Becoming resident of Uruguay is quite straight. Being a latin american country, expect the bureaucracy be rather high on this (slow and not well organized however the rquirements are NOT really high).
Option 1 that I have found: you have to prove an income of at least 500 USD/m from foreign sources (NOT paid by anything in Uruguay). E.g. a rent. A pension. etc. The law says it is a minimum of 500 USD however the immigration is getting picky on that nowadays. They will ask you to show around 800 USD (typical latin american, there is law but it is "interpreted", usually to your disadvantage).
Option 2: if you have a passport from any Mercosur country, income requirements are waived. And the residence permit is issued within no more than 30 days (law since 2016). So if you have e.g. a peruvian wife, this may be an option for you (she will get it straight and you will get it by her).
The other paperwork required is: clean police record from your country and place of live last 5 years. AND birth certificate. If you take relatives with you, same for all them.
You have to apply in Montevideo.
Pros: if you are fluent in Spanish then it will be easy for you. The infrastructure is good. Good roads. Good internet speed. Remote areas or new settlements may still not have paved roads. Crime rates one of the lowest in all South America (only Chile is safer). Not so corrupt (if you prefer the country to not be corrupt). You can find a nice home, single family home, around 100-150.000 USD. And the construction is usually quite good.
Pro: not lot of congestion. You will be able to live 30km from the coast and reach the coast in 15 minutes (not like lima, a 30 km ride takes you hours).
Pro: real estate prices dropped a lot.
Pro: better and more stable banks than in Peru.
Pro: you will be usually granted tax-free status for 5 years.
Cons: expensive. However, if you live in Miraflores, San Isidro etc you may even find Uruguay to be a cheaper place to live than Peru. Depends. Another con: lot of bureaucracy however not corrupt like Peru so you wont be able to avoid bureaucracy just by paying bribes
Construction laws are somehow ridiculous.
Another con: some areas have lots of mosquitos.
Another con for me: many areas have lots of dogs. Some owner-less dogs.
Climate has seasons. Not very hot from March to Nov. May be very hot in the summer.