Renting housing in Uruguay: Part 6. Guarantees needed to rent housing

1. Guarantees from financial organisations.

At present, the main financial institutions issuing guarantees for tenants are:

ANDA — ANDA www.anda.com.uy

Porto Seguro — Porto Seguro www.portoseguro.com.uy

National Housing Agency — ANV www.anv.com.uy

Their operating principle is mostly the same: for the previous 3 to 6 months, the tenant provides proof of salary and, if they own a business, proof of the company’s income, issued by a contador público, as well as a BPS certificate, and obtains a guarantee for the landlord of up to 30–35% of their income.

This service is paid either as a one-off when the guarantee is obtained (60 to 100% of one rental payment), as with Porto Seguro, or monthly, as with ANDA, at 3% of the rental payment.

With Porto Seguro, up to three people willing to act as guarantors for you, using their income as backing, may guarantee you.

With ANDA it is possible to obtain a similar guarantee without income inside the country, using foreign income instead. To do so, you need to provide a certificate from an escribano público confirming the income and place a deposit, either in pesos or foreign currency, equal to 3–4 months’ rent; the service cost is similar.

With ANDA you also need to pay a monthly club fee of 585 pesos, but it gives the whole family the right to use additional services, such as dental services.

2. Deposit in Uruguayan pesos with the Mortgage Bank of Uruguay.

More precisely, it is a deposit in indexed units, but they are calculated and accepted only in pesos, as they are paid out later.

When opening the deposit, the bank will retain a 3–5% commission, but on withdrawal you will receive the sum with accrued interest intended to compensate for inflation. As a rule, the deposit equals five rental payments.

3. Deposit in US dollars.

This type of guarantee does not fall under the law protecting landlords’ rights, but more and more landlords agree to this type of guarantee.

A joint deposit account is opened at BROU for the owner and tenant, neither of whom can withdraw the funds alone. The account may be in any currency. The deposit size depends solely on the agreement between landlord and tenant. No interest accrues on the deposit.

4. A guarantee in the form of other real estate.

For immigrants, this is probably the least realistic option. But if you happen to have relatives or friends who own real estate and are willing to use it as a guarantee on your behalf, this option can certainly be considered.