uruchi98
3/6/2017 15:18 EST
Hello, I just found this site and think its very interesting. WE are a couple living in the US and planning to retire in a few years. Now we are thinking that we should retire in Uruguay, being that I was born there and my whole family lives there, we are alone and while its is ok when you are young its king of sad when you are old and you don't have anybody around but your spouse. So now we are thinking what a big project it is to move your whole life to another country! I forgot how difficult it was for me when I decided to come here, 23 years ago, but I was young and the only thing I brought with me was my huge desire to make it work in another country, nothing else. But now is different. WE will sell out house when the time comes and will buy there. How do you move the money? I can open an account at Bco de la Republica joint with my brother who would help us in anything, I trust him completely. But how do you move your money from Bank of America here to Banco Republica there? Also is it worth it to take a container with our furniture? I know me by being born there it going to be easier in many aspects. Also we would like to bring a car and maybe a motorcycle. I appreciate any tip or info you guys can give us!
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Morell
3/7/2017 08:20 EST
I would get some advice about importing a car. I have a Uruguayan friend who did this and regretted it. The annual taxes and insurance were based on its value here making it too expensive to use, and parts and service were also expensive. He was not allowed to sell it for several years so it just sat in his driveway and he could not afford to buy another car here.
He also imported expensive dual voltage appliances which did not work correctly and could not be repaired here.
Money can be easily wired here from your Bank. Just make sure you bring all the sales documents from the sale of your house etc. to show where the money came from. BROU asked to see these as well as copies from our other Bank showing the money entering our account upnorth.
We brought a container and have many items we would have difficulty finding here easily or at all. Although it is expensive, I feel we would have spent much more trying to replace everything. Selling secondhand things in the US brings in very little. We did buy major appliances here as most are smaller to fit the kitchens here and are easily repaired locally if needed. Large N. American style furniture may not fit the houses here especially a kingsize bed or large three seater sofas.
Good luck with your plans.
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EdNewYorkCity
3/7/2017 14:30 EST
Transferring the money is very easy.
Just open an account in BROU in the US, I know there's one in New York City, but there might be one closer to where you live.
You might also be able to transfer directly to BROU in Uruguay but I found the first option easier.
From there they can transfer the money to a BROU in Uruguay.
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letsmove
3/7/2017 14:49 EST
I have a BROU account and had been transferring funds from the states to my account here. Like Morel says, you have to provide documentation to prove the funds are legal. Recently, BROU sent an announcement that any funds deposited to your BROU account from the states in excess of $350,000 UY will get hit with a hefty fee. I never got an announcement that was rescinded but maybe someone reading this will know and correct that. As far as B of A, you need to talk to them and see if they will transfer funds. I know Charles Schwab charges only $25.00 per transfer no matter how much you send. If your were born here, you can get an account at a different bank and avoid the BROU fees.
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gonetroppo
3/7/2017 17:26 EST
We live in the U.S. and have had an apartment in Punta Carretas for 5 years. We recently opened a bank account at BROU with no issues whatsoever. Wired money to fund the account from Fidelity with no costs directly to BROU and not using the forward bank in N.Y.
As for importing from the U.S., there are rules and I would suggest you consult an immigration attorney.
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uruchi98
3/7/2017 18:36 EST
Thank you all for the tips. My brother also believes its a better idea to buy a car there and avoid the hassle. The appliances there actually are almost the same price as here so buying here and trying to get it to work there its not worth the trouble. We live out west so the BROU in NY its not a practical idea for us, it might be better to wait till we go next time and open it directly in Mvdeo. I have another question, when you buy a property there is there an inspection you do before signing the deal? Thank you all for the input.
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gonetroppo
3/8/2017 07:06 EST
HI,
Yes, you can go directly to BROU. You will need records of income for the past year and a W9 IRS form. The branch in Punta Carretas does have a couple of English speakers. so it is quite easy. We have purchased two new apartments but are looking at an historic house. No formal inspections in Uruguay but you can hire an architect to have a look. If needed, we can provide a couple of names of architects in Montevideo. Good luck...great place to be!
