Bob Bauman’s
March 2012
Uruguay Revisited
Welcome to the New Switzerland
—Robert E. Bauman JD, Editor
For centuries, Switzerland has been the sanctuary of choice for
wealthy people from many nations.
Now amid the growing crackdown on Swiss private banking, many wishing
to maintain financial freedom are flocking to places such as Singapore and
Hong Kong, which still offer some of the world’s most private accounts.
But these Asian countries are not the only places that welcome
Americans and their money. There are other low-tax financial oases that
provide sound banking systems and far greater financial privacy than
anything you’ll find in the U.S., not to mention numerous attractive
investment possibilities.
I have traveled the world in search
of the perfect offshore base – both for
investment purposes and for lifestyle –
and I believe I have found one of the best
in Uruguay
Earlier this year, I was fortunate
to visit Uruguay for the first time with
50 Sovereign Society members, and I was
impressed.
It is for good reason this country’s
nickname is the “Switzerland of South
America.”
I have researched and written about
Uruguay for years, established reliable
Inside This Issue
Uruguay in
a Nutshell....... Pg 3
A Strong and Growing
Economy.......... Pg 4
Worry-Free Property
Investments...... Pg 6
Financial Privacy
Guaranteed ...... Pg 8
Tax Breaks...... Pg 11
Contacts......... Pg 15
Published by The Sovereign Society®
professional contacts there and have paid close attention to
developments in this impressive country.
But nothing prepared me for the way this tiny country — South
America’s smallest Spanish-speaking nation – encapsulates everything
you might need as a second or retirement residence and for investment,
banking and an offshore financial base.
Last May, subscribers to my Offshore Confidential received a
Special Report on Uruguay.
Now, having seen the country, met its people and enjoyed their
hospitality, this latest special report is a sequel that reflects
firsthand knowledge and reinforces my judgment that this is definitely
an extraordinary country you should visit and consider making your
offshore home and financial base.
The Jewel of Latin America
You know you’re not in America as soon as your plane lands at
Montevideo’s sun drenched, gleaming, white, ultra-modern Carrasco
International Airport.
Unlike the long, mind-numbing lines that snarl the U.S.
Immigration and Customs process at just about every American airport
these days, you are whisked through the Uruguayan entrance routine in
a matter of minutes. Outside, you are greeted by bright sunshine and a
brisk breeze off the South Atlantic Ocean.
Welcome to Uruguay. Spend a few days here and you will no doubt
be impressed by the friendly citizens, and soon you will also realize
that this is not just a place to invest and bank, but you might also
want to live here.
Uruguay has escaped the rigid class society that exists in much of
South America.
There are no ethnically defined boundaries. An estimated 88% of the
people here are of European descent, principally Italian and Spanish.
Other immigrant groups include Portuguese, Armenians, Basque, Germans,
and Irish, making the country somewhat like the ethnic melting pot the
U.S. once was.
North American and European expats don’t stand out as foreigners;
tall, fair, or blue-eyed people are assumed to be Uruguayans. And
Uruguayans show unlimited, un-Latin patience, both in person and on
the road.
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High-Ranking and Happy
Before you begin to plan your move, though, there are several
details you should know…
Uruguay, which is about the size of Washington state, lies east
of both the Uruguay River, separating it from Paraguay, and the huge,
137-mile wide estuary of the Río de la Plata.
Uruguay had the 25th highest
quality of life index in the world
in 2011, and ranked first in quality
of life/human development in Latin
America.
The Economist ranked Uruguay 17
out of 167 countries on the 2011
Democracy Index. Reader’s Digest
ranked it ninth most “livable and
greenest” place in the world and
first in the Americas.
Uruguay in a Nutshell
Government: Constitutional
republic
Capital: Montevideo
Population: 3,308,535 (July
2011 est.)
