Two Banks That Publish Mortgages for Non-Resident Argentines in Uruguay (2026)
INGAR · · Analysis
The short answer: an Argentine with no legal residency in Uruguay can apply for a mortgage. As of August 1, 2026, we found two banks with published terms written specifically for non-residents: HSBC and Santander. Notice (as of 8/5/2026): per the BCU's bank registry, HSBC Uruguay is in the process of rebranding as Banco BTG Pactual Uruguay S.A., and the rate sheet for the Premier Non-Resident line cited in this article could not be reconfirmed — it returns an HTTP 404 error; its terms must be reconfirmed with the new issuer before being treated as current.
That doesn't mean they're the only banks willing to look at a deal. It means something more precise: they're the two where we found a public product sheet that lets you verify loan-to-value ratios, rates, terms and requirements without relying on a sales conversation.
| HSBC — Préstamo Hipotecario Premier No Residente | Santander — Préstamo Hipotecario No Residente | |
|---|---|---|
| Eligible use | Primary home or vacation home; the product table refers to first and second homes. Buy-to-rent is not expressly covered | Primary or vacation home and, listed separately, buy-to-rent investment |
| Maximum financing | Up to 60 % of market value, capped at the forced-sale value in the appraisal | Up to 50 % of the purchase price, capped at 70 % of the auction value |
| Currency | USD | UI or USD |
| Term | Up to 15 years | 3 to 15 years |
| Loan size | USD 100.000 a 800.000 | USD 20.000 a 300.000 |
| Published rate | TEA (annual effective rate) from 5,75 % + VAT in USD with life insurance; 6,5 % + VAT when the loan isn't covered by that policy | Non-resident housing: 4,75 % in UI or 6,75 % in USD. Buy-to-rent investment: 5,72 % in UI or 6,95 % in USD |
| Payment-to-income ratio | 20 % | 20 % |
| Published minimum income | The sheet lists no minimum; the payment-to-income ratio and the credit review govern | USD 5.000 per month per household |
| Age | Over 21 and under 65 at application; no older than 80 at maturity | From 18; no older than 69 when the final payment falls due |
| Client profile | HSBC Uruguay Premier client | Select client, or a profile that qualifies for the Select tier |
| Geographic scope | Available for Argentina and Brazil; other countries on request | Individuals without legal residency in Uruguay; the sheet places no restriction on nationality |
Sources: HSBC — Cartilla Préstamo Hipotecario Premier No Residente, December 2025 and Santander — Cartilla Crédito Hipotecario, June 2, 2026.
Several differences come out of that table, and they're worth unpacking.
Myth 1: "in Uruguay, everyone pays cash"
It's a common objection among mid-ticket Argentine buyers, but it paints with too broad a brush. HSBC and Santander publish products aimed specifically at people who hold no legal residency in Uruguay.
Nor does a published product sheet amount to automatic approval. Each bank reviews income, net worth, credit history, age, the intended use of the property, and documentation on the source of funds.
What can be stated with confidence is this:
- The share financed for a non-resident is lower than under the standard primary-residence lines.
- The longest published term for these products is 15 years.
- The applicant has to document income and assets generated outside Uruguay.
- Santander requires minimum household income of USD 5.000; that's a threshold to get in the door, not a guarantee that it will support the amount you're asking for.
- HSBC limits its published offer to Premier clients and has it enabled for Argentina and Brazil.
For context, some Argentine UVA (inflation-indexed unit) lines go as high as 80 % financing over 30 years. BBVA Argentina publishes those terms for its home loan, for instance. It isn't an apples-to-apples comparison: a UVA debt adjusts by CER (Argentina's inflation index), while a Uruguayan dollar mortgage keeps its balance in USD and adds VAT on top of the interest.
If you want to weigh the rest of the local market, take a look at our comparison of mortgage banks in Uruguay.
Myth 2: "both banks finance 60 %"
They don't. On a USD 250.000 purchase, the gap between 60 % and 50 % financing can reach USD 25.000, provided the appraisal caps are also met.
HSBC
It finances up to 60 % of market value, but applies two additional limits:
- The loan cannot exceed the forced-sale value set in the appraisal.
