Punta del Este, Uruguay’s coastal gem, has become a magnet for international elites seeking fiscal refuge and luxury living. Foreign millionaires flooded the region post-pandemic, drawn by tax exemptions and Uruguay’s political stability.
Over 450 clients now use Puente’s local office, prompting the firm to expand its team by 80% this year. Uruguay’s wealth management sector grew sharply since 2020, with client numbers surging 80% to 49,400 and assets climbing 29% to $37.2 billion.
Competitors like Latin Securities and Santander’s Uruguayan subsidiary are scaling operations, while Balanz Capital eyes a 2027 entry. Developers race to meet demand, launching projects like El Nido Beach & Surf Homes, complete with artificial wave pools and private beaches.
The nation’s appeal stems from its contrast to neighboring volatility. November’s orderly presidential transition between center-right and leftist candidates reassured investors.
Google’s recent data center investment and tech billionaires’ property acquisitions underscore confidence in Uruguay’s governance. High-net-worth individuals now broker deals on yachts, tennis courts, and vineyards rather than boardrooms.
Punta’s population swelled by 41,000 in 12 years, driving infrastructure upgrades. A new private aviation terminal opened in December, while the 27-story World Trade Center tower nears completion.
The British Hospital breaks ground on a Beverly Hills-area clinic, catering to medical tourism. Critics decry overdevelopment, as seen in Punta Ballena’s halted high-rises, but construction fuels 20% of Maldonado’s economy.
Italian developer Cipriani bets big with a $500 million oceanfront complex, pricing units from $1.7 million to $17 million. “Stability justifies major investments,” CEO Giuseppe Cipriani states, noting unchanged policies across Uruguay’s shifting administrations.
As global elites hedge against northern hemisphere unrest, Punta del Este proves that fiscal pragmatism and open markets outshine ideological experiments.
