Cabo da Roca, in Portugal, is the westernmost point of Europe. Today, that edge—at least in tax terms—has shifted: Portugal removed Uruguay from its list of privileged tax jurisdictions (Portaria n.º 292/2025/1). A technical change, yes, but with real effects for Chileans planning international residency and investment.
Starting January 1, 2026, Uruguay will no longer be treated as a "tax haven," eliminating historical surcharges and restrictions. Both countries now recognize each other as cooperative jurisdictions, opening an efficient and legitimate tax corridor between South America and Europe.
What This Means for Chilean Investors
For Chilean families and family offices with international structures, this opens new planning possibilities:
Portugal offers the NHR (Non-Habitual Resident) regime—now reformed but still attractive—EU residency, access to European markets, and a favorable tax framework for passive income. Uruguay offers territorial taxation, political stability, strong banking confidentiality, and a growing ecosystem for family offices.
The removal of Uruguay from Portugal’s blacklist means that transactions between entities in both countries will no longer face discriminatory withholding rates or reporting penalties. This is particularly relevant for holding structures, real estate investments, and financial flows between the two jurisdictions.
The Strategic Opportunity
For high-net-worth Chileans already operating in either country—or considering both—the timing is significant. A well-designed structure connecting Chile, Uruguay, and Portugal can now achieve tax efficiency, geographic diversification, and succession planning without the friction that previously existed.
The key, as always, is coordinated advisory that understands the rules in all three jurisdictions. The opportunity is real, but only if the structure is built with substance, compliance, and long-term vision.
Legalkap
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