- If the purchase price comes in below the appraised market value, the percentage is calculated on the purchase price.
Put another way, an appraisal above the agreed price won't let you borrow 60 % of that higher figure.
Santander
For non-residents it finances up to 50 % of the purchase price, capped at 70 % of the auction value in the appraisal. The percentage is identical whether the property is a primary or vacation home or a buy-to-rent investment.
The final amount always lands at whichever applicable limit is lowest, and it still has to clear the income review.
Myth 3: "the bank's promotional rate applies to me too"
Santander advertises mortgages from 3,75 % in UI (Unidad Indexada, Uruguay's inflation-linked accounting unit) for standard primary residences. That is not the rate published for the non-resident product.
The rates on the June 2, 2026 sheet are:
| Santander product | Term | UI | USD |
|---|---|---|---|
| Standard primary residence | Up to 20 years in the published row | From 3,75 % | 6,75 % |
| Other standard uses | Up to 15 years | 4,75 % | 6,75 % |
| Non-resident housing | Up to 15 years | 4,75 % | 6,75 % |
| Rental, residents and non-residents | Up to 15 years | 5,72 % | 6,95 % |
At HSBC, the Premier No Residente product publishes a TEA from 5,75 % + VAT in dollars when the loan is covered by life insurance. Without that coverage, the rate moves to 6,5 % + VAT.
Rates are a pre-contractual reference and can change. The proposal worth deciding on is the one the bank puts in writing for the specific applicant and the specific property.
VAT on the interest
In Uruguay, interest on certain housing loans issued in local currency, UI or UR (Unidad Reajustable, a wage-linked index unit) is exempt from VAT. That exemption does not extend in the same way to dollar loans or to loans taken out for investment.
In the products reviewed here:
- HSBC charges VAT monthly on the interest of its USD loan.
- Santander states that dollar loans pay VAT on interest.
- The Santander investment product pays VAT on interest in both UI and USD.
The standard VAT rate is 22 %. It does not add 22 % to the principal, nor 22 percentage points to the rate: 22 % is applied to the interest charged in each period.
Convert a 5,75 % TEA into its equivalent monthly rate and tax each month's interest with VAT, and the effective annual cost of interest plus VAT lands near 7,05 %, before insurance, balance-based levies and other charges.
Run the same math on Santander's 6,95 % rate and you get roughly 8,54 % a year for interest plus VAT — again, before everything else.
The treatment comes from Title 10 of the 2023 Consolidated Tax Code. The product sheet and the individual contract determine how it's settled on any given loan.
Other levies on the outstanding balance
Both banks publish two additional charges:
- Tasa de Control Regulatorio del Sistema Financiero (financial-system regulatory oversight levy): 0,10 % a year.
- Tasa de Prestación Social Complementaria (supplementary social-benefit levy): 0,345 % a year.
Together they come to 0,445 % a year, billed monthly against the outstanding principal. They are not baked into the headline interest rate.
The first is grounded in Ley 18.083; the second, in Ley 18.396. Santander also explains both debits in its mortgage help center.
Don't compare UVA, UI and dollars on rate alone
For an Argentine buyer, the currency the debt is denominated in matters every bit as much as the published percentage.
| Structure | What adjusts | Main risk for an Argentine borrower |
|---|---|---|
| Argentine UVA | Principal and the peso payment are expressed in UVA, whose value tracks CER | Argentine inflation, and whether your income keeps pace with the UVA |
| Uruguayan UI | The debt is expressed in UI, which tracks Uruguayan inflation | Uruguayan inflation and the ARS/UYU exchange rate if your income comes from Argentina |
| USD | Principal and payment are denominated in dollars | The exchange rate against the currency you get paid in; on these products it also carries VAT on interest |
If you're buying to rent out in Uruguay, the currency of the rent matters too. Collecting in Uruguayan pesos does not neutralize the risk of a dollar debt. And if your main income is still in Argentine pesos, both UI and USD leave you with a currency mismatch.
Which is why stacking "6,95 % in Uruguay" against "X % + UVA in Argentina" without modeling the indexation, the currency of your income and the intended use of the property can lead you to the wrong conclusion.
What changes if you're buying to rent out
The distinction by intended use shows up inside the product sheets, and for an investor it's decisive.
