Uruguay Wants Rich Expats to Pay More to Qualify for Tax Breaks

Uruguayan President Yamandu Orsi wants wealthy foreigners to pay significantly more to qualify for tax breaks that had lured a couple thousand expats into the South American country known as a haven for investors.

Currently, a common path to get tax residency and a long-term holiday on foreign investment income is to buy property worth at least $559,000. Starting next year, new residents would have to invest an additional $2 million in real estate to qualify for those deductions, according to Deputy Finance Minister Martin Vallcorba, who cited a proposal being added to Orsi’s first budget bill.

Instead ...