10 years ago, the Colombian David Velez created the famous fintech Nubank in a house, which today is very famous, on Calle California, in the Brooklin neighborhood. A few months ago, David made the decision to leave for Uruguay, which then became the main address of Rua California Ltda.
Another who also left for Uruguay was Ricardo Scavazza, partner and head of investment at the private equity of the homeland. In a condominium in the city of Punta del Este, Scavazza has a series of Brazilian neighbors. A portion of the partners made the decision to move their base from Argentina to Uruguay.
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Many wonder why the Uruguay attract richer residents and the answer is because the country has better indicators than its neighbors, which ends up being reflected in the country's safety indices. Among these indicators, there is greater economic and political stability than its neighbors, as well as more fiscal incentives to attract new residents, especially from Brazil and Argentina, and also the reduction of length of stay requirements to set up as resident.
David Vélez says that, for him and his wife, the main reason was security. With no operation in the charrua country, residents do not know what Nubank is there, which is an invisibility that proves to be very useful after personal episodes related to security in Brazil.
“Remote work has opened up this possibility of being in another country, but keeping us just a two-hour flight from Brazil and close to our families in other countries in South America,” says Vélez. The businessman admits that he even thought about moving to the American market, where Nubank is listed, however, the distance was a reason that ended up weighing on the couple, who have relatives in three other countries.
The entrepreneur dismissed the tax issue as one of the reasons for the decision. “That doesn't make sense, since I'm going to donate 100% of my money and Brazil will be the big recipient of that, via philanthropy." He and his wife, who is Peruvian and also an entrepreneur, Mariel Reyes, joined The Giving Pledge.
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