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Uruguay Capital Gains Tax Guide 2026

Uruguay imposes capital gains tax (CGT) at 12% on gains from the sale of real estate. Gains from the sale of shares, securities, and equities are taxed at 0% — Uruguay has no CGT on equities. This favorable treatment makes Uruguay an attractive jurisdiction for investment holding.

Uruguay's capital gains tax applies selectively to different asset classes. For related guidance, see our Property Tax Guide → and Investment Income Guide →.

Capital Gains on Real Estate — 12%

Gains from the sale of real property (immuebles) by individuals and companies are subject to a flat 12% CGT:

  • Rate: 12% on the net gain from the sale of real estate
  • Gain calculation: Sale price minus acquisition cost (adjusted for inflation using the IPC — Índice de Precios al Consumidor)
  • Deductible costs: Acquisition and sale costs (commissions, notary fees, taxes, improvements) can be added to the cost basis
  • Exemption: The sale of a primary residence (vivienda habitual) may be exempt under certain conditions (reinvestment in another primary residence within a specified period)
  • Payment: CGT is payable at the time of transfer, typically through withholding by the notary or buyer

Capital Gains on Shares and Securities — 0%

  • Shares (acciones): Capital gains from the sale of shares in Uruguayan or foreign companies are taxed at 0%
  • Securities and bonds: Gains on the sale of securities, corporate bonds, and government bonds are taxed at 0%
  • Equity investments: Uruguay does not impose capital gains tax on equity investments, making it a highly favorable jurisdiction for investment holding
  • No CGT on equities: This zero rate applies to both residents and non-residents for most equity transactions

Real Estate Gains Under IPRF (Wealth Tax)

  • In addition to the 12% CGT, real estate gains may also be subject to the IPRF (Impuesto al Patrimonio / Wealth Tax) on the property's value held at year-end
  • The IPRF applies annually at rates of 0.7-2.8% for individuals (primarily on real estate) and 1.5-1.75% for companies
  • See the Wealth Tax Guide for more details

Calculation of Gain and Inflation Adjustment

  • The taxable gain is the difference between the sale price and the adjusted acquisition cost
  • The acquisition cost is adjusted for inflation using the IPC from the acquisition date to the sale date
  • Costs of acquisition and sale (commissions, notary fees, taxes) are deductible from the gain
  • Capital improvements (mejoras) that increase the property's value may also be added to the cost basis

FAQs

Do I pay capital gains tax if I sell my primary residence?

Generally, the sale of a primary residence (vivienda habitual) may be exempt from CGT if the proceeds are reinvested in another primary residence within 12 months. Conditions apply, and the exemption must be claimed in the annual tax return.

Are foreign investors subject to Uruguayan capital gains tax?

Non-resident investors are generally subject to the same CGT rules as residents: 12% on real estate gains and 0% on shares and securities. Tax treaties may provide further reductions or exemptions.

How is the inflation adjustment calculated for capital gains?

The acquisition cost is adjusted by the cumulative IPC (Índice de Precios al Consumidor) from the month of acquisition to the month of sale. The official index published by the Instituto Nacional de Estadística (INE) is used.

Disclaimer

This guide provides general information about capital gains tax in Uruguay for 2026. Rates and rules may change. Always consult a qualified Uruguayan contador or the DGI for specific guidance. InvestmentKit does not provide tax advice.

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