The Fort Knox of Punta del Este

Fort Box Punta del Este Uruguay

Formerly the Banco Republica, Fort Box offers a variety of safe deposit boxes in downtown Punta del Este.

Long-time InvestBA readers know Uruguay Is A Good Place to Visit Your Money, especially during the High Season shoulder months of November/December and March/April. The weather is still perfect, the beaches are practically empty and the restaurants are not crowded with tourists on summer vacation. More importantly, attractive rents can be negotiated with local brokers for oceanfront chacras and luxurious estancias.

So where do you leave your money when you leave Uruguay? If you have a private residence, that is one option; however, many foreign investors opt to rent homes in Punta del Este and surrounding coastal towns like Jose Ignacio, La Barra, Manantiales and Garzon. One of the best options for PdE renters and part-time residents is located in a shopping galleria on Gorlero Street in downtown Punta del Este.

Founded over fifteen years ago, Fort Box offers clients a variety of safe deposit boxes where you can store your cash, gold, documents and other valuables. The building was formerly the Punta del Este branch of Banco Republica, and the vaults are the original ones from the bank. Armed security guards patrol Fort Box which also offers P.O. Boxes and conference rooms if you conduct business in Uruguay without a full-time physical address.

Fort Box is open seven days a week with extended hours during the summer months, so your money in Uruguay will never be lonely. (Company website)

Investing in Buenos Aires parking lots

Cochera King: Forget the plazo fijo. You should think about parking your pesos, says C5N.

You just won the lottery in Argentina. Congratulations! Now what? Assuming you don’t have a blowout asado in Jose Ignacio with 1,000 of your closest friends, a fountain of Atamisque Assemblage 2007 and Armin Van Buuren guest DJ’ing, you’re going to have some coins to invest.

That was the scenario posed in an interesting segment this morning on C5N’s Mananas Argentinas which examined some investment alternatives we’ve discussed in earlier posts.

If you played the national lottery and won the Quini 6, you would have 6.5 million pesos (US$1.6 million) burning a hole in your bolsillo. The safest and least lucrative alternative would be the standard “plazo fijo” down at the corner bank paying a meager 0.28%. But then again what happens when some clowns rent a vacant store next to your bank and tunnel into the vault on a long weekend? Next option.

Parking lots? Not a bad choice says C5N, especially in Capital Federal where demand far exceeds supply. Your US$1.6 million could buy you a full parking lot with 66 spaces priced at US$24,000 each. The annual rent for each space would net you about US$2,900 per space or $191,400 per year, a net annual return of 11.9%. Other alternatives discussed were gold, silver and even lithium in Bolivia, home to half the world’s known lithium reserves.

For a tangible Buenos Aires investment alternative with more attractive ROI scenarios, download IncomeBA.

HSBC Playa

Argentine banks like HSBC, Banco Galicia and Frances are following their clients to the coast with discounts.

It may be time for summer vacations, but don’t expect Argentine banks to give their discount and loyalty programs a rest. On the contrary, the big banks are all putting on sunblock and setting up shop on the beaches of Mar del Plata, Pinamar, Carilo and even Punta del Este, says Lujan Scarpinelli in La Nacion.

“As a natural continuation, the inflation-fighting, credit card discounts that stoked consumption at the end of December to record levels, has carried over into the tourist destinations.”

“We are extending our promotions to the main destinations where our clients typically vacation. For example, we now offer 30% discounts in more restaurants in Mar del Plata and Pinamar on Fridays,” says a Banco Frances spokesperson. Frances is also offering 15% discounts on Sunday gas purchases when clients pay with their credit card. Other clients are enjoying 15-30% discounts on movie tickets and 20% discounts on clothing.

Scarpinelli says the online promotions are also quite generous. Banco Galicia posts a list of business partners offering discounts through March 15, and Galicia clients can expect 20-25% discounts at supermarkets, restaurants and ice cream shops along the coast. Citi has better visibility on the websites of the main shopping centers along the coast and also a physical presence in Uruguay with Citi Montoya Beach where clients receive bar and gym discounts. Aiming for the top of the luxury pyramid, HSBC chose the beaches of Jose Ignacio and Carilo to entertain their clients with discounts of 10-20%. (Full Story in Spanish)

For more information about investment opportunities in Argentina and Uruguay, download the new issue of InvestBA Privada.

Yesterday we shared the news that two million Argentines would like to retire in Uruguay. The announcement coincides with the new issue of InvestBA Privada where we devote our Inmobiliaria section to unique destinations and properties beyond Montevideo and Punta del Este. One of those destinations in our Discover Uruguay feature is Jose Ignacio, an InvestBA favorite where we enjoyed Fin de Ano celebrations. While most singe-family homes are concentrated around a thirty-six block grid adjacent to the Jose Ignacio lighthouse, new gated communities with resort-style amenities are beginning to appear on Route 10 in the direction of Manantiales to the southwest and Laguna Garzon to the northeast.

For more information about investment opportunities in Jose Ignacio and other unique corners of Uruguay, download the new issue of InvestBA Privada and watch video tours of InvestBA listings:

Canelones Estancia – US$1,500,000

Punta del Este Citrus Estancia – US$2,500,000

La Paloma Oceanfront Chacra – US$3,500,000

Valeria Mazza Selenza

Good morning, neighbor. She was good at selling Caro Cuore, but what about Condos?

At the height of the summer season in Punta del Este, dozens of developers host events to showcase their projects and pay local celebrities like Susana Gimenez ridiculous sums to show up, pose for a few pictures and feign interest in some $300,000 condo they would never dream of buying.

The “celebrity endorsement of real estate that is beneath the level of said celebrity” is not a phenomenon unique to the Southern Cone, but the Uruguayan version that plays out in January is something to behold.

Now a Spanish developer has taken the endorsement game to a whole new level by partnering with one of Argentina’s most famous fashion models. Valeria Mazza rose to stardom in the 1990′s appearing on the covers of Vogue, Glamour, ELLE and even the Sports Illustrated Swimsuit Edition. Mazza is now featured prominently in the pre-construction marketing materials for the Selenza Village, a 5-star boutique project to be built on the coast of Manantiales between La Barra and Jose Ignacio.

Mazza and her husband apparently fell in love with the Selenza Marbella and decided to bring the concept to Uruguay. Given the Spanish real estate market bloodbath, the developers did not need much convincing to cross the pond. “Europe and Spain are going through very difficult moments economically,” said developer Felix Abinades adding, “There is very little activity, so this is a good time to develop projects in Uruguay, Argentina and Brazil.”

The developers bought the 7-acre parcel for US$6 million and plan to invest $36 million in the project which will feature a Thalassotherapy Center, the amenity that Mazza fell in love with in Marbella. So who knows? Maybe Valeria really could be your neighbor. (Full Story in Spanish)

For more information about investing on the coast of Uruguay, download the new issue of InvestBA Privada.

 

Bariloche

Mendoza

Uruguay

© 2011 InvestBA.com