Anyone have experience with getting their AFP transferred

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Jalapenomel
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Anyone have experience with getting their AFP transferred

Postby Jalapenomel » Sun May 26, 2013 11:51 am

out of Lima?

Someone stated that we needed an apostille from the Social Security Administration in the US stating that we have benefits, and once that is completed, we can have the money wired to our US account.

Can anyone tell me what exactly is needed for the apostille? How long the process will take? Etc?


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Re: Anyone have experience with getting their AFP transferred

Postby falconagain » Sun May 26, 2013 9:15 pm

Hopefully somebody will have that information.
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Re: Anyone have experience with getting their AFP transferred

Postby sunflower » Mon May 27, 2013 8:08 am

What happened to Americorps? When I remember correctly, he has some experience with transferring the AFP to the US. Probably you can try and send him a PM.
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Re: Anyone have experience with getting their AFP transferred

Postby Jalapenomel » Mon May 27, 2013 7:14 pm

I'm finding information, piece by piece, but I have a feeling that it's going to be a long and drawn out process.

The SS form also has to be officially translated into Spanish either by a Peruvian consulate in the US or by a professional here. I have no idea where to go to get that done. Anyone else?
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Re: Anyone have experience with getting their AFP transferred

Postby argidd » Tue May 28, 2013 9:39 am

Jala, if you are in Peru, it should not be very difficult. If you are abroad, it might take some time, and perhaps think about taking a short trip to Lima to do it. My sister (lives in the US) did her paperwork from abroad, took a 1 week trip to Lima and it was done.

About the translator, this woman is a certified translator, she did our paperwork to get married in Peru, prices are reasonable, and work is timely.

Ana Barra Cerdeña
Dirección Legal: Pj. Martir Olaya Nro. 169 Int. 402 (Fte.Colegio Champagnat-Miraflores)
Distrito / Ciudad: Miraflores
Departamento: Lima
Teléfono: 2411236/4472323
Regards,

Argidd
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Re: Anyone have experience with getting their AFP transferred

Postby americorps » Tue May 28, 2013 1:38 pm

While the process is supposed to be standard according to Peruvian law, it is interpreted differently depending on which AFP you are working with.

Integra is the worse and I have no hesitation to say that they outright lie to try and stop you from taking it out. The others are more friendly.

I used to do this as part of my job.

The process is more or less as follows:

You have to surrender your carnet and take the notice of the from reinic, get the notification from Sunat that you do not owe any taxes, get a letter from your employer that you are no longer working in Peru.

You have to show at least 2 years of deposis in a qualifying pension of some sort in another country. Depending on the AFP, who qualifies varies a little.

you have to fill out the application of the AFP

You have to have a letter from the bank you are sending your money to to confirm the account or pension plan if you are transfering it to a pension.

Everything has to be translated, legalized and notarized.

If you do it from abroad, every time there is a problem, you have to start over again on any of the documents...most problematic when working with Integra bedcuase they reject letters or translations for things like a missing comma or period because you have to keep returning to the Peruvian consulate to get thngs legalized.

It is always easier to travel back as a tourist or have someone you trust locally be your legal representative. Getting things translated, legalized and notarized here is cheaper.

The area that seems to be the biggest hiccup is what is a qualifying pension and qualifying banks to transfer the money. The other problem is taxes in the exterior.

For example, many pensions are beneficiary accounts. Generally that qualifies as a pension, but the government often will not let you transfer the funds there because technically the account is not in your name, it is in the name of the financial institution wiht you listed as beneficiary. In that case, you generally just transfer the money into your personal account (but not a joint, the name has to be EXACTLY, LETTER FOR LETTEr, the same as the pension.

I have seen the process take as little as 2 weeks and I have seen it take as much as 6 months.

Most offer form samples of the types of letters they want and that can be another problem becuse most banks have their standard form letters for confirming accounts and sometimes they are not exactly the same.