Total Area: 68,039 sq. miles
Languages: Spanish, Portuñol,
(Portuguese-Spanish
According to Transparency
International, in 2011 out of 182
countries, Uruguay ranked 25th
and is the second-least corrupt
country in Latin America, behind
Chile. It was the highest rated
country in Latin America (and 26th
in the world) on the latest Legatum
Prosperity Index, based on factors
that help drive economic growth and
create happy citizens.
Ethnic groups: 88% White, 8%
Mestizo, 4% black, Amerindian
Life expectancy: 76.33 years
Currency: Uruguayan peso (UYU)
GDP: US$48.43 billion (2010
est.)
GDP per capita: US$14,300
(2010 est.)
But on top of all these accolades, Uruguay offers much more ,
makingit what might be the best offshore residence for you.
For one, it is still a tax haven. Uruguay definitely has now earned
its “Switzerland of Latin America” title.
An Investor-Friendly Country
Uruguay has an export-oriented, agricultural and services-based
economy with a well-educated workforce and high levels of social
spending. Political and labor conditions are among the freest in Latin
America.
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Foreign and local investors are treated equally under the law and
there are no limitations on foreign business ownership. At the same
time, there are no currency-exchange controls or forced currency
conversion.
In fact, foreign currencies are used freely, including dollars and
euros. And there are no taxes or restrictions on transferring money
in or out of the country. Most bank accounts are denominated in U.S.
dollars, and dollars are also used for real estate and major business
deals.
The Uruguayan economy is ideal for foreign expatriates, retired or
otherwise. There is very little poverty, a high standard of living and
large middle class. It also has the most equitable income distribution
in Latin America, which equals a low crime rate and a very livable
society.
If you do want to invest actively, start a company or do business,
Uruguay offers an extremely positive environment.
Consider this: If you had packed up and moved to Uruguay a decade
ago, you would have missed a lot – including the U.S. housing bubble
and the property market crash.
Meanwhile, property values in Uruguay appreciated substantially.
You also would have missed the world recession – which went right
past Uruguay, the only Latin American country to have escaped the
global economic crisis unscathed.
A Strong and Growing Economy
Unlike the faltering powerhouses of the Americas and Europe, the
Uruguayan economy expanded during the global recession. In 2011,
Uruguay’s gross domestic product was $52.02 billion in 2011, with per
capita GDP at $15,400, the highest in South America.
Economic growth averaged 8% annually during 2004-08, slipped in
2008-09 to 2.6% during the world financial crisis, but rebounded to
8.5% in 2010 and 6% in 2011. Construction is booming in the country
and, last year, a record three million tourists visited Uruguay.
Uruguay is also South America’s leader in direct foreign
investment with more than $10 billion coming into the country in 2010.
The previous year, it became the first nation in the world to provide
every school child with a free laptop and wireless internet.
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While Uruguay provides the perfect environment in which to invest
and do business, it is not a country where you should look for cheap
retirement. Its first-world living standards come with first-world
prices in some items.
However, if you plan to be in South American paradise for a few
months every year, you should consider investing in local property.
Foreigners are not required to become residents to own real estate,
establish a corporation or to do business in Uruguay.
Montevideo: One of the World’s Safest Cities
Montevideo, Uruguay’s capital, is an attractive, modern city and
among the safest in the world.
As a first-time visitor, I was immediately impressed by its
cleanliness and charming mix of old and new architecture.
The traffic here is leisurely and the skyline is punctuated by
a relatively few skyscrapers. Visitors will also enjoy its small
boutiques, museums and a lively Ciudad Vieja (Old City).
There is much to be said for this city of 1.3 million – about half
of Uruguay’s total population.
Especially appealing is the “Rambla,” miles of gleaming, spacious
promenade and beaches, teeming with thousands of strollers and bronzed
sun bathers.
Vistitors will also enjoy the beautifully restored Teatro Solís,
the city’s venerable opera house, which opened in 1878. Here, blacktie crowds still turn out for world-class orchestras from around the
globe. Down the same street, local folks gather at a tiny tango club,
where the singing and dancing goes on until dawn.
