IL Postcard
Sorry You Couldn’t Join Us (But We Brought You Back a Present…)
Date: 12/12/2007
The stunning view of central Montevideo from our hotel at the Live and Prosper in Uruguay seminar.
Wednesday, Dec. 12, 2007
Learn more about Uruguay in International Living Postcards--your daily escape
As I write, I’m in an airplane high above the Atlantic, on my way home from Montevideo, where I met with our closest friends and contacts in Uruguay.
I loved Montevideo, with its European feel and friendly people. But that’s not why I came to Uruguay. I met with 16 of our top Uruguay experts and a small group of IL readers for our first Live and Prosper in Uruguay seminar.
I don’t have room here to share everything we learned, but here are the highlights:
Introduced by IL's roving Latin America editor, Lee Harrison, Uruguay's Minister for Tourism Hector Lescano told us about the benefits of living in Uruguay. Enjoying a central location in South America, Uruguay is less than three hours on a plane from Chile, Rio, or Paraguay, and only a ferry ride from Buenos Aires. Uruguay has a good health system, with a life expectancy of 75 years. Minister Lescano boasted of the excellent roads, well-educated people, the stable democratic government, and lack of racial and religious conflicts.
Juan Frederico Fischer, a partner in one of Uruguay’s leading law firms, spoke about how easy it is for foreign investors to purchase property in Uruguay. “You can buy in Uruguay without visiting the country.” (Great news if you read Lee’s recent Postcard about getting half-price property in Montevideo at auction.) Juan felt that it was a huge benefit that there are no restrictions on beachfront homes, farms, ranches, and properties on the border.
Juan also advised that before you seek residency in Uruguay, make sure you collect the necessary documents before you go. You’ll need proof of income, a birth certificate, a marriage certificate (he explained that if only one partner is employed/receiving a pension, a marriage certificate is essential), and a police record from the U.S. and from anywhere you may have lived in the last five years. You must complete this process within 90 days of entering the country. Once this has been submitted, you can stay in the country as a temporary resident.
Paul and Vicki Terhorst were a real inspiration--they retired at 35 and are living the dream. Paul is the self-proclaimed practical one, while Vicki is concerned with their well being during their overseas retirement. Paul first dealt with the question foremost on everyone’s mind: “How much do you need to retire?” He claimed that he retired in 1984 on half a million dollars. He advised potential retirees to turn all property investments to cash. He manages to stretch the dollars by cutting down on infrastructure: “Take lifts and buses instead of owning or hiring a car, don’t join clubs--pay as you go and keep the monthly costs low. By doing this you have the freedom to deal with unexpected situations.”
Paola Fornari, an expat, spoke of the difficulties she faced when she first moved to Uruguay. She explained the process of culture shock: First, she was in the honeymoon phase, in which she felt like a tourist and was on a high for a few months. Then came the negotiation--or “hell”--phase, when her broadband Internet wasn’t working, her shipment was lost somewhere near the Red Sea, she missed her children terribly, and no one understood her. She described this phase to be similar to labor pains, but the end result was that she felt settled, and it was definitely worth it.
Celia Campbell from Reynolds Properties explained that it has never been easier to travel to Uruguay with new direct flights from Miami. As well as being awarded the highest quality of life in Latin America in the 2007 Mercer Survey, downtown Montevideo (Centro) has elegant apartments at reasonable prices. A fifth-floor, four-bedroom, 2,583-square-foot apartment on Fabini’s Square has a separate living and dining room, a study, and a maid’s quarters for $135,000. You could rent out this apartment for $800 per month. If it’s colonial charm you are looking for, the old city is the place to go. However, many houses and apartments will need some work--one example is a semi-refurbished two-story house with commercial space on the first floor…for $150,000.
Condos and beachfront properties in Punta del Este rent for ridiculously high prices during the summer months, according to Alan Smink of Reynolds Properties. There is a high demand for short-term rentals from the 190,000 tourists that visit this popular resort from December to March. A four-bedroom, three-bathroom house 10 minutes from Punta del Este normally rents for $600 a week, but for the month of January (high season), this increases to $8,500.
At IL’s recent Ultimate Event, we recorded the presentations and workshops of Uruguay resident Lee Harrison and Paul and Maria Reynolds, owners of one of the largest real estate firms in Buenos Aires, with offices in Montevideo and Punta del Este. If Uruguay has your attention, these recordings are highly recommended.
Here’s how you can get them for free:
For one day only--today--you get these recordings free when you order Uruguay: The Owner’s Manual. Not only that…but you get 15% off the manual as well as the free recordings. But only with this special offer.
Elaine Cooney
For International Living
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