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gonetroppo
3/8/2017 07:13 EST
As for appliances, just purchase in Uruguay as there power is delivered at 220V/50C. They have several appliance stores in Montevideo and a great selection at reasonable prices.
http://www.motociclo.com.uy/
http://www.multiahorro.com.uy/
http://www.puntoluz.com.uy/
https://www.barracaeuropa.com.uy/
You can even order and pay with your CC online and select a delivery date!
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Morell
3/8/2017 11:36 EST
I would add that unlike in the US, when you buy a house or apartment, you do not necessarily get everything that is attached to the walls such as light fixtures, built in cupboards, hot water heaters etc.
Make sure that everything you expect to be left in place is spelled out in the offer and have yourself or your escribano check the house the day before the signing.
I know of people who neglected to do this and found all the kitchen cupboards gone, plus all the light fixtures, wall outlets and switches, hot water tanks, curtain rods, propane tank etc. they even dug up trees in the yard before leaving.
We were not in Uruguay when our sale closed so had our escribano do a walk through. We had missed a small hot water heater in the BBQ and when we arrived it had been removed.
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uruchi98
3/8/2017 18:58 EST
I appreciate very much all the information provided. WE are still a ways to go but every tip is very helpful. Cheers
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Vortice
3/8/2017 20:10 EST
When we left the states we told our bank we were moving to Uruguay and were told that we had access to our funds for international wire transfers. When it came time to pay for our chacra, we were told by the bank that international transfers required our physical presence at our bank in the US! We ended up doing multiple domestic wire transfers from an account at another bank to a family member who went in person to their bank and did the wire transfers to pay for the property through transfers from their account. We had intended to close the deal in less than ten days, with a single payment, yet it took a month and multiple transfers. It was both cumbersome and aggravating.
We have since had to return to the US, in person to meet with the bank to set up the capacity to do international wire transfers which we thought we had done before leaving. At the bank it was clear that few understood the process, particularly the bank manager! One of the bankers filled out the necessary forms for us and set this up but it still involved Fedexing documents back and forth as well. Hopefully your bank will not be so incompetent and difficult. We had to fly back to the US to remedy this so it will not continue to be a problem. We were very upset given that we had specifically requested this before leaving for Uruguay.
Be sure you and your bank are on the same page about the mechanics of your international wire transfers so you can access your funds when you are abroad.
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letsmove
3/8/2017 20:16 EST
The same can be said for Wells Fargo. I had to hunt for a bank that make transfers via emails and a website. I found Chas Schwab is one and I have used them repeatedly sitting here at my computer in Uruguay. I am sure there are others, but once I stumbled onto them I quit looking.
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uruchi98
3/9/2017 11:08 EST
Wow!!! I knew about the appliances not included in the sales, I didn't know they would remove cupboards, much less light switches and bulbs???!!!! As you said, we must be vigilant and have everything in writing. I am glad I have my brother to help me there otherwise it would be difficult for me not to miss something, he has a good escribano with whom he made a couple of real estate buys and he is happy with him. About the money and international wiring that its what really interest me, I will definitelly look into Chas Schabb, or is it Charles? we have our accounts with Bofa here for as long as I remember and will ask them too.
Now let me ask you all this: how did you find adjusting to Uruguay after living for so many years abroad? I am uruguayan but living here for 23 years, my husband 40 years, he is very committed to move there, me, in the other hand, have my doubts about re-adjusting. I have family and the health services there is definitely my 2 reasons I want the move but other than that I find the idea very hard!! Please if you will, let me know how did you all do?
Thanks!
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letsmove
3/9/2017 11:50 EST
Yes, it is Charles Schwab and if you have an office in your area, you can open a checking account there. Ask them to show you how you use their website to do international money transfers. You do not have to initiate a transfer from their office. I think you will adjust well. Family and friends will be very supportive.
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withiniswithout
3/10/2017 07:46 EST
Don't bring a car or motorcycle here. It just isn't worth it. Might be good to put most of your stuff in storage and come here for six months and look around before shipping anything or deciding to buy. Difficult to find good housing here that's well-constructed unless you are shopping in the half-million and up range. Even then, windows and roofs leak and potential for many problems.