The city’s fine-dining establishments are nearby, along with dozens
of casual parrillas, whose giant grills and blazing wood fires attract
Montevideo’s meat-lovers.
And if you’re serious about living here, the most suitable
apartments for the expat community conveniently face the Montevideo
city golf course on the Rambla.
The average price for a 2,500 square foot apartment in this area
is about $550,000. New construction prices are higher, closer to
$750,000.
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A smaller apartment of about 1,800 square feet, in an equally good
section of the city, would cost you around $350,000.
It is also worth highlighting the fact that Uruguay offers not
only financial, but physical security. You feel safe walking the
streets and byways of Montevideo, Punta del Este… or anywhere else in
this unusual country.
Worry-Free Property Investments
I stayed for several days in Punta del Este, South America’s
premier beach resort. I also traveled further along the Atlantic coast
to La Berra and Jose Ignacio (according to locals, the next SaintTropez) – where the beach areas are so exclusive that Brad Pitt and
Angelina Jolie shopped for groceries unrecognized.
Punta del Este is a town with miles of sandy beaches and blue
waters, along with the country’s hottest nightclubs, the best casinos
and shows, and the highest concentration of fine restaurants, not to
mention its world-renowned property market.
This is Uruguay’s answer to Newport, Rhode Island. Bridge nights
and cocktail parties are part of the routine. Many foreign and
local people of wealth make their home here, and I saw several
of the many international cruise ships that regularly visit the
harbor.
As a South Atlantic Ocean-side resort, Punta del Este has a great
deal of “old money,” which makes it a more established re-sell market.
Prices are not cheap because of international demand, but your
investment is safer and you’ll be able to find a buyer whenever you
want to cash out. There are more than 70 new developments in Punta
del Este – all without mortgages. It’s a cash business that is owner/
developer financed.
The lowest starting price on the peninsula is around $300,000.
Historically, property in Punta del Este has increased in price and
holds value well. The rental market is strong during the peak summer
season (January to March), with returns in the 3% to 4% range.
Don’t miss Punta del Este’s neighboring small town of La Barra.
Real estate here is highly sought after and you’ll pay between
$600,000 and $800,000 for property. In the maze of narrow, Europeanstyle streets, you will find art galleries, shops and restaurants. La
Barra is well worth the investment.
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An Easy Way to Invest Directly
One of most profitable investment opportunities is Uruguay is real
estate. Many foreigners purchase second or vacation homes that return
strong rental income when not in personal use.
One of the easiest ways to invest directly for profit is to buy
farmland. This is a safe, turnkey investment with high appreciation
potential and good returns.
Uruguay is ideal for agricultural pursuits. It is estimated that
46.4% of soils worldwide now have depleted biological functions, and
15% of that total is in Latin America. The causes are water and wind
erosion, changes in soil composition and physical degradation.
However, almost all of the soil in Uruguay is non-degraded and
productive. The climate is temperate and there is rainfall yearround. The country also sits atop the world’s largest aquifer, a wet
underground layer of permeable rock from which ground water can be
extracted.
These factors all combine to make the country a competitive
producer and exporter with no government interference in the market.
Principal crops include soybeans, wheat, rice, cattle and sheep
ranches and dairy farms. Forestry includes growing eucalyptus and pine
and there are many vineyards, olives groves and fruits.
Foreign investors may work directly or have a farm management
company handle all aspects of operation. There is also an active
market for crop-land rental.
Overall, the Uruguayan property market has been safe and stable. For
example, farmland prices have increased in value by a multiple of eight
times since 2002 to a current average of $2,100 per hectare (although
in real terms, and taking 1998 as the starting point, prices tripled).
All of Uruguay’s land was mapped some decades ago, and each plot
was rated according to its productivity. The rating system is called
CONEAT and it assigns a numerical rating to all land. The rating can
be accessed by anyone, online, making it very easy to determine the
fair value of land in this transparent market.