HSBC frames its product around the purchase of a primary or vacation home. The table refers to first and second homes, but the sheet does not expressly include purchases for rental purposes.
Santander does cover it:
A mortgage loan may be granted on residential property, whether for the borrower's own residence or as a buy-to-rent investment.
If your plan is to buy an apartment and lease it out, the published product that expressly fits that use is Santander Inversión.
| Santander Inversión terms for non-residents | Value |
|---|---|
| Financing | Up to 50 % of the purchase price, capped at 70 % of the auction value |
| Loan size | USD 20.000 a 300.000 |
| Term | 3 to 15 years |
| Currency | UI or USD |
| Rate | 5,72 % in UI or 6,95 % in USD |
| Payment-to-income ratio | Up to 20 % |
| Minimum value in Montevideo | USD 1.000/m² of commercial appraisal |
| Minimum value outside Montevideo | USD 900/m² of commercial appraisal |
| VAT on interest | Yes |
| Existing assets | The borrower must prove ownership of a property worth at least USD 150.000 |
| Rent collection | Must be deposited into the same account the loan is debited from |
Check the asset requirement before you put down a reservation or order an appraisal. On the investment side, Santander is targeting an applicant who already holds real estate and can document it.
The sheet asks for an apostilled notarial certificate declaring assets held in your home country. Whether the document is accepted, how it's valued and whether a translation is needed all need to be confirmed with the bank before you have it issued.
HSBC requirements and costs
HSBC — Préstamo Hipotecario Premier No Residente
- Segment: HSBC Uruguay Premier client.
- Funds on deposit: you have to meet the minimum balance the segment requires. Fall short and a low-average-balance fee may apply.
- Country: the product is enabled for Argentina and Brazil; other countries on request.
- Age: over 21 and under 65 at application. You cannot be older than 80 when the loan matures.
- Employment history: for salaried applicants, 24 months in the workforce and 12 months in the current job; for professionals and self-employed applicants, three years of steady work.
- Payment-to-net-income ratio: 20 % for USD loans.
- Credit record: clean credit history over the past 12 months.
- Collateral: a first mortgage or, where applicable, a lien on the purchase agreement.
- Minimum property value: above USD 60.000 in market value.
- Repayment: equal amortizing payments, monthly and consecutive.
- First payment: it can be deferred to 90 days out. Rates and fees begin accruing from the first monthly close after the note is signed.
Costs published by HSBC
| Item | Cost |
|---|---|
| Appraisal | USD 150 + VAT |
| Re-appraisal | Every two years, at no cost to the client per the product sheet |
| Mortgage review | 0,8 % of the loan + VAT, minimum 12 UR + VAT |
| Lien review | 0,8 % + VAT, minimum 12 UR + VAT |
| Mortgage recorded after the lien | 12 UR + VAT |
| Early payoff | After 24 payments made: 1 % of the balance or USD 500, whichever is greater |
| Fire insurance | Prepaid for the life of the loan and assigned to the bank |
| Late payment / collection handling | 50 UI + VAT or 10 % of the unpaid amount, whichever is greater |
| Levies on the balance | 0,445 % a year, billed monthly |
| VAT | On the interest, applied monthly |
Fire insurance is priced off the construction value, the premium and the term. The sheet gives no sample figure, so ask for a quote before you finalize your budget.
Santander requirements and costs
Santander — Préstamo Hipotecario No Residente
- Who can apply: individuals, existing customers or not, without legal residency in Uruguay.
- Profile: borrowers must be Select clients or meet the profile to move into the Select tier.
- Minimum income: USD 5.000 per month per household.
- Age: 18 to 69 depending on the term; no older than 69 when the final payment falls due.
- Employment history: three years, for salaried and self-employed applicants alike.
- Credit record: good credit standing under the bank's policies.
- Collateral: a mortgage on the financed unit.
- Payment-to-income ratio: up to 20 %, in UI and USD alike.
- Minimum value for a primary or vacation home: USD 900/m² in Montevideo and USD 750/m² outside the capital.
- Minimum value for investment: USD 1.000/m² in Montevideo and USD 900/m² outside the capital.
Paperwork for non-residents
The sheet asks for:
- Valid photo ID.
