Punta del Este might be losing its luster for high net worth Argentines, but that doesn’t mean they’re giving up on Uruguay. Al contrario. 

Bank deposits and real estate investments in the Department of Colonia are surging, according to an article in today’s iProfesional. The Department of Colonia encompasses the historic port city of Colonia del Sacramento, the town of Carmelo where property values are soaring and Nueva Palmira, the most important departure point for Uruguay agricultural exports.

The number of Argentines opening new bank accounts in Colonia rose 30% this year, and the total value of deposits is now US$536 million, according to the Uruguay Central Bank. Only Montevideo and Maldonado are home to more non-resident bank deposits with US$2.5 billion and US$617 million, respectively.

The total number of Argentine accounts and deposits is much higher when you consider that many Argentines choose to open their accounts as “residents” by listing their private residence in Uruguay, the domicilio uruguayo of a friend or simply a Uruguay post office box, writes iProfesional’s Ruben Ramallo.

“When opening a bank account, Uruguay does not make a distinction between residents and non-residents. The process is the same for everyone. In other words, Uruguay does not discriminate based on nationality,” says Julio de Brun, Executive Director of the Uruguay Private Banker’s Association.

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