Most of the prime
agricultural land lies along the western edge of the country, near the
Uruguay River near the Argentine border.
Never buy without knowing the CONEAT rating. An agronomist can
tell which crops are best under any given rating. And for the nonfarmer investor, investing in farmland is easy: Uruguay has widespread
7
expertise to help manage a farm, and the decisions are simple: you
will usually plant what the global market dictates, typically soybeans
in the summer and wheat in the winter.
Insider tip: If you are buying land for recreational, development
or personal use, then you do not need a high CONEAT rating. If the
rating is high, the land may be overpriced for your purposes.
Banks and Banking
Sixty-one years ago, in the wake of World War II, Uruguay was
described as the “Switzerland of the Americas” in a 1951 New York
Times article. It earned that name because of its popularity as a
haven for capital and precious metals fleeing Europe at the time, and
for its adoption of Swiss-inspired banking laws and customs.
Uruguay’s banking system is solid, appealing to global investors
and depositors who seek a safe haven and tax advantages. Since January
1, 2008 almost 400 banks have failed in the U.S. Meanwhile, Uruguay’s
banks have operated without problems.
Unlike too many offshore financial institutions in other parts of
the world, banks in Uruguay welcome American clients, and most offer
e-banking.
Uruguay’s banking reputation has made it an important regional
financial center for the southern continent. There are 11 private
banks, totally or partially owned by American, Canadian, European and
Brazilian financial institutions, plus the government’s central bank,
Banco de la República (BROU) that strictly supervises all the banks.
Financial Privacy Guaranteed by Law
Unlike the U.S., where the PATRIOT Act has destroyed financial
privacy, Uruguay protection is based on a bank secrecy statute that
forbids banks to share information – and that includes the government
of Uruguay and foreign governments.
The only exceptions are cases of alimony, child support or alleged
crimes, including tax evasion and fraud. Even then, information can
be shared only after obtaining a court order. In the case of foreign
tax crime, the information can only be shared if a tax-exchange treaty
exists.
BROU also enforces the country’s strong laws that protect financial
privacy and, yes, banking secrecy. Uruguay does not automatically
exchange tax or banking information with any government.
8
However, it is important to note that the country complies with
the Organization for Economic and Community Development’s standards
for tax information exchange requests by having tax treaties with a
handful of countries.
Uruguay is a respected sovereign state. Criminals and tax evaders
are not welcome here.
Opening a Bank Account
One third of all bank accounts in Uruguay are held by foreigners,
including many thousands of Brazilians and Argentineans.
There are no exchange controls or capital restrictions. Unlike
neighboring Argentina, Uruguay has no political need, nor history
of, forced conversion of currencies or of freezing or confiscation of
deposits. The government guarantees bank insurance on deposits only to
a maximum of $2,500, but bank failure is unknown here in recent years.
To open an account you will need two IDs (passport and driver’s
license), proof of home address, and a reference letter from your home
bank. You must also indicate the estimated amount of funds that will
be deposited into and transferred out of the account monthly.
A personal interview is required and incoming funds must show
proof of origin. A clean, non-criminal, personal record is required
and you must and sign an IRS Form W-9.
Processing usually requires about two weeks and English-speaking
account managers are assigned to non-Spanish speakers.
Bank financing is also available to foreign residents, with proof
of income. A first or second mortgage on U.S. property is often
accepted to finance local bank loans, as long as the bank can arrange
for a back-to-back loan with its U.S. branch.
The country’s interest rates are a nice bonus at around 7.5%.
Banks offer up to 4.5% on various types of accounts. That means
your money can earn up to 30 times more than it does in a U.S. bank
account, where minimums are about 0.25%.
A Tax Haven by Any Measure
Uruguay’s government does not want the country labeled as a “tax
haven.” However, by any measure, this is, in fact, an offshore tax
haven that imposes very few taxes on foreign residents.
