Uruguay: Financial Market

The majority of the most important banks are present in Uruguay. Law protects operations with any financial entity by a strict bank secret.

Uruguay admits the existence of companies, which have shares to the bearer, where the shareholders' identity may remain confidential. Some of these companies perform offshore activities, counting with good tax exoneration.

The Uruguayan duty-free zones not only benefit companies with a good tax exoneration but also with a wide range of services that is not affected by any kind of monopoly.

The Uruguayan financial market is considered by many experts to be a privileged place in South America. In fact, it is considered "The Switzerland of America".

Uruguay's History

Statistics:

• Surface: 176.215 km².
• Population: 3.100.000 h. (uruguayos).
• Density: 17,6 h.km²
• Birth rate: 18%. (1991).
• Death rate: 10%. (1991).
• Capital City: Montevideo.
•  Principal Cities: Salto, Paysandú, Las Piedras, Rivera.
• Administrative divisions: 19 departamentos.
• Ethnic groups: white (88,5%), mestizos (4,2%)
• Religion: Roman Catholic Church.
• Language: Spanish
• Currency Unit: Uruguayan Peso.
• Government: Parliamentary Republic.
• Gross Product: 8.069 millions of dollars (1989)
• Rent per capita: 2.620 dollars (1989)
• Agricultural Production (in million of q.m.): wheat (4,7), pearl barley (2), sorghum (0,8), corn (0,6), rice (5,4), sunflower (0,5), wine (0,7 millions Hl), potatoes (1,4), soja, tobacco, beet, and fruits. Stock rising: (in million of heads): bovine (10,5), sheep (25,6), horses (0,5) Forests: 669.000 Hecht. (3,3 million cu ft)
• Fishing: 107.300 tons
• Industry: textile, food processing, tobacco.
• Electric Power Industry: 6.998 millions of KHz. (5420 million KHz. hidrics and 1.578 million

KHz. thermal)

History: Spanish explorer Juan Diaz de Solís was the first European to arrive in the territory now included in Uruguay. In 1516, his landing party sailed into Río de la Plata. That same year, the Charrua killed Solis’s party on the riverbanks. Subsequent attempts to conquer this territory were those of Sebastian Cabot, Pedro de Mendoza, Alvar Núñez Cabeza de Vaca and Martinez de Irala, among others.
At the beginning of the XIX century, England took over Montevideo and Buenos Aires but thanks to the heroism of their defenders, they were able to push away the intruders. In 1810, a group of leading citizens in Buenos Aires rejected the authority of the viceroy and established a caretaker government to rule over the colony in the name of King Ferdinand. So, in 1810 and 1811, Uruguayan revolutionaries, led by General José Gervasio Artigas, joined in the revolt against Spain. The Spanish governor was driven from Montevideo in 1814. In 1816, the Portuguese in Brazil—perceiving that the newly emancipated territory, known as the Banda Oriental del Uruguay (Eastern Shore of Uruguay), was weak after its struggle with Spain—invaded the territory, ostensibly to restore order. The Portuguese conquest was completed in 1821 and it was then named “Provincia Cisplatina".
In 1823, thirty-three men, the so-called Immortal 33, a group of revolutionaries led by Juan Antonio Lavalleja, began fighting the Brazilians. Argentina intervened on Uruguay's behalf, and war broke out between Brazil and Argentina. As a result, the República Oriental del Uruguay was established in 1828; its first constitution was adopted in 1830, being Fructuoso Rivera its first President.
During much of the 19th century, the warring factional leaders (caudillos) appealed to either Argentina or Brazil for help against each other, and civil war was frequent until 1872. The República Oriental del Uruguay was organized in 1830, but it was soon divided into hostile factions because of rivalry between the Blancos and the Colorados (the two traditional political parties), leading to the Guerra Grande War. The election of José Batlle y Ordóñez to the presidency in 1903 (1903-1907 y 1911-1915) put an end to it. During the second presidential term of José Batlle y Ordóñez, between 1911 and 1915, social legislation was enacted, and Uruguay soon became known as the most progressive nation in South America. During World War II, Uruguay broke off relations with Germany and Japan (February 15, 1945)
In June, 1976, a coup d'etat deposed the, at present president, Juan María Bordaberry, suspending constitutional guarantees and beginning a dictatorship period which ended in 1984 with the election of Julio María Sanguinetti (representative of the Colorado Political Party) as president. Constitutional guarantees were restored when he took office on March 1, 1985. In November 1989, Luis Alberto Lacalle of the National Party was elected president. Uruguay is a founding member of the Latin American Integration Association (LAIA) and of the Southern Cone Common Market (known by its Spanish acronym MERCOSUR). The MERCOSUR group, which was signed in March 1991, includes Argentina, Brazil, and Paraguay and is headquartered in Montevideo, works toward establishing duty-free trade between members. Since 1995, the current President of Uruguay is Dr. Jorge Batlle Ibáñez.

Presidents:

• 1985 - 1990 Dr.Julio María Sanguinetti.
• 1990 - 1995 Dr.Luis Alberto Lacalle.
• 1995 - 2000 Dr.Julio María Sanguinetti
• 2000             Dr. Jorge Batlle

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National Emblem

Map

Uruguay in the World