Banking in Uruguay

1. Banking in Uruguay

2. Uruguay´s Banking system • Solid banking system, financial center in the region: 1/3 of accounts belong to non-residents • No history of forced conversion/freezing of deposits • Strict Banking Privacy Laws (only released by a court order and because of fraud or tax fraud issues) • Few banks, all global, plus one government bank (BROU) • Plus 30+ representative offices of foreign banks

3. Uruguay´s Banking system • No restrictions to receive funds in Uruguay or wire money out of the country • No requirements to convert funds into local currency. Banks operate accounts in USD, Euros or local currency (Uy peso) • Most banks offer e-banking • Cities with main banking options: Montevideo, Punta del Este, Colonia

4. Banks operating in Uruguay • Banco de la Republica Oriental del Uruguay (BROU). Government owned. • Nuevo Banco Comercial (NBC).  Owned by Scotiabank of Canada • Lloyds (British) • Discount Bank (New York) • Santander (Spain) • BBVA (Spain)

5. Banks operating in Uruguay (cont.) • Itau (Brazil’s largest bank) • HSBC (British) • Heritage (Swiss) • Citibank (U.S.) • Bandes (local) • Banco de la Nacion Argentina (Argentina)

6. Representative offices • More than 30 foreign banks have representation offices in Uruguay to promote their business in the region • Examples: • Credit Suisse Schweizerische Kreditanstalt – Zurich • Standard Chartered Bank • EFG Bank Ag • SGBT Luxembourg • RBS Coutts • LGT Bank (Switzerland) Ltd. • Lloyds TSB Bank Plc – Geneva • Andorra Banc Agricol Reig S.A.

7. Requirements to open accounts • It's easy to open a bank account: • Foreign residents can open accounts (although some banks choose not to open accounts for U.S. Citizens) • Accounts can be in local or foreign currency • No special requirements for foreign residents • No need to have residency in Uruguay, nor an address, or time spent in the country

8. Requirements to open accounts • Two IDs (passport and driver’s license) • Proof of address: any utility bill from your home country.  Not more than 30 days old • A bank reference letter • Indication of estimated funds that will come into the account, and transferred out of it, monthly.  For incoming funds, an indication of their origin • Personal interview

9. Private Banking • NBC (Scotiabank) • BBVA

10. Opening an account today • Itau • BROU • Introduction and follow-up

11. Our contact information

12. Further Information www.fs.com.uy www.uruguayinvest.com Detailed presentations on: • Legal Landmarks and Taxes • The Property Purchase Process • Residency and Immigration • Investing in Farmland Or write to: jfischer@fs.com.uy

13. FS Attorneys at Law: Who We Are • Leading Full-Service Law Firm: • Clients: mostly foreign companies and individuals • Staff: • Bilingual • Notaries Public, Attorneys, Tax Advisors • Services (covering all of Uruguay): • Notary / Legal Assistance in the Purchase Process • Tax and Banking Advice • Company Formation • Title Insurance Advice • Immigration / Residency

14. FS Attorneys at Law: Who We Are • Main office: Rincón 487, Piso 4, Montevideo, Uruguay • References: • First American, Stewart (title insurance companies) • World Bank (www.doingbusiness.org) • Global law firms: Mayer, Brown, Rowe & Maw; White & Case • Member Transatlantic Law International (www.transatlanticlaw.com) • www.fs.com.uy & www.uruguayinvest.com  Contact: Managing Partner Juan Federico Fischer: • jfischer@fs.com.uy • Phone: (598) 2 915 7468 • Fax (598) 2 916 1352