9
There is a territorial tax system here. Personal income tax only
applies to Uruguayan-source income, including rental earning from
properties in Uruguay. There is a flat tax of 12% on interest and
dividend income from abroad.
However, resident foreigners are credited with any income tax
paid to other countries, to avoid double taxation (Uruguay does this
unilaterally; no double taxation treaty is necessary). Otherwise,
income from abroad is not taxed.
So, if a resident foreigner already pays tax on income from
another country, which Americans must, Uruguay does not tax you again.
It is also worth noting that while Uruguayan banks may exchange
information with some foreign governments upon proof of tax evasion or
fraud, no agreement exists with the U.S. or Canada.
Three Types of Income Taxes
If you remain in Uruguay for more than 183 days in one year, the
law presumes Uruguay is your tax domicile and you may become liable
for all of the same taxes a local citizen would be required to pay..
So, which tax rates would you pay in Uruguay as a foreigner in
residence? Although you will pay far lower rates than in the U.S.,
Uruguay levies the following taxes:
• On assets: Citizens face a small tax on offshore deposits,
securities and loans. The rate is 0.07% to 0.5%. This tax, known as
“IP,” is being phased out in annual steps and will end in 2017. It
will not affect anyone who gets citizenship after 2017.
• On income: Uruguay taxes three types of income generated outside
of the country - interest on deposits, interest from loans to a
foreign company and dividends. The tax is a flat 12%.
However, I repeat, if you already pay income tax abroad on any of
these three types of income, you will not have to pay additional taxes
in Uruguay. This means you avoid double taxation.
Any other type of income generated abroad, such as salary, capital
gains on the sale of shares or property, pensions, lease income, or
any other type of offshore income are all untaxed.
• Job-related taxes: If you decide to work in Uruguay, the personal
income tax rate ranges from 10% to 25%, with a maximum overall
effective rate of 18%.
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Beneficial Uruguayan Taxes
Here’s an example of just how good Uruguayan taxes could be for a
U.S. citizen living there.
If you earn $1 million a year and bring $100,000 a year into
Uruguay, the country taxes only 70% of that $100,000. There is also no
tax on the first $800 of income you “earn” each month… so this further
reduces the Uruguay tax burden.
Of that $100,000 you bring into the country each year, you’ll face
taxes on only $60,400. At a flat rate of 12%, you’ll pay just $7,248 in
taxes.
Compare this with what the IRS would take from $100,000 of annual
income – $25,000. Even if it does not want to be called a “tax
haven,” it’s clear that Uruguay is a low-tax jurisdiction for foreign
residents.
Uruguay, like most countries in Latin America, imposes a value
added tax (VAT) of 22% for most goods, and 10% for certain basic
goods. It applies to imports (with exceptions) and to the sale of
goods and services. A luxury tax is included in the cost of some
specific goods, such as automobiles, alcoholic beverages, gasoline and
tobacco. Unlike the U.S., these sales taxes are included in the higher
price of an item; taxes are not added at the register.
Property taxes: The municipal property tax ranges between 0.25%
and 1% of the market value of a property. It averages about 0.5% of
the property value – but less on rural properties. There is also a
school tax of some 0.1% to 0.2% of the market value that doesn’t apply
to rural properties.
The transfer of real estate is taxed at a rate of 2% of the
assessed value of the property, paid by both parties in a transaction.
Often, the “assessed value” is equal to half the market value of a
property, or less. Uruguay does not tax the sale (partial or total) of
bearer shares in a company that owns real estate.
The 25% corporate tax in Uruguay is levied on corporate profits
generated within the country, regardless of your nationality. This
includes branches or subsidiaries of foreign companies. There is a 7%
tax on distribution of dividends.
The capital gains tax rate is 12% for individuals, 12% for foreign
corporations, and 25% for Uruguayan corporations.
11
Tax Breaks for Investors and Businesses
Numerous businesses are eligible for special tax incentives and
subsidies. For example, investments in tourism, including hotels and
resorts, are exempt from import duties on equipment and materials.