- Proof of address.
- For salaried applicants, the last three pay stubs.
- For self-employed applicants, an accountant's certificate of net income for the last year, in the format used in your home country.
- The most recent income and tax return filed in your home country.
- An apostilled notarial certificate declaring assets held in your home country.
- The signed reservation agreement for the property.
- Notarial certification of assets for the investment loan.
- Proof of prior property ownership worth at least USD 150.000 where the investment product applies.
Santander suggests making the reservation agreement conditional on the mortgage being approved.
That clause has to be drafted carefully. Writing "subject to financing" isn't enough on its own unless it also spells out:
- which document evidences approval or rejection;
- the deadline by which it must be obtained;
- whether the buyer has to complete certain steps;
- what happens to the deposit if the bank turns the application down;
- what happens if the bank approves less than the amount needed.
If the deal hinges on financing, the buyer's escribano (notary) should review the reservation agreement before it's signed.
Santander insurance and other costs
Santander publishes two life-insurance options:
| Insurance | Cost |
|---|---|
| Seguro de Vida Hipotecario | 0,65 ‰ per month on the balance, roughly 0,78 % a year |
| Seguro Plus | 1,4 ‰ per month on the balance, roughly 1,69 % a year |
Fire insurance is mandatory as well. You can buy it from any company regulated by the BCU (Uruguay's central bank) and assign the policy to the bank, subject to its conditions.
The Santander fee schedule lists a charge of 1,5 % of the financed principal, capped at USD 1.500, for review of the mortgage or the buyer's lien; for loans under USD 30.000 it indicates 2,5 %.
Santander's website notes that the monthly payment can bundle in life insurance, fire insurance, origination costs and the appraisal. Ask for a pre-contractual breakdown that separates every line: what's financed, what's debited monthly, and what has to be paid at signing.
Per the help center:
- prepayments can be made after the first 12 payments;
- they have to be at least 20 % of principal;
- one per year is allowed;
- full payoff can be done by selling the property or substituting the collateral; the help center publishes no prepayment penalty.
Confirm all of this in your individual proposal, since the terms can change.
Where the other banks stand
Here's what a search of public websites and documents turned up as of August 1, 2026:
| Bank | What can be stated publicly |
|---|---|
| HSBC | Publishes a Premier No Residente product enabled for Argentina and Brazil |
| Santander | Publishes a No Residente product covering primary homes, vacation homes and buy-to-rent investment |
| BBVA | Publishes standard mortgage products, but we found no specific product sheet for people without legal residency in Uruguay |
| Itaú | Publishes standard mortgage products, but we found no public terms specific to non-residents |
| Scotiabank | Publishes its Hogar loan, but no public line specifically for non-residents |
| BHU | Publishes general mortgage requirements, including payroll-deduction mechanisms for the monthly payment, but we found no product specific to non-residents |
| BROU | Publishes banking services for non-residents, but we found no mortgage product sheet for that profile |
None of which means every other bank turns down any and all deals. If an advisor points you toward another institution, ask for the following in writing:
- maximum loan-to-value;
- the appraisal basis used;
- currency and rate;
- VAT and charges on the outstanding balance;
- term;
- payment-to-income ratio;
- documentation for foreign income;
- any residency requirement;
- eligible use of the property;
- insurance and fees;
- early-payoff rules.
A verbal approval or a generic simulation is no substitute for a credit offer tied to the actual client and the actual property.
How much property USD 250.000 in cash will buy
Financing widens the price range you can reach, but closing costs climb with the value of the property too.
To isolate that effect, we used these assumptions:
- cash available: USD 250.000;
- buying to rent out;
- Santander Inversión;
- 50 % financing;
- closing costs estimated, for this simulation, at 9 % of the price;
- loan-specific costs calculated separately.
That 9 % is a working allowance, not a settlement statement. It may cover the broker's commission, notary fees, contributions, ITP (Uruguay's property transfer tax) and registry costs, but the result depends on the assessed tax value, the fees agreed and the specifics of the deal.
The buyer pays 2 % ITP on the updated Catastro (national cadastre) assessed value, not on the market price. The DGI (Uruguay's tax authority) confirms the 2 % rate for the buyer. The reference fee schedule from the Asociación de Escribanos starts at 3 % on the applicable base; the AEU publishes the calculation rules.
