Rental Guarantees in Uruguay 2026: ANDA, BHU or Insurance

INGAR · · Rental

Rental Guarantees in Uruguay 2026: ANDA, BHU or Insurance

The rental guarantee defines how much you'll really pay

In Uruguay there are at least five ways to guarantee a rental. They all serve the same purpose: giving the landlord assurance they'll get paid. But the real cost of each one varies drastically depending on your profile, the rental amount and the lease duration.

This guide is not a summary of requirements (we already covered that in requirements for renting in Montevideo). Here we get to the point: how much each guarantee costs, what happens to your money at the end of the lease, which ones landlords prefer and which one suits your actual situation.

Legal framework: what Decree-Law 14.219 says

Before comparing options, you need to understand the framework. Decree-Law 14.219 (in force since 1974) establishes the rules for urban leases in Uruguay. Regarding guarantees:

  • Maximum deposit: for residential leases, the landlord cannot require a deposit exceeding 5 months' rent. For commercial leases it goes up to 10 months.
  • Minimum term: residential leases have a minimum term of 2 years, meaning any guarantee you choose must cover that period.
  • Annual adjustment: rent is adjusted every 12 months. This directly affects guarantees with a proportional monthly cost: if the rent goes up, your guarantee expense goes up too.

What the law doesn't say is which type of guarantee you must use. That is left to free negotiation between the parties. But in practice, most real estate agencies and landlords accept the same options. Let's look at each one in detail.

The five guarantee options in Uruguay

1. ANDA

The Asociación Nacional de Afiliados (National Association of Members) is the best-known guarantee on the Uruguayan market. ANDA acts as a surety: if you don't pay, they pay the landlord and then come after you.

How the cost works:

  • 3% of monthly rent (VAT included), deducted from your account or paid by debit.
  • ANDA membership fee of UI 50 per month, equivalent to approximately $350–400 depending on the current UI value. You pay this fee whether or not you are an active tenant: it's the cost of being an ANDA member.
  • No enrollment fee or signing commission.

Main requirements:

  • Be an ANDA member (you can join on the spot).
  • Minimum 4 months of employment in the private sector, or be a tenured public servant.
  • Self-employed: income certificate issued by an accountant or public notary, plus BPS and DGI receipts for the last 3 months.
  • The rent cannot exceed 40% of your gross income.
  • You can add co-guarantors: family members, a partner or even friends who join ANDA.

Processing time: 3 to 7 business days with complete documentation.

Credit check: yes. ANDA verifies your credit history. If you are in the Clearing de Informes, you will be rejected.

2. CGN (Contaduría General de la Nación)

This is the state guarantee managed by the CGN (General Accounting Office). It works through a direct salary deduction system, giving the landlord the comfort of automatic payment.

How the cost works:

  • 3% of monthly rent, paid by both parties: 3% by the tenant and 3% by the landlord. The tenant's deduction is made directly from payroll.
  • No membership fee, no enrollment fee, no signing commission.

Main requirements:

  • Public servants with at least 6 months of seniority.
  • Employees of private companies enrolled in the SGA (Rental Management System) with 6 months of seniority.
  • Retirees and pensioners.
  • Beneficiaries of MVOT/BPS agreements.

Processing time: 1 to 3 weeks. It is the slowest of the standard options.

Credit check: no. The CGN does not check the Clearing (the direct salary deduction makes a credit check unnecessary). This makes it a viable option if you are in the Clearing and are a public servant or work for a company enrolled in the SGA.

3. BHU (Security Deposit)

This is not a surety or insurance. It is simply a cash deposit that remains frozen in a Banco Hipotecario del Uruguay account until the lease ends.

How the cost works:

  • Deposit of up to 5 months' rent (the exact amount is negotiated with the landlord, within the legal maximum).
  • BHU fee: 5% of the deposited amount, one-time.
  • The deposit is held in UI (Indexed Units), which means it retains its real value against inflation.
  • At the end of the lease, you get the full deposit back (adjusted in UI), less any outstanding debts or damages.
  • There is no monthly fee of any kind.

