Is one of Uruguay’s leading law firms, assisting hundreds of companies and individuals doing business and investing in Uruguay. With a multi-disciplinary team of lawyers, conveyance attorneys, MBAs, and tax accountants, Fischer & Schickendantz prizes its focus on providing a one-stop solution to corporate leaders, both local and from overseas. A full-service law firm, our practice is divided into six core units: Corporate, Real Estate, Litigation, Tax & Incorporation, Immigration Law and Agribusiness, providing the highest level of service and expertise.
Uruguayan economy grew 1.1% during the third quarter
Uruguayan economy grew 1.1% during the third quarter, well above the revised 0.2% sluggish increase in 2016Q2. Real GDP expanded 2.0% y/y in 2016Q3, its fastest pace since 2015Q1. According to the latest Central Bank’s survey, analysts revised upwards their growth forecast for 2016 to 1.3%, from previous 0.4%. In addition, the Japanese credit rating agency Rating and Investment, affirmed Uruguay`s (“BBB-”) rating, while keeping the positive outlook.
Spanish company Saeta Yield SA will acquire the Carape I and II wind farms in Uruguay
Spanish renewable energy plants owner Saeta Yield SA has announced it will acquire the Carape I and II wind farms in Uruguay, located in Uruguay’s Maldonado Department, with a combined capacity of 95 MW and with a total of 31 Vestas V112 3.075 MW wind turbines. The output is being sold to local utility Administracion Nacional de Usinas y Trasmisiones Eléctricas (UTE). The transaction would include the buying of the operational plants from Argentine holding company Corporacion America SA and Grupo San Jose. The price exceeds USD 65 million.
Uruguay and the United States signed a Social Security agreement
Uruguay and the United States signed a Social Security agreement by which the pension contributions made in the respective countries are expressly recognized. The agreement will allow the addition of the effectively worked years in any of the countries and for retirement purposes. Moreover, it enables that professionals from both countries may temporarily move to one of the countries and at the same time contribute to the social security of their own country.
The agreement was initialed at the Ministry of Foreign Affairs by Uruguayan Labor Minister and US Ambassador to the United States. Uruguay has executed social security agreements with a large list of countries all throughout the world, including all South America, Canada and now with the U.S.