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advce and pointers for retiring in Uruguay :)

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eybaba7200
  5/19/2020 13:15 EST

Hi everyone , We have started researching to figure out what’s the best place for us to retire. So far with no serious health concern :) I haven't been to Uruguay yet.

A bit about me :I am Canadian. I speak Spanish. Engineer/ musician. I’ve travelled to 8-10 countries in America’s. My wife is Colombian.
Looking for a place not expensive for a good quality of life. I know Uruguay has the highest cost of living in SA. But don't know how much monthly we are talking to have a decent life.
I am not much into western way of life so losing a bit of a luxury doesn’t bother me. I am coming from a very poor and humble background and have been raised in rough places in other countries so the crime and insecurity as long as it’s not to the point of nightmare doesn’t bug me much. Also I’d like to know how bad are taxes in Uruguay. Do expats pay income taxes for their pensions Or income coming from overseas ? Is it possible to obtain residency in Uruguay without investing ? ( I might buy a humble house there ). I won’t be commuting to Canada much so that won’t be an option. How is the healthcare situation? Is private healthcare very expensive? How do you rate your happiness level there compared to your home country? How difficult is banking there? are commissions and transfers eating a chunk of the money coming in? I know there’s much to consider but any pointers and info from you guys who live there and experience things first hand is super valuable. Thank you so much :)

Morell
  5/19/2020 15:09 EST

We are also Canadian, We spend around $2000 USD a month here but we own our home and car so have no rent or payments for those. We know other Canadians who live on around $1500 USD or less.
There is also quite high inflation but as the US dollar has gone from around 20 pesos to the dollar to over 40 now, our Canadian money has also gained in value. This may not always be the case though.

There is no tax on foreign pensions - we keep ours in Canada and use our BMO and VISA cards to access the money when possible rather than bring it down here.

We pay about $100..00 CAD per month each for healthcare but if you require meds, tests etc. these are extra. Our money includes an extra emergency service as ambulance etc. is not part of most medical plans.

Banks here either require a balance - I believe it is around $1000 USD per account but could be wrong or they charge a monthly fee. We use Remitly to bring money down when we need to. You still need cash for some services such ferias, maids, gardeners, hairdressers etc.

To be a resident you need to show you can support yourself - ie a monthly income that matches the life style you have chosen here. If you can support yourself in Canada, you should be fine here.

William RussellWilliam Russell
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William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.

William RussellWilliam Russell

William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
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eybaba7200
  5/19/2020 17:51 EST

Thanks so much for the info. Very useful. Do you live in Montevideo ? Also how do you rate your welfare and the price you pay for it ? For example I think mine is overvalued in Canada.
Do you find the cost of living there fair comparing to your lifestyle ?
Are the property taxes high ?
Cheers

Morell
  5/19/2020 20:22 EST

No, we don't live in Montevideo. I go there as little as possible but I do not like cities in general.

Not quite sure what you mean by "welfare" cost.?

I don't think our cost of living is a lot cheaper than Canada. We did not pay for healthcare there. We did not have to drive over an hour to a hospital. Gas is expensive here.
In Canada we had our own well and septic system so did not have a monthly water bill or have to pay to have our pozo negro pumped out every year or so.

Property tax consists of two things - a school tax and a municipal tax - It has risen quite a bit over the last few years.

In 2018 we paid 30,499 pesos in 2019 it was 33,009 pesos and this year 35,603 pesos
So roughly $800 USD this year. Still quite reasonable especially with the rise in the dollar but the inflation is in other things too - the tolls on the highway, the car insurance and road tax etc. all rise every year.

Heating is a cost here - we use a woodstove from May to September - we just got most of our wood for this year at just over $700 CAD - we may need $200CAD more later.

Hope that helps.

eybaba7200
  5/19/2020 20:35 EST

Thanks for taking your time explaining the situation.

roninscz
  5/22/2020 09:46 EST

Hi Morrell. You mentioned you used Remitly. I was curious. Can you tell me how long you have used it and have you ever had problems with the service? Thank you for your time.

William RussellWilliam Russell
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William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.

William RussellWilliam Russell

William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
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Morell
  5/22/2020 11:14 EST

I have only used it since July 19. I have made five transfers - three to myself in BROU - CAD to UY pesos and twice to someone else CAD to USD at Scotiabank.

It took a few back and forths to set up - I had the old bank codes for BROU and could not figure out the correct Branch number but once it was set up, I have found it simple to use.
The last time I sent to BROU there was a limit of 2599 CAD per transaction and I believe a limit on the number of times per month you are allowed to send money but I did not try more than once a month. I think the limit was three times a month.
The money went through with the exact amount it stated and it took about 6 days to arrive.

roninscz
  5/22/2020 12:17 EST

Great information! And I am happy you have had success with the service. I really appreciate your answer!

cib
  5/22/2020 19:34 EST

Morell - did BROU charge a fee for the received money from Remitly?
They charge me $39.60 for every wire INTO my BROU account here in UY. Receiving banks in other countries i have lived and banked don't do that - there is just a fee to send the wire.
Thanks, as always, for your input.

cib
  5/22/2020 19:35 EST

$39.60 USD, i mean..

Morell
  5/22/2020 19:42 EST

No, the exact amount that Remitly stated would be delivered arrived in my BROU account. There were no charges this end.

William RussellWilliam Russell
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William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.

William RussellWilliam Russell

William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
Get Quote

Expat91364
  5/22/2020 19:52 EST

Banking in Uruguay is a different business than in the States for example. They don’t for the most part make loans or earn money on other people’s money. Hence fees on top of fees. They issue credit cards but they don’t seem to be in the credit card business and refer me back to Visa with questions. So expect to pay a fee to have an account, a fee to get money, a fee to send money, high cost for checks, fees to have a credit card, life insurance on your balances on the credit card etc. try to deposit a check from outside the country! Can cost $150USD.

if you are subject to FATCA I don’t think there is one who will give you and interest bearing account and generally they are a pain to deal with!

eybaba7200
  5/22/2020 20:11 EST

Holy crap. That’s a lot !

roninscz
  5/23/2020 12:01 EST

Please excuse me. After reading your post, I was wondering, what is your originating country? Is that too personal?

Expat91364
  5/26/2020 09:06 EST

Hi eybaba and Welcome!

I find Uruguay to be a great place to live, but tell friends it is better to live here than visit. Unlike many places which are better to visit but not live in.

I am an American so medical costs to me seem extremely reasonable but for you, might seem expensive. Houses and property if buying is reasonable but More expensive compared to most places in the US. Dirt cheap compared to New York City area however.

We dont feel insecure here, i wire money in occasionally to my local bank. I use a local bank to Get a local credit card, checks etc. it is quite simple and easy to navigate. Infrastructure is excellent and the country is well maintained. A social country where the government really does seem to care about the people (all the people) and acts with gentility and concern.

Prices go up with inflation but against the dollar exchange have been quite stable.

William Russell
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