Main requirements:

  • Have the capital available. Full stop.
  • No credit analysis. They don't check the Clearing, don't ask for pay stubs, don't verify employment history.
  • Minimum: 500 UI (around $3,500).
  • If you have a MI BROU account or Tarjeta Joven (Youth Card), the account opening fee is $0.

Processing time: immediate once the deposit is made.

Credit check: no. This is the go-to option for people with negative credit history who have capital available.

4. Insurance Companies (Porto Seguro, MAPFRE, Sancor, BSE, SBI)

These work like a surety bond insurance policy. The insurer guarantees the landlord payment of rent, common expenses, utilities and even property damage, up to a limit defined in the policy.

How the cost works:

  • Annual premium that varies by company. Reference figures by insurer:
    • Porto Seguro: around 80% of one month's rent per year.
    • Sancor Seguros: around 65% of one month per year.
    • SBI: around 50% of one month per year.
    • MAPFRE: between 60–75% of one month per year.
    • BSE: similar to MAPFRE.
  • The premium is non-refundable: it is the cost of the service.
  • Some insurers allow payment in installments (up to 6 interest-free on credit card).
  • Typical coverage: unpaid rent for up to 36 months, common expenses, utilities and property damage.

Main requirements:

  • Minimum 3 months of employment.
  • Not in the Clearing de Informes.
  • Not receiving unemployment benefits.
  • The rent cannot exceed 30% of net income (up to 3 co-applicants from the household can be added).
  • Some insurers have a rent cap: Porto Seguro, for example, covers up to approximately $35,000 per month.

Processing time: approval in 24 hours in most cases. It is the fastest option on the market.

Credit check: yes. All insurers verify credit history.

5. ANV - Rental Guarantee Fund (FGA)

Program from the MVOT (Housing Ministry) channeled through the Agencia Nacional de Vivienda (ANV). It is aimed at middle and low-income families who do not easily access the other options.

How the cost works:

  • Deposit of 24% of the total guarantee amount.
  • The guarantee amount equals the total rent for the covered period. If the guarantee covers 12 months of rent and the rent is $25,000, the deposit is: 0.24 x (12 x $25,000) = $72,000.
  • The deposit is partially recoverable at the end of the lease (any outstanding debts are deducted).

Main requirements:

  • Formal household net income between 15 and 100 UR.
  • Over 18 years of age with at least 3 months of employment continuity.
  • Rent cap: 18 UR (or 21 UR for promoted housing).
  • For FGA Joven (Youth FGA): cap of 22.5 UR and rent cannot exceed 40% of income.

Processing time: variable, generally slower than the other options.

Note on the UR: the Unidad Reajustable (Adjustable Unit) is updated monthly according to the Average Wage Index. Check the current value on the INE website.

Real cost analysis: 2-year lease for $25,000/month rent

Generic comparisons are useless. What matters is how much you'll pay out of pocket over the entire life of the lease. Let's run the numbers with a concrete case: a rent of $25,000 per month, standard 2-year lease, no adjustment (to simplify the comparison).

ANDA: total cost over 2 years

Item Calculation Amount
Monthly fee (3%) $25,000 x 3% x 24 months $18,000
ANDA membership fee (UI 50/month) ~$375 x 24 months $9,000
Total paid $27,000
Recovered at end $0
Net cost $27,000

This equals $1,125 per month in guarantee costs, or 4.5% of monthly rent. It is the most expensive option in total cost terms for this rent level.

CGN: total cost over 2 years

Item Calculation Amount
Monthly fee (3% tenant) $25,000 x 3% x 24 months $18,000
Total paid by tenant $18,000
Recovered at end $0
Net cost $18,000

The landlord also pays 3%, but that doesn't come out of your pocket. Your real cost is $750 per month, or 3% of rent. It is cheaper than ANDA because there is no membership fee, but the direct salary deduction can be an issue if you need flexibility.

BHU: total cost over 2 years

Item Calculation Amount
Deposit (5 months) $25,000 x 5 $125,000
BHU fee (5%) $125,000 x 5% $6,250
Total disbursed $131,250
Recovered at end (deposit in UI) ~$125,000*
Net cost $6,250

*The UI deposit maintains its real value, so what you get back has the same purchasing power as what you deposited (or even more, depending on the evolution of UI vs. prices). The only non-recoverable expense is the $6,250 fee.