Such businesses are also exempt from corporate income tax and from
capital/assets tax for 10 years.
This is what partly explains the $10 billion direct foreign
investment figure.
Certain projects of “national interest” are also exempt from these
taxes, including tourism, fishing, agro-industries, dairy products, and
mining.
At the same time, Uruguay has thirteen “free trade zones” in the
country, where foreign companies operate free of corporate and import
taxes. That is, 0% income tax and no tax of any kind.
In our recent tour, we visited Uruguay’s main free zone,
Zonamerica, near Montevideo’s international airport. This is an
impressive, privately owned, modern commercial home to many global
companies, such as Sabre, RCI, Tata and Merck, employing 7,000
workers.
These areas are used for imported product storage, assembly and
distribution for introduction into Uruguay or export to other regional
countries. These zones also are home to financial services firms such
as Merrill Lynch, KPMG, Deloitte, as well as many other types of
services, all tax free.
Quick, Easy Residence
The immigration law of Uruguay states that residence is granted to
those “who show intent to reside in Uruguay.” That intent is evidence
in the first instance by coming to the country and establishing your
new home there.
Uruguay has a foreigner-friendly, open immigration policy,
although, as with any official bureaucracy, it takes time; 12 to 18
months on average to obtain permanent resident status after coming to
the country and applying. That said, you are a temporary resident,
with a national ID card, from the day you apply.
After three to five years from arrival, one can apply for
citizenship and a passport.
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The government also requires that a temporary resident working
towards citizenship must physically reside in Uruguay for at least six
months during each year.
Importantly, the law in Uruguay, as in the United States, allows
its citizens to hold dual or multiple citizenships. New citizens are
not required to surrender their home country passport.
Documentation
Necessary foreign documents that must accompany a residence
application include:
• Birth certificate;
• Marriage certificate (if applicable);
• Police record from country of origin, or country that issued your
passport, as well as any countries where you lived in the last
five years;
• Documented proof of sufficient income consistent with your living
standard.
• All four documents must be stamped officially at a Uruguayan
Consulate.
Proof of income can be shown by a foreign pension, mutual fund
or retirement fund income, income from property leases abroad or in
Uruguay, dividends or interest, or an employment contract in Uruguay.
All such income must be received within Uruguay, so a local bank
account must be opened.
There is also a special law (Act 16,340) that allows pensioners,
including a spouse and minors, faster access to a Uruguayan passport,
within six months from obtaining residency (although you must wait
for the three years (from arrival) for citizenship.
The applicant, under this law, must prove a minimum monthly income
of $1,500 and make an investment or buy property in Uruguay valued
at $100,000, which cannot be resold for a period of 10 years. Those
eligible may also import a vehicle duty free.
The “passport” granted under this law appears the same as the
official one issued to any citizen of Uruguay, but in fact is only a
“travel document” that identifies your home country citizenship and
Uruguayan residency.
Uruguay offers one of the best and most complete offshore
13
experiences I have found, providing quality of life, good
infrastructure, profitable investments, beautiful beaches, personal
safety, friendly banking and a broad welcome mat for foreigners, both
as new residents and eventual citizens.
If you are looking for a beautiful and secure second home with
solid banking and financial institutions, as well as a high-quality and
affordable lifestyle, Uruguay is just the place.
R
Resources and Contacts
U.S. Taxes & IRS Reporting Compliance
Josh N. Bennett JD
Address: 440 North Andrews Avenue, Ft Lauderdale, Florida 33301
Tel.: (954) 779-1661
Email: [email protected]
Website: www.joshbennett.com
Michael Chatzky JD (Chatzky & Associates)
Address: 6540 Lusk Boulevard, Suite C121, San Diego, CA 92121
Tel.: (858) 457-1000
Email: [email protected]
Real Estate
In Montevideo:
Carla Parodi Ramos
Parodi Real Estate
Address: Solano Antuna 2848, Montevideo
Tel.: + (598) 2 711-5045.