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letsmove
3/10/2017 09:08 EST
I absolutely tell everyone to avoid Motociclo. I have lost hundreds of dollars buying from them. They will sell you as new, an appliance that is used and returned broken. Then you are stuck buying a worthless machine that was sold as new. They will take it back, look at it, tell you they tested it and it was fine and you have to take it back, no refund, no in store credit. And you cannot exchange for a different brand. You have to accept the brand you bought. So you could end up like us. Paid $500 for a washing machine billed as new, but was used and didn't work. Now I have a $500 piece of junk and no washing machine. Take a lawyer with you to Motociclo if you MUST buy there. Save yourself money and headaches, avoid Motociclo. I have asked a lot of locals and they all say it is the store to avoid,
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Morell
3/10/2017 09:59 EST
Unless you are a Uruguayan citizen who has been out of the country for two years or more you are not allowed to bring a car duty free. If you ship a car as a foreigner then you pay about 100% more than it is worth on duties and shipping and then continue to pay more once it is here as you pay yearly road taxes and insurance on its value in Uruguay not where you bought it. Many US cars are not sold here especially automatics so finding the right parts and someone who knows how to repair or even do regular maintenance may be difficult.
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Vortice
3/10/2017 14:13 EST
On the subject of vehicles here: 1) The out the door price for a zero Km car including IVA (tax) is almost double what the same car would cost in the US.
2) They may not sell you the vehicle you want though you are an all cash customer! We were going to purchase a Mitsubishi L200 Sportero club cab 4x4. In Uruguay, a club cab (doble cabina) truck can be purchased by a business on an lease without paying the IVA, which brings the cost down by 22% (USD 48,352). We do not yet have such a business and therefore were willing to pay full price (USD 58,990), but were told there were additional taxes that would render the price over $90,000! This was a bold faced lie, they simply do not want to sell it all cash. The BOR dealership wants to sell only through leasing because they get a cut from the banks, as was explained to us by Uruguayan friends. We will never do any business with BOR, which means no new Mitsubishi vehicles, which is no great loss to us anyway.
We have purchased a new Subaru Forester as we absolutely need a real four wheel drive vehicle on the chacra. Most other all wheel drive vehicles simply cannot perform off of paved roads in horrible conditions. As the weather here can be fierce, the unpaved roads in the Sierras de Las Animas can deteriorate rapidly and we need to be able to get into or out of the chacra with a real 4x4 with good ground clearance, and the safety rating of the Subaru is far better than the L200 as well which brings me to point 3.
3) We have been driving in California for 40 years, where about 5% of the drivers are very bad, whether very aggressive, inexperienced, too old or intoxicated. In Uruguay, this category comprises 50% of the drivers, higher in Montevideo. Lane markings are mere suggestions, as are all other traffic laws including safe following distance and signaling. The inability to track within ones own lane simply amazes us and it is common for vehicles to enter your lane when they are passing you! Until a few years ago, few Uruguayans owned their own cars, and the public transportation system here is very good, so a huge factor is a lack of experience. The growth in traffic policing has not kept pace with the growth in drivers and vehicle numbers, which allows this problem to grow. Add to this the Argentine drivers; they are often extremely fast and aggressive. They know that as tourists, they will not be subject to the same level of enforcement as Uruguayans are, so they are very prone to ignoring all traffic laws or courtesies. Yesterday, on our way into Montevideo on Ruta 1b, an Argentine blew past us doing at least 140 Km/hr in a 90 zone. A few minutes later we passed the crash site where he had plowed in to an Uruguayan car that was stopped at a traffic signal in Solis. Defensive driving is all important here and one must never be the least bit complacent or distracted while driving. Uruguay is NOT suited to timid drivers!
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Vortice
3/10/2017 14:23 EST
A small clarification: There are many four wheel drive vehicles that do very well off road, but many of them are large. Uruguay is better suited to smaller vehicles due to limited parking and narrow streets.
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uruchi98
3/10/2017 16:38 EST
Although I would love to buy a chacra I don't think it's going to be our case, so no need for a expensive 4 wheel drive truck. I know driving there is not for the faint of heart, there is little respect for the rules, I used to drive my mom's old vw bug in Montevideo where traffic is crazy. Looking back I wonder how did I do it!!??
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