This equals $260 per month in net cost, or 1% of rent. It is, by far, the cheapest option if you have the capital available.

But there's a big "but": you need to have $131,250 available upfront. Those $125,000 remain frozen for 2 years. If that money were invested (for example, in BCU Regulatory Letters, which as of April 2026 yield around 9–10% annually in pesos), you'd be giving up an estimated return of $22,000–25,000 over 2 years. Adding the opportunity cost, the real cost approaches $28,000–31,000 — comparable to ANDA, but with the advantage that you recover the capital.

Insurance company (reference: premium of 70% of one month/year)

Item Calculation Amount
Year 1 premium $25,000 x 70% $17,500
Year 2 premium $25,000 x 70%* $17,500
Total paid $35,000
Recovered at end $0
Net cost $35,000

*The year 2 premium is calculated on the adjusted rent. We use the same value to simplify.

At 70%, the total cost is $35,000 over 2 years. But this varies significantly by insurer:

  • SBI (50%): $12,500/year = $25,000 total.
  • Sancor (65%): $16,250/year = $32,500 total.
  • Porto Seguro (80%): $20,000/year = $40,000 total.

With SBI you come out almost even with ANDA. With Porto Seguro, you come out considerably worse. The fast approval time (24 hours) and the absence of a monthly fee are the real advantages.

ANV/FGA: total cost over 2 years

Item Calculation Amount
Deposit (24% of guarantee) 0.24 x (12 x $25,000) $72,000
Total disbursed $72,000
Recovered at end (partial) Variable
Estimated net cost $0–72,000

The FGA deposit is partially recoverable. If you fulfill all lease obligations, you get most of it back. The actual cost depends on the refund conditions, which should be consulted directly with ANV.

Comparative cost summary table (rent $25,000, 2-year lease)

Guarantee Upfront outlay Monthly cost Total paid (2 years) Recovered Net cost
BHU $131,250 $0 $131,250 ~$125,000 $6,250
CGN $0 $750 $18,000 $0 $18,000
SBI (insurance) $12,500 $0* $25,000 $0 $25,000
ANDA $0 $1,125 $27,000 $0 $27,000
Sancor (insurance) $16,250 $0* $32,500 $0 $32,500
Porto Seguro $20,000 $0* $40,000 $0 $40,000

*Insurers charge an annual premium, not a monthly fee. The equivalent "monthly cost" would be the premium divided by 12.

The difference between the cheapest option (BHU, $6,250 net) and the most expensive (Porto Seguro, $40,000) is $33,750. That's more than one month's rent difference over two years. It's worth doing the math before choosing.

What the landlord prefers (and why it matters)

You could have the cheapest guarantee in the world, but if the landlord doesn't accept it, it's useless. These are the real market preferences:

The ones virtually everyone accepts

  • ANDA: it's the "default" guarantee in Uruguay. Almost no landlord turns it down. Years on the market, well-known brand, clear collection process in case of non-payment.
  • BHU deposit: landlords love this because the money is already deposited. There's no collection process or dependence on third parties. If the tenant doesn't pay, the landlord can execute the deposit directly.

The ones accepted with reservations

  • Insurance companies: acceptance has grown significantly in recent years, especially Porto Seguro and MAPFRE. The broad coverage (rent, common expenses, utilities, damages) is attractive to landlords. Some older or more conservative landlords still look at it with suspicion because they're unfamiliar with it.
  • CGN: well regarded by landlords who already know it, especially for rentals to public servants. But the fact that the landlord also pays 3% creates resistance. Some landlords simply reject it for that reason.

The ones that generate the most resistance

  • ANV/FGA: since it targets middle and low-income segments, some landlords (rightly or wrongly) associate it with higher default risk. There is also unfamiliarity with how the collection process works. In practice, it has state backing, but market perception doesn't always match reality.

Real-world data point: if you're looking in the $20,000–40,000 rental segment, ANDA and insurance companies will open more doors. If the rent is lower and you're in the FGA range, that option may be the only viable one. If you have savings, the BHU deposit is the one that closes the negotiation fastest.

