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[BUYING & SELLING REAL ESTATE IN URUGUAY]
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list of entities that are in the position to obtain such authorization from the Executive Power and includes, among others, pension or retirement funds (both incorporated in Uruguay or abroad) as well as companies proving through their nominative share that they are directly or indirectly owned by the aforementioned funds. Likewise, it should be noted that some entities may request authorization from the Executive Power to own rural land whenever the activities performed by them are part of a project deemed as a priority for the productive development of the country (a “Productive Project”). As per section 3 of decree, when submitting a Productive Project, the petitioner should include “a responsible and sustainable management and production plan over the natural resources as well as an environment’s protection plan”. It should be noted that this authorization, that when first requested could take between 3 to 9 months, must be requested each time the entity wishes to acquire new land. Finally, please also be aware that in case of properties located within the protected areas system, there is another procedure to be submitted to the Ministry of Housing, Territorial Planning and Environment (MVOTMA).
ILN Real Estate Group – Buying and Selling Real Estate Series
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