1. Introduction

In December 2003, Act 17.703 which regulates trusts was approved, giving Uruguay the possibility to develop and use an instrument which is used in different countries and used for different purposes for investments, guarantees, net worth administration, asset securitization and solutions to companies in bankruptcy proceedings.

The possibility of using Uruguayan Trusts with Uruguayan Corporations that can have bearer shares and are exempt of taxes, if their activity, operations, income or assets are not Uruguayan, make the combination of these two instruments an ideal way to plan different operations which can be exempt of taxes.

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I. Main characteristics to be considered

The main aspects that bring Uruguay into consideration at the time of planning offshore regional or international business operations are:

• no limitations to move funds and currency exchange,
• good financial system and bank secrecy as well as
• corporations with bearer shares that allow the anonymity of shareholders.

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