Email: [email protected]
In Punta del Este:
Sancho Pardo Santayana
Managing Partner, 360 International Realty
Email: [email protected] /
Website: http://en.360terra.com/about
Punta del Este Office Address: Ruta 10, KM. 166, Punta Piedras
14
Tel: + (598) 4 277-5066
Montevideo Office: General. Paz 1428, Local 14, Punta Gorda
Tel: + (598) 2 601-2567
Miami Office: 1942 NE 148th St., MVD6245, Miami FL 33181
Tel.: (305) 407-1705
Farmland:
Juan Federico Fischer Esq.
Fischer & Schickendantz
Address: Rincón 487, Piso 4, Montevideo 11000, Uruguay,
Tel.: + (598) 2 915-7468, ext. 130
Email: [email protected]
Website: www.fs.com.uy
Fischer & Schickendantz is a full service law firm has a
specialized unit helping put together farmland investments: www.
uruguayfarms.com
Recommended Attorney
Juan Federico Fischer Esq.
Fischer & Schickendantz
Address: Rincón 487, Piso 4, Montevideo 11000, Uruguay,
Tel.: + (598) 2 915-7468, ext. 130
Email: [email protected]
Website: www.fs.com.uy
Fischer & Schickendantz is a full service law firm with specialized
units for immigration, real estate, farm and corporate law. A
conveyance attorney (Escribano) is necessary for property purchases in
Uruguay, and Juan’s firm has seven bilingual conveyance attorneys.
Recommended Banks in Uruguay
Banco Itau
Contact: Andrea Tejeira
Address: Pedro Berro 1039, 11300 Montevideo, Uruguay
Tel.: + (598) 2 916-0127, Ext. 505
Email: [email protected]
Website: http://www.bancoitau.com.uy/
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Lloyds Banking Group
Contact: Ignacio d’Avila
Address: Zabala 1500, CP 15000, Montevideo, Uruguay
Tel.: + (598) 2 916-1370, Ext. 334
Email: [email protected] /
Website: www.lloydstsb.com.uy
BBVA Private Banking
Contact: Pablo Troccoli Fischer, Account Executive
Address: 25 de Mayo, 11000 Montevideo, Uruguay
Tel.: (598) 2 916-1444, Ext. 393
Email: [email protected]
Website: http://www.bbva.com.uy/Inicio/Personas/
Minimum deposit $100,000 to open investment account.
Publisher........................................Erika Nolan
Editor......................................Bob Bauman JD
Managing Editor........................Mark S. Smith
Graphic Designer......................... Bruce Borich
Bob Bauman’s Offshore Confidential is published 12 times per year for $495 by The Sovereign Society
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our employees may answer general customer service questions, they are not licensed to address your particular investment situation. Our track record
is based on hypothetical results and may not reflect the same results as actual trades. Likewise, past performance is no guarantee of future returns.
Certain investments such as futures, options, and currency trading carry large potential rewards but also large potential risk. Don’t trade in these
markets with money you can’t afford to lose. Sovereign Offshore Services LLC expressly forbids its writers from having a financial interest in their
own securities or commodities recommendations to readers. Such recommendations may be traded, however, by other editors, Sovereign Offshore
Services LLC, its affiliated entities, employees, and agents, but only after waiting 24 hours after an internet broadcast or 72 hours after a publication
only circulated through the mail. Also, please note that due to our commercial relationship with EverBank, we may receive compensation if you
choose to invest in any of their offerings.
(c) 2012 Sovereign Offshore Services LLC. All Rights Reserved. Protected by copyright laws of the United States and international treaties. This
Newsletter may only be used pursuant to the subscription agreement. Any reproduction, copying, or redistribution, (electronic or otherwise) in whole
or in part, is strictly prohibited without the express written permission of Sovereign Offshore Services, LLC. 98 South 6th Ave, Suite 2, Delray Beach
FL 33483.
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