OFFSHORE BANKING

Uruguay has a solid, established banking system. Strict banking secrecy laws are in place‒banks cannot share information with any party, including the government of Uruguay, or the government of any country for that matter.

There are about twenty banks in the country, some private owned and some owned by the government. The private banks are all totally or partially owned by leading American or European financial institutions. This adds to the stability of the banking climate here. Furthermore, the banks are controlled by the Central Bank of Uruguay, which has a strict policy regarding the authorization of new banks. And there has never been a case of forced conversions or of freezing of deposits in the history of modern banking.

It is relatively easy to open a bank account in Uruguay—all you need is some ID, a proof of address, a bank reference letter, and a local reference. Foreign, non-residents can open accounts in U.S. Dollars, Euros, or Uruguayan Pesos.