The corrected math
| Item | All cash | With 50 % financing |
|---|---|---|
| Cash available | 250.000 | 250.000 |
| Theoretical maximum price | 229.358 | 423.729 |
| Loan | 0 | 211.864 |
| Cash toward the price | 229.358 | 211.864 |
| Costs at 9 % | 20.642 | 38.136 |
| Cash deployed | 250.000 | 250.000 |
| Multiple on value purchased | 1,00× | 1,85× |
The formula behind the financed scenario is:
\[ 50\% \text{ de aporte propio}+9\% \text{ de gastos}=59\% \]
\[ USD\ 250.000 / 0,59 = USD\ 423.729 \]
That's the mathematical ceiling before you add loan-specific costs, and with no liquidity reserve held back. In a real transaction it pays to work with a somewhat lower price until the bank, the notary and the brokerage hand over their figures.
The USD 300.000 cap on the Santander product doesn't bind in this example: a 50 % loan on USD 423.729 works out to roughly USD 211.864.
The payment on a USD 210.000 loan
To keep the numbers round, assume a USD 420.000 property and a USD 210.000 loan over 15 years at 6,95 % in dollars.
Treating that rate as a TEA and amortizing in monthly payments:
| First-month line item | Basic insurance | Seguro Plus |
|---|---|---|
| Principal and interest only | 1.857 | 1.857 |
| VAT on the first month's interest | 259 | 259 |
| Levies on the balance, 0,445 % a year | 78 | 78 |
| Life insurance | 137 | 294 |
| Estimated debit before fire insurance and other charges | 2.331 | 2.488 |
The figures shift as the balance comes down. VAT applies to each period's interest, while the regulatory levies and life insurance are calculated on the balance outstanding at the time.
We left fire insurance out of the total because the public sources don't support a single premium that would hold for every property. We also left out any account fees or differences arising from the exact number of days in each settlement period.
How much income that payment requires
Santander sets a maximum payment-to-income ratio of 20 %.
If the bank counted only the USD 1.857 principal-and-interest payment, the household income needed would be:
\[ USD\ 1.857 / 20\% = USD\ 9.285 \]
If it folded every add-on into the calculation, the income required would be higher. The public sheet doesn't spell out precisely which components go into that denominator, so you'll need to ask the bank for its official credit simulation.
The USD 5.000 income floor doesn't contradict this math. It's an entry threshold for the product. At USD 5.000 and a 20 % ratio, the maximum principal-and-interest payment would be around USD 1.000 — which, under these assumptions and with no other debt, corresponds to a loan closer to USD 113.000, not USD 210.000.
Does the rent cover the monthly debit?
The INGAR Index for July 2026 estimates the following for Montevideo apartments:
- median gross yield: 6,0 % a year;
- estimated net yield: 3,9 % a year;
- deduction applied between gross and net: 35,16 % of rent, covering property management, income tax, maintenance, vacancy and owner's taxes.
Applied to a USD 420.000 property:
| Item | Estimated monthly amount |
|---|---|
| Gross rent at 6 % | 2.100 |
| Net rent after the methodological deduction | 1.362 |
| Initial debit with basic insurance | 2.331 |
| Initial debit with Seguro Plus | 2.488 |
| Monthly gap versus net rent | Between −969 and −1.126 |
Under these assumptions, the rent does not cover the mortgage debit. Even the gross rent falls short of the estimated first-month outlay.
That doesn't prove no financed investment can pencil out:
- a unit yielding above the median narrows the gap;
- a larger down payment lowers the monthly payment;
- a different term, rate or currency changes the result;
- an investor may accept negative cash flow in exchange for diversifying their holdings, provided the income is there to carry it;
- future appreciation can be part of the thesis, but it shouldn't be treated as a guaranteed return.
If monthly cash flow is your priority, weigh the financed scenario against an all-cash purchase. If your priority is asset exposure and diversification outside Argentina, work out how much monthly shortfall you're willing to carry, and under which currency scenarios.
Frequently asked questions
Can a non-resident Argentine apply for a mortgage in Uruguay?