Now, of course as you know living in Peru, it is sort of haphazard what rules are followed and what ones are not. One person might tell you they accepted social security in the usa, for example, and the next person was not accepted. One person had their money transferred into their 401K account, and the next was rejected.

Oh, and taxes.

depending on where you transfer the money and since most pension accounts do not qualify for direct transfer, you can be taxed in many jurisdictions, anywhere between 10 and 40 percent. You would need to contact a local tax specialist for that.
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Re: Anyone have experience with getting their AFP transferred

Postby Jalapenomel » Tue May 28, 2013 8:32 pm

OMG, thank you! This is the information I have been trying to look for. We have Horizonte through BBVA, and I couldn't find any information online nor anyone who has done it.

So if we don't take it out right away (like say they don't take the US social security as an acceptable pension plan), we will be able to have access to it after 2 years when we have completed the correct amount of payments?

As for the taxes, you are referring to the taxes from the US government not from the Peruvian government, correct?
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Re: Anyone have experience with getting their AFP transferred

Postby americorps » Tue May 28, 2013 8:35 pm

Yes, taxes from the foreign government. Peru does not tax you taking it out.

You can take it out any time until 1 year before it matures (the age where you draw it as a pension).
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Re: Anyone have experience with getting their AFP transferred

Postby americorps » Tue May 28, 2013 8:37 pm

here is the info from the Horizonte Page

http://bbvahorizonte.pe/contenidos/deta ... l-exterior
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Re: Anyone have experience with getting their AFP transferred

Postby Jalapenomel » Thu Jun 06, 2013 9:01 pm

americorps wrote:here is the info from the Horizonte Page

http://bbvahorizonte.pe/contenidos/deta ... l-exterior



Can you tell me about the documents needed from the US, because we are having issues with trying to get the right information? We need a statement from social security that has an apostille, correct?

Thanks!
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Re: Anyone have experience with getting their AFP transferred

Postby americorps » Fri Jun 07, 2013 12:59 pm

First, I can not say that Social Security will suffice. It has in SOME cases, but technically, the law says the pension must be a voluntary contribution so some companies say that excludes Social Security, some do not.

you must have an official translation, this doe not always make sense when the document is 98% numbers, such as statements of deposits, but it is required nonetheless.

Generally, the document must state your name and identity details and demonstrate 3 years of regular contributions. Mostly they prefer a summary of monthly deposits unless your contributions are of a different variety (quarterly, annualy) in wich case it should say that clearly in the document.

If you are in another country, generally they prefer the document to be translated and certified by the nearest Peruvian embassy and consulate. While generally an apostille will work, and with bbva most likely will work, some afps do not accept it despite the international pact.

It is easier if you or a representative is in Peru becuase you can get it translated and legalized here and that is usually a faster and cheaper process than going through a Peruvian embassy abroad.

I am only giving general details, you should call and ask your representative at the AFP for specifics.

I have long since gotten out of this business because it is a nightmare and when I did do it, I would not charge less than a thousand dollars because it just takes a lot of time and attention to detail, there there is no reason you can not do it yourself with patience and attention to detail.

At bbva they were helpful so I suggest you call their customer service line.

Telehorizonte

Llámenos al 595-0005 desde Lima o desde provincias gratuitamente al 0-800-44500, las 24 horas del día.
Atención Personalizada: Lunes a Viernes de 8am a 8pm.
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Re: Anyone have experience with getting their AFP transferred

Postby Jalapenomel » Fri Jun 07, 2013 8:43 pm

americorps wrote:First, I can not say that Social Security will suffice. It has in SOME cases, but technically, the law says the pension must be a voluntary contribution so some companies say that excludes Social Security, some do not.

you must have an official translation, this doe not always make sense when the document is 98% numbers, such as statements of deposits, but it is required nonetheless.

Generally, the document must state your name and identity details and demonstrate 3 years of regular contributions. Mostly they prefer a summary of monthly deposits unless your contributions are of a different variety (quarterly, annualy) in wich case it should say that clearly in the document.

