Residency in Peru

Moving to Peru is a good option for Italians who opt for a calm and culturally and culinaryly attractive country. Moving to Peru requires obtaining legal residency in the country. Peru is among the countries where it is easy to obtain residency. Furthermore, Peruvian citizenship is granted easily. Residency in Peru is really a great way to move to a country in South America, facing the Pacific or in the endless Andes, living in one of the most colorful and ancient countries of South America. Taking residency in Peru is not for everyone, as you need to live there for a certain amount of time in the country to subsequently qualify as a permanent resident, but it is very simple to obtain.

How to take up residency in Peru

If you have permanent passive income or a pension and want to settle in Peru, you can apply for a Rentista (person of independent means) visa.

You must demonstrate that you have a pension or permanent passive income of at least $12,000 per year. An additional $500 per month may be required for each employee. The authorities may request higher amounts at their discretion.

You must prove your permanent source of income and commit to transfer this amount to a bank account in Peru.

The Rentista visa is valid indefinitely, but you may lose it if you are absent for more than 6 months during a calendar year or for shorter periods amounting to 6 months during a calendar year.

With this visa you are not allowed to work in Peru. You may be exempt from paying the tasa annual de extranjería (annual foreign tax) and you may be exempt from paying Peruvian income tax on retirement income from personal employment.

Additionally, as a renter, you may be exempt from taxes and duties on the import of personal and household items that you bring into Peru.

After two years of legal residence in Peru, you may be eligible for citizenship, provided you demonstrate ties to the country, such as residential property, have lived there for two years, and are familiar with the Spanish language and the country's culture and values.

Instead of citizenship, you can apply for permanent residency after three years of legal residency in Peru. The permanent residence permit will allow you to live and work indefinitely in Peru.

Residency requirements in Peru

• Certificate guaranteeing receipt of permanent income outside Peru of at least US$1,000 per month, exclusively for the applicant's livelihood. This income, declared in Peru, must enter the country through a banking institution
• If the certificate is being shipped outside Peru, it must be legalized in the relevant Peruvian consulate and approved by the Ministry of Foreign Relations in Peru.
• If it is not in Spanish, the document must be translated into Spanish by a Peruvian government-certified translator.
• In addition, the applicant must certify receipt of additional income of at least US $500 for each dependent (according to the “Law Regulating the Immigration Status of Persons with a Foreign Source of Income” Article 18A – September 4, 2003) .

Requested documents

• Original and photocopy of passport
• Tax payment receipt
• Interpol International Exchange File
• Original police clearance certificate
• Proof of income
• Two passport size photos

If you want to invest in a business in Peru, you can apply for an investor visa.

Under the new Immigration Law (Legislative Decree No. 1350), in effect since March 2017, to be eligible for an investor visa you must either make an investment of at least PEN500,000 in a Peruvian company or set up a Peruvian company with a investment capital of the same amount. The transfer of shares will not be considered an investment.

The investment must be a one-way bank transfer which will be made directly from a bank account on your behalf.

Additionally, you may be required to provide a business plan certified as feasible by a local certified economist.

You can only be authorized to work as a Manager or Director of your company, for which you must comply with the corresponding labor or tax regulations.

Once a visa has been obtained, dependents can apply for a family visa.

The investor visa is valid for one year, renewable if you prove that you still keep the investment made, that you have hired at least 5 locals and that you have stayed in Peru for at least 183 days during the year.

After two years of legal residence in Peru, you may be eligible for citizenship, provided you demonstrate ties to the country, such as renting or buying residential real estate, you resided there during the entire period, and you know Spanish language, culture and values ​​of the country.

If you are not interested in obtaining citizenship, you can apply for permanent residence after three years of legal residence in Peru. The permanent residence permit will allow you to live and work indefinitely in Peru.

Requirements

• Photocopy, legalized by a notary or certified by the General Directorate of Immigration and Naturalization of Peru (DIGEMIN), of the deed of constitution of the Public Registry in which the interested party has invested a minimum of PEN500,000 in cash.
• In the case of a newly established company, feasibility study of your business or, in the case of a functioning business, your two-year business plan, including the creation of five jobs for Peruvian nationals within the first year of operation.

If you want to work for your business in Peru, you can apply for a resident worker visa.

