Trusts (Fideicomisos)

We design each fideicomiso to order, integrating legal certainty, tax efficiency and clear control and exit mechanisms. We coordinate with licensed professional trustees or assume the trustee role where appropriate.

A fideicomiso is a contract by which a person — the settlor (fiduciante) — transfers one or more assets to another — the trustee (fiduciario) — to be administered for a specific purpose, in favour of one or more persons — the beneficiaries. Crucially, those assets leave the settlor's estate and are also kept separate from the trustee's personal estate: they form an autonomous ring-fenced patrimony. This means they are shielded from the trustee's creditors and, in principle, from those of the settlor and the beneficiaries, subject to the exceptions provided by law for cases of fraud.

Administration fideicomiso: used when you want a professional third party to manage a patrimony — family or business — under clear rules and with accountability. Guarantee fideicomiso: replaces or complements the mortgage and pledge. The debtor transfers an asset in trust to secure an obligation. It is often a more agile alternative to traditional mortgage enforcement. Real estate fideicomiso: enables real estate development projects — at-cost or traditional — by channelling land, capital and labour contributions from different parties. Financial fideicomiso: governed by Law 17.703 and Central Bank of Uruguay regulations, it allows the issuance of participation certificates, debt securities or hybrid instruments backed by the trust assets. It is the core vehicle for securitization of cash flows, receivables or assets. Testamentary fideicomiso: created by will so that, upon the testator's death, a trustee manages the dedicated assets for a specific purpose. A valuable succession planning tool when there are minor children, persons with diminished capacity or beneficiaries requiring prolonged, prudent management.

- Real estate projects with multiple investors or participants. - Securing obligations when a mortgage or pledge does not fit the transaction. - Professional management of complex family or business patrimonies. - Succession planning with vulnerable beneficiaries. - Asset ring-fencing to isolate strategic assets from a company's operational risks.

Every fideicomiso involves four roles: the settlor (fiduciante, who contributes the assets), the trustee (fiduciario, who manages them), the beneficiary (who receives the fruits) and, where applicable, the remainderman (fideicomisario, who receives the assets upon termination). Essential elements are the trust assets, the term or condition, and the designated purpose. The contract must be registered at the National Registry of Personal Acts (Sección Universalidades) to be enforceable against third parties.

- Custom fideicomiso design: structure, party selection, tax treatment, exit mechanisms and termination scenarios. - Drafting the contract and its annexes. - Coordination with licensed professional trustees, or assumption of the trustee role where appropriate. - Protocolization and registration in the National Registry of Personal Acts. - Advisory throughout the life of the fideicomiso.

Every fideicomiso is designed around real specifics: assets, people and concrete objectives. Reach out and we'll work through it together.