The Clearing problem: what happens if you have debts

This is one of the most frequently asked questions and the one that is discussed with the least clarity. If you are registered in the Clearing de Informes (Uruguay's debtor database), your options are drastically reduced:

Guarantee Checks Clearing? If you're in Clearing...
ANDA Yes Rejection
CGN No You can access if you meet the other requirements
BHU No You can access if you have the capital
Insurance companies Yes Rejection
ANV/FGA Variable Check directly

In practice, if you're in the Clearing and you're not a public servant (CGN) or don't have $125,000 to deposit (BHU), renting formally becomes very difficult. The real alternatives are:

  1. BHU deposit: if you have the capital, your credit history doesn't matter.
  2. CGN: if you're a public servant or work for a company enrolled in the SGA.
  3. Co-guarantor with a clean history: in some cases, you can add a co-guarantor (family member, partner) who is not in the Clearing. ANDA allows this; insurance companies also do, with restrictions.
  4. Clear your debt: cleaning your Clearing history takes 5 years from the time the debt is settled (or immediately if the creditor issues a "voluntary removal"). Some creditors will negotiate removal in exchange for full settlement.

Co-guarantors and co-applicants: how to combine incomes

If your income alone doesn't meet the 30–40% requirement, you can add another person. This is especially common among young couples, families moving in together or friends sharing a rental.

Guarantee Allows co-guarantors? Conditions
ANDA Yes Family members, partners, friends. All must be ANDA members and meet individual requirements.
CGN Limited Generally applies to the salary deduction holder. Check for co-titleholder options.
BHU Not applicable It's a deposit: it doesn't matter who puts it up.
Insurance companies Yes Up to 3 co-applicants from the household. Each must pass the credit analysis.
ANV/FGA Yes Household income is combined for eligibility calculation.

Complete example: three profiles, three different decisions

To make the comparison practical, let's look at three real profiles and which would be the best option for each.

Profile A: Young couple, both employed, limited savings

  • Income: $45,000 + $35,000 = $80,000 combined.
  • Target rent: $25,000 (31% of combined income).
  • Available savings: $50,000.
  • Clearing: clean.

Analysis:

  • BHU is out: they'd need $131,250 and only have $50,000.
  • ANDA costs them $27,000 over 2 years.
  • SBI (insurance) costs them $25,000 over 2 years, with the advantage that approval takes 24 hours and there's no monthly fee.
  • CGN: only if one of them is a public servant or works for an SGA-enrolled company.

Recommendation: get a quote from SBI or Sancor first. If the premium is competitive, the insurance company wins on speed and simplicity. If the premium is high (above 75%), ANDA may be more convenient. The key is to get quotes before deciding.

Profile B: Self-employed professional with savings

  • Income: $120,000 (self-employed, certified by accountant).
  • Target rent: $35,000 (29% of income).
  • Available savings: $300,000.
  • Clearing: clean.

Analysis:

  • BHU: deposit of $175,000 + fee of $8,750. Net cost over 2 years: $8,750. Has more than enough capital.
  • ANDA: 3% x $35,000 x 24 = $25,200, plus membership fee ~$9,000 = $34,200 total.
  • Insurance company (70%): $24,500/year x 2 = $49,000 total.

Recommendation: BHU without question. The net cost is $8,750 vs. $34,200 with ANDA or $49,000 with insurance. The difference pays nearly two months' rent. Plus, the UI deposit holds its value. The only "cost" is having $175,000 tied up, but with $300,000 in savings there's plenty of room.

Profile C: Person in Clearing, public employment

  • Income: $55,000 (tenured public servant).
  • Target rent: $18,000 (33% of income).
  • Available savings: $20,000.
  • Clearing: registered (old unpaid debt).

Analysis:

  • ANDA: rejection due to Clearing.
  • Insurance companies: rejection due to Clearing.
  • BHU: would need up to $90,000 + $4,500 fee. Doesn't have the capital.
  • CGN: meets all requirements. Tenured public servant, over 6 months' seniority. No Clearing check. Cost: 3% x $18,000 x 24 = $10,368.
  • ANV/FGA: might qualify by income, but the timelines are longer.