You can set up your company in Peru and apply for a work permit. The company must be active, but without the need to be productive. You can get a work visa based on this company and pay yourself a local salary (and taxes) equivalent to at least US$12,000 annually.

The new Immigration Law (Legislative Decree N° 1350), in force since March 2017, allows independent contractors to benefit from this visa, provided they have a good professional background and academic certificates and have been employed by a Peruvian company.

Once the visa is received, dependents can apply for a family visa.

The worker visa is valid for one year, renewable, as long as you are still employed by your company and have stayed in Peru for at least 183 days during the year.

After two years of legal residence in Peru, you may be eligible for citizenship, provided you demonstrate ties to the country, such as renting or buying residential real estate, you resided there during the entire period, and you know Spanish language, culture and values ​​of the country.

Instead of citizenship, you can apply for permanent residency after three years of legal residency in Peru. The permanent residence permit will allow you to live and work indefinitely in Peru.

Requirements

• Legalized copy of your employment contract approved by the administrative authorities. It must be presented no later than 15 days after its approval.
• Valid certification documentation issued by the Register Office of the legal representative of the lessor company. If the contract is signed in Peru, you must be in regular immigration status or have a special permit that allows you to sign the contract there. If the contract is signed outside Peru, then it must be legalized at the Peruvian consulate and the Office of the Ministry of Foreign Affairs, or apostilled.

An individual is considered a tax resident in Peru if he stays more than 183 days in a calendar year in the country.

Tax residents are subject to personal income tax on their worldwide income, while non-residents pay taxes on income originating in Peru.

Personal income accrued by residents is subject to progressive tax rates ranging from 0% to 30% on income exceeding 45 tax units (currently one tax unit equals PEN 3,850). Non-residents are taxed at a flat rate of 30% on Peruvian-source income.

Capital gains, as well as rental income and interest income, are taxed separately at a rate of 5%. In the case of non-resident subjects, the capital gains deriving from the sale of shares that take place outside the country are taxed at a rate of 30%.

Dividends are subject to final withholding tax, at a rate of 8% for the years 2017 and 2018 and 9.3% from 2019.

Passive income accrued by controlled foreign companies (CFCs) may be attributable, provided the resident holds at least 50% of the ownership, voting rights or capital gains and such companies are resident in tax havens or jurisdictions with no or reduced tax rates .

Property tax is levied at progressive rates from 0.2% to 1% and the tax is deductible for income tax purposes. The sale of real estate is subject to a tax of 3%, the first 10 tax units are exempt from tax. There are no taxes on net wealth and inheritances.

With regards to corporate taxation, resident entities pay a 29.5% tax on their worldwide net income. Capital gains and dividends received from foreign entities are included in taxable income, but a tax credit is usually available for foreign taxes paid.

In addition to obtaining your residence in Peru, you will probably be interested in creating a life insurance policy on your taxation, taking up a second tax residence, in a country with territorial taxation, such as a residence in Panama or a residence in Paraguay

You'd also be tempted to find out what advantages moving to the Mexican economic giant would have, taking up residency in Mexico

To start your residence transfer procedure, contact us at info@studiopanamaitalia.com, sending us a copy of your passport, and the precise dates to start and take up residence in the country of your preference, or contact us via the contact form on this website or via whatsapp-telegram at +1 786-623-8177

Proceeding a transfer of residence to live in Peru is not absolutely difficult. Unfortunately, due to the legal quibbles and some gaps in migration employees it is always important to rely on a legal expert who knows how to move within the Peruvian bureaucracy and know how to offer customer the certainty of the residence without worries. We at Studio Panama Italia currently offer the fastest procedure in terms of days necessary for its obtaining 100% of cases of success. Our customers from all over Italy and Europe get on average residence in about 10 working days. For the transfer of residence to Peru, it will also be necessary, once the residence is obtained to be able to live in a property that is appropriate to your needs. The contractual terms in Peru is important, therefore knowing how to rely on a real estate partner who can do a thorough research and guarantee on the value of the property to be rented or buy through an adequate purchasing or rent contracts and agrees to the laws. Through our service you can also seek the property that best suits you respecting the law through a contract in accordance with the law drawn up and controlled by our firm.