foreign nationals, like Uruguay, usually only tax income earned in the country. Others like Brazil, tax on world income, but only if you are a resident for more than 6 months of the year. Read more

Asset Tax

Posted on May 24, 2007
Filed Under Real Estate, Cost of Living, Taxes | 6 Comments

Many people that are now considering moving to Uruguay may not realize that they will be subject to a tax based on the total value of their Uruguayan assets. Since this type of tax exists in relatively few countries, most future expats will likely forget to take it into consideration. Even so the value of the tax is negligible for people with few assets, its steeply progressive scale penalizes ostentatious wealth as well as the ownership of non-producing assets. This tax is known as the Impuesto al Patrimonio (IP). Read more

You Can’t Take It With You

Posted on May 7, 2007
Filed Under Real Estate, Expat Tips, Taxes | 8 Comments

Yesterday I read a post from another blogger on inheritance laws in Uruguay and was motivated to research the subject a bit more to see how it might affect me. The information was a surprise to me, and I thought it would be a good idea to organize it so readers planning to move to Uruguay can take this into account. Read more