Political and Economic Stability

 

Since 1984 Uruguay has established one of the most stable and progressive governments in the whole of South America and follows closely on the model of Switzerland. Major political decisions are often decided by referendum under universal suffrage.

This has enabled the country to create an outstandingly strong economy which has attracted world wide investment and is the only country in South America with the exception of Chile, to avoid the recession suffered by other world economies.

Uruguay has a strict bank secrecy law. This privacy policy, together with Uruguay’s history of banking stability, accounts for Uruguay’s large financial sector. That’s why non-residents’ bank deposits far exceed those of residents.

Maldonado Department is the governing region for Punta del Este and is the richest region of Uruguay with significant production of fresh produce, fishing as well as its own source of Marble, metals and building materials.

While Punta del Este is the smallest municipality in terms of area, its economic growth in recent years has out stripped the others and this is largely due to the special taxation and planning laws which benefit both residents and developers.

One of the country’s strongest industries has always been the cattle industry but in the last few decades major strides have been made into technology, investment and tourism as well as mining which includes Gold and other minerals and gems and is now investing in recently discovered Diamond deposits. Its particularly well known for its exceptionally high quality Amethyst deposits.

The Uruguayan economy recorded eight consecutive years of expansion (even in 2009, despite the impact of the international crisis), growing at an average annual rate of 5.6% between 2003 and 2010.

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