Farmland Investment in Uruguay
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1 Farmland Investment in Uruguay 2016
2 Advantages of Investing in Farmland nincreasing global demand for food nconsistent long-term appreciation nannual cash return nnon-volatile asset nstore of value
3 Why Uruguay? Investor-Friendly Country: n Foreign and local investors treated equally n No limitations to ownership by foreign buyers n No currency exchange controls or forced conversion n Foreign currency can be used: Dollars, Euros, etc. n No restrictions or taxes when transferring money into, or out of the country (repatriation of capital)
4 Why Uruguay? Stability and Safety: n Latin America s safest country n Tops rankings in political and economic stability n Tops rankings in transparency and lack of corruption n No social turmoil: existence of middle class and Latin America s lowest income gap n Solid legal system with strong reputation for respect of contracts and private property
5 Why Farmland in Uruguay? A) Most suitable country B) Turnkey, easy investment to operate C) Transparent market
6 A) Uruguay s Suitability n Non-degraded soil n Even rainfall year-round n World s largest aquifer beneath region n Temperate climate n Two crops per year (over long run, 1.7) n Competitive producer n No government intervention in the market n Developed land rental market
7 Uruguay: A Global Player n 6 th exporter of soybeans n 5 th exporter of dairy products n 4 th exporter of rice n 5% of global beef exports A country of 3 million feeding 50 million
8 nmapa DE CHRIS ACA ********** ******** Source: Atlas of the Biosphere Center for Sustainability and the Global Environment University of Wisconsin - Madison
9 Global soil degradation, and where Uruguay stands
10 Global water shortage and where Uruguay stands Source: Intergovernmental Panel on Climate Change, 2007
11 B) Turnkey, Easy Investment n The investor may farm the land directly n Or have a farm management company handle every aspect of the operation nor lease out the land (there is a very liquid rental market for cropland)
12 C) Transparent Market for Land n The country is mapped, with soil types classified according to their productivity n Each type of soil is has a productivity index ( CONEAT index) n The map is available online n Thus, land productivity is verifiable
13 The Online CONEAT System n Type n Plug in the property number(s) n The system will show the specific property s: q location and water resources (rivers, creeks, lakes) q detailed soil map, with soil types in different colors, and the percentage of each soil type q description of each soil type q the productivity index of each soil type q the average CONEAT (productivity) index for the property
14 The Online CONEAT System: Example Map of the property, with different soil types Location of the property Water resources Average CONEAT index for the property Property number
15 Advantages of the CONEAT System n It allows anyone to verify the productivity potential of a property in Uruguay n It provides a tool to determine uses for a specific farm n The CONEAT index of a property correlates with the price of the land. The market is transparent: it is easy to compare properties and determine their fair value
16 Types of Land in Uruguay n Agriculture (soybeans, wheat, rice, etc.) n Cattle/sheep ranches, dairy farms n Forestry: eucalyptus, pine n Vineyards / olives / blueberries n Oceanside rural land for development
17 Uruguay s most attractive options Agriculture: Soy, Wheat, Corn Global player, among leading exporters Forestry: Eucalyptus, Pine World s two largest paper mills World s highest FSC certification Cattle: Angus, Hereford Top global quality 100% traceability 5% of world beef exports
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21 The Price of Land USD 1,900 /hect (USD 769 /acre) Coneat 50 USD 4,000/hect (USD 1,619/acre) Coneat 130 USD 8,000/hect (USD 3,238/acre) Coneat 160 AGRICULTURAL HEARTLAND USD 3,300/hect (USD 1,336/acre) Coneat 90
22 CONEAT Index and Prices CONEAT Index USD per Hectare 50 1, , , , , ,500 One hectare = 2.47 acres
23 2016: A perfect buying opportunity? With China s slowdown in 2015 and the drop in commodity prices, for the first time in a decade, farm prices have declined. Opportunities at 25% below the price peak of 2014 will be available throughout 2016, until farm prices resume their likely long-term upward trend (2017?)
24 .
25 Historical Returns Type of use given to the land Profitability as a % of the price of land Agriculture 4-7% Cattle breeding 3-5% Forestry 9-11% Buy land and lease it % Based on historic average market returns, Quoted returns do not include the appreciation of the land
26 Taxes in farming Farming has favorable tax treatment in Uruguay: n Income tax: Flat 25% income tax rate (effective rate can be less w/deductions) For small farms, rate is lower: farms with income below USD 238,000 per year have a capped tax amount of USD 5,125 n Low property taxes: average is 0.2% * n No V.A.T. or sales tax on most supplies and machinery n No V.A.T. or sales tax on sale of farm products (except 1% municipal sales tax on sale of livestock)
27 Examples of Available Farm Properties on the Market
28 45 h (111 acres) in SW, index: 160 (high) USD 360,000 (3,243 / acre)
29 35 h (86 acres) in SW, index: 160 (high) 90 h (222 acres) in SW, index: 140 (high) USD USD 350, ,000 (4,070 (3,040 / / acre) acre)
30 600 h (1480 acres) in E, index: 100 (avg) USD 1.98 M (1,337 / acre)
31 2,730 h (6,741 acres) in W, index: 135 (high) USD 17.7 M (2,625 / acre)
32 Fischer & Schickendantz nleading Full-Service Law Firm nfarmland investment advisory unit: Sourcing farmland according to client needs/preferences Structuring purchases Organizing corporate structures, ongoing farm management nfirm Services (covering all of Uruguay): Conveyance / Legal Assistance in the Purchase Process Tax and Banking Advice Company Incorporation Title Guaranty Advice
33 Fischer & Schickendantz References and Recognition: Leading source on investing in Uruguay to global publications such as the Financial Times, The Wall Street Journal and The New York Times (see articles in ) Ranked by Chambers Latin America, Leading Firm Ranked by The Legal 500, Leading Firm Ranked by International Financial Law Review Ranked by the International Tax Review
34 Fischer & Schickendantz Contact Information: Managing Partner Juan Federico Fischer Phone: (598) Fax (598) Main office: Rincon 487, 4 th Floor, Montevideo 11000, Uruguay
35 Further Information fs.com.uy uruguayfarms.com fsuruguay UruguayFarms
www.fs.com.uy www.fs.com.uy
Farmland Investment in Uruguay 2015 Advantages of Investing in Farmland Increasing global demand for food Consistent long-term appreciation Annual cash return Non-volatile asset Store of value Why Uruguay?
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