Investment regulation - Uruguay

Holding restrictions

There are few restrictions in the Uruguayan market:

• Under Law No. 20,383, enacted in October 2024, audiovisual broadcasting services continue to be subject to licensing by the Executive Branch and to regulatory requirements. Foreign investment in companies operating radio and television stations is restricted.
  Radio-Broadcasting services in Uruguay constitute a private activity involving a public interest, therefore individuals (natural or legal citizens of Uruguay and domiciled in the country) must receive prior authorisation from the Uruguay Executive Government before they can provide such services.
• Local regulations restrict foreign ownership in airline companies. Such restrictions include:
  • If the owner is an individual, he/she must be a citizen of Uruguay.
  • If the owner is a group of individuals, at least half plus one of the partners must be citizens of Uruguay, domiciled in Uruguay and own the majority of the capital.
  • If the owner is a company, the majority of shareholders with the majority of voting rights must be citizens of Uruguay, domiciled in Uruguay.