Recommendation: CGN is practically the only viable option and turns out to be a good one. $10,368 over 2 years is a reasonable cost. The tricky part is the processing time (1–3 weeks) and getting the landlord to accept that they also get 3% deducted. It's worth explaining this upfront to avoid wasting time.

Decision tree: which guarantee to choose

Follow this order of questions to arrive at your best option:

1. Are you in the Clearing?

  • Yes and you're a public servant or your company is in the SGA: CGN.
  • Yes and you have capital for 5 months' deposit + 5% fee: BHU.
  • Yes and you don't meet either of the above: you need a co-guarantor with a clean record or need to resolve your credit situation.

2. You're not in the Clearing. Do you have savings equivalent to 5 months' rent + 5%?

  • Yes and you won't need that money in the next 2 years: BHU (cheapest option).
  • Yes but you'd rather not lock up capital: go to point 3.
  • No: go to point 3.

3. Do you need fast approval (24–48 hours)?

  • Yes: insurance company. Get quotes from at least 2 or 3 to compare premiums.
  • No, you can wait 1–2 weeks: go to point 4.

4. Is the rent below $20,000 and do you want to minimize monthly cost?

  • Yes and you qualify: ANDA (3% on low rent is a small monthly amount). Or get quotes from low-premium insurers (SBI).
  • No: get quotes from ANDA and insurance companies. Compare total 2-year cost and choose the cheapest.

5. Is your income between 15 and 100 UR and the rent doesn't exceed 18 UR?

  • Yes and no other option works for you: ANV/FGA.

The time factor: when to start each process

One of the most costly mistakes is choosing a guarantee at the last minute. If you've already found the property and haven't sorted out the guarantee, you'll lose it to another interested party who showed up with a complete application.

Guarantee How far in advance to start Can be pre-approved?
ANDA 2 weeks before needed Yes, you can join and submit documentation before having the property
CGN 3–4 weeks before Partially; eligibility verification can be done in advance
BHU Immediately No pre-approval needed: just deposit and you're done
Insurance companies 1–2 days before Yes, many allow online pre-qualification
ANV/FGA 4–6 weeks before Yes, the process can be started without having the property confirmed

Recommended strategy: if you're still looking for a property, start the guarantee process in parallel. ANDA and insurance companies allow pre-approval without a confirmed address. When you find the property, all that's left is to confirm the amount and sign. This can save you 1–3 weeks of waiting.

What happens if you use the third-year extension

Decree-Law 14.219 gives you the right to a third year of occupancy if you are current on rent (the so-called "good tenant extension"). This has a direct impact on your guarantee:

  • ANDA and CGN: the monthly fee keeps running. That's 12 more months at 3%. If you used ANDA for the original 2 years ($27,000) and add the third year, you reach ~$40,500 in total cost.
  • Insurance companies: you have to renew the policy for another year. This can be complicated if the insurer changed conditions or if your circumstances changed (for example, if you ended up in the Clearing).
  • BHU: the deposit remains frozen, but you pay nothing additional. Your net cost is still $6,250 (the initial fee). In this scenario, BHU is even more advantageous.

Five mistakes we see all the time

  1. Choosing by brand without doing the math. ANDA is the best known, but not always the cheapest. For rents of $25,000 or more, the total cost difference between options can exceed one month's rent over 2 years.
  2. Not getting quotes from multiple insurers. The difference between SBI (50%) and Porto Seguro (80%) is $15,000 over 2 years for a $25,000 rent. Ask for quotes from at least three.
  3. Dismissing BHU as "expensive." The upfront outlay is high, but the net cost is the lowest of all. If you have the capital and don't need it short-term, it's the financially smartest option.
  4. Not mentioning the Clearing upfront. If you're in the Clearing, knowing it from day one saves you weeks of paperwork that will end in rejection. Start with the options that don't check it (BHU, CGN) and work from there.
  5. Reserving the property without a confirmed guarantee. A deposit or reservation doesn't help if you get rejected afterward. Confirm your pre-approval before committing to a property.

Sources

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