Yes. HSBC and Santander publish products for people without legal residency in Uruguay. HSBC states expressly that its product is enabled for Argentina and Brazil, though that entity is in the process of rebranding as Banco BTG Pactual Uruguay S.A. (per the BCU's bank registry) and its rate sheet could not be reconfirmed as of 8/5/2026. Every application remains subject to credit approval.
How much will they lend?
HSBC finances up to 60 % of market value, capped at the forced-sale value and using the purchase price as the basis when it comes in below the appraisal. Santander finances up to 50 % of the purchase price, capped at 70 % of the auction value.
At what rate?
HSBC publishes a TEA from 5,75 % + VAT in USD with life insurance, or 6,5 % + VAT when the loan isn't covered by that policy. Santander publishes 4,75 % in UI or 6,75 % in USD for non-resident housing, and 5,72 % in UI or 6,95 % in USD for buy-to-rent investment. Applicable fees, insurance and taxes come on top of that.
Can I borrow to buy and rent out?
Santander expressly covers buying a home to rent out. HSBC's sheet defines its product for a primary or vacation home and does not expressly include investment use.
What do they require?
Verifiable income, employment history, credit standing, documentation of assets and a set payment-to-income ratio. Santander requires a household minimum of USD 5.000 and, for the investment product, proof of an existing property worth at least USD 150.000.
What's the maximum term?
Up to 15 years on both non-resident products. Santander sets a three-year minimum.
Will the rent cover the payment?
At 50 % financing, a 15-year term, a 6,95 % USD rate and the estimated median yield for Montevideo, no. A higher-yielding property, a larger down payment or different terms can produce a different answer.
Do BROU or BHU publish mortgages for non-resident foreigners?
We found no product sheet specific to non-residents on their public sites. That's not grounds for saying they will never look at an individual case; if you receive a proposal, ask for the requirements and terms in writing.
Do I have to travel to Uruguay to arrange it?
HSBC clarifies that the appraisal doesn't require the client to be present. The product sheets don't guarantee that opening an account and signing the final documents can be handled entirely remotely. Confirm with the bank which steps require your presence, a power of attorney or additional paperwork. There's more in our guide to opening a bank account in Uruguay as a foreigner.
How we handle this at INGAR
- We check the current product sheet before presenting financing as an available option.
- If the purchase depends on the loan, we work with the notary on a reservation agreement that spells out what happens if the bank declines the application or approves an insufficient amount.
- We separate the principal-and-interest payment from VAT on interest, insurance, levies on the balance and every other charge.
- We calculate returns on all cash deployed and show the monthly flow after debt service.
- Before any reservation, we verify that the intended use of the property matches the product: home, vacation home or buy-to-rent investment.
Keep reading
- USD 250.000 doesn't buy you USD 250.000: the real cost of buying in Montevideo
- Comparison of mortgage banks in Uruguay
- A guide to mortgage loans in Uruguay
- The hidden costs of buying with a mortgage
- Opening a bank account in Uruguay as a foreigner
- What taxes an Argentine pays on an apartment in Uruguay
Sources
- HSBC Uruguay — Cartilla Préstamo Hipotecario Premier No Residente, December 2025
- Banco Santander Uruguay — Cartilla Crédito Hipotecario, June 2, 2026
- Santander — Mortgage loans
- Santander — Help center, mortgage loans
- Santander — Fee schedule
- IMPO — Title 10 of the 2023 Consolidated Tax Code, VAT
- IMPO — Ley 18.083, regulatory oversight levy
- IMPO — Ley 18.396, Caja de Jubilaciones y Pensiones Bancarias (bank employees' pension fund)
- DGI — Property transfer tax (ITP)
- Asociación de Escribanos del Uruguay — Fee schedule for real-estate transactions
- BBVA Argentina — UVA mortgage
- INGAR Index — price per m² and yield by neighborhood
Terms verified as of August 1, 2026 against the public sources listed above. Banks may change rates, fees, client tiers and other conditions. Every loan is subject to credit approval and to the final contract documentation. The calculations here are illustrative, rely on the assumptions stated explicitly, and may differ from the bank's own settlement. This article provides general information and does not constitute financial, tax or legal advice, nor an offer of credit.