If you are in another country, generally they prefer the document to be translated and certified by the nearest Peruvian embassy and consulate. While generally an apostille will work, and with bbva most likely will work, some afps do not accept it despite the international pact.

It is easier if you or a representative is in Peru becuase you can get it translated and legalized here and that is usually a faster and cheaper process than going through a Peruvian embassy abroad.

I am only giving general details, you should call and ask your representative at the AFP for specifics.

I have long since gotten out of this business because it is a nightmare and when I did do it, I would not charge less than a thousand dollars because it just takes a lot of time and attention to detail, there there is no reason you can not do it yourself with patience and attention to detail.

At bbva they were helpful so I suggest you call their customer service line.

Telehorizonte

Llámenos al 595-0005 desde Lima o desde provincias gratuitamente al 0-800-44500, las 24 horas del día.
Atención Personalizada: Lunes a Viernes de 8am a 8pm.

Thank you! You have been a fantastic help!

I wonder if they have some English speakers on their helpline (my husband speaks Spanish and can do it, but I prefer English).
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Re: Anyone have experience with getting their AFP transferred

Postby raham » Wed Aug 21, 2013 10:32 pm

Hi
I want to get my AFP. It's "Prima" type.

Can any one help me to sort out which documents exactly do i need?

4th of October is my last working day in Peru and will should leave Peru maximum 18th October according Peruvian law.So i want to prepare doc in advance.I translated my pension with 37 months insurance in Spanish and legalized it in Peruvian embassy before i came Peru. What else do i need?
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Re: Anyone have experience with getting their AFP transferred

Postby americorps » Thu Aug 22, 2013 12:06 pm

http://www.prima.com.pe/0/modulos/JER/J ... =0&JER=144

There is the link to the AFP transfer instructions for foreigners.

Again, do not trust them to help you because it is in their best interest if you do not take out your money. If you are unable to do it yourself, i suggest you give a power to represent you to a VERY TRUSTED friend or pay a lawyer.

It is not impossible to do, they just try not to make it easy.

Good luck.
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Re: Anyone have experience with getting their AFP transferred

Postby raham » Thu Aug 22, 2013 11:55 pm

americorps wrote:http://www.prima.com.pe/0/modulos/JER/JER_Interna.aspx?ARE=0&PFL=0&JER=144

There is the link to the AFP transfer instructions for foreigners.

Again, do not trust them to help you because it is in their best interest if you do not take out your money. If you are unable to do it yourself, i suggest you give a power to represent you to a VERY TRUSTED friend or pay a lawyer.

It is not impossible to do, they just try not to make it easy.

Good luck.


Thanks ,but my biggest problem is that in my country we are not connected to VISA or MASTER CARD system(generally international bank web) ,so can my represent get money after successful finishing of process? and sent it for me by himself?
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Re: Anyone have experience with getting their AFP transferred

Postby americorps » Fri Aug 23, 2013 4:09 pm

once you meet all the qualifications, the money can ONLY be transferred to an account in the exterior of Peru. It must either be a retirement account that is fully in your name or a simple savings or checking account will suffice. It can NOT go to a joint account or a trust account or a beneficiary account only an account that is only in your name. They will NOT give you a check, cash or transfer to any third party.

Most retirement acounts, however, are beneficiary accounts. That generally is not acceptable because technically the account is in the name of the financial institution and lists you as the beneficiary. it is a stupid rule that makes no sense, but it is the rule nonetheless.
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Re: Anyone have experience with getting their AFP transferred

Postby americorps » Fri Aug 23, 2013 4:19 pm

americorps wrote:once you meet all the qualifications, the money can ONLY be transferred to an account in the exterior of Peru. It must either be a retirement account that is fully in your name or a simple savings or checking account will suffice. It can NOT go to a joint account or a trust account or a beneficiary account only an account that is only in your name. They will NOT give you a check, cash or transfer to any third party.

Most retirement acounts, however, are beneficiary accounts. That generally is not acceptable because technically the account is in the name of the financial institution and lists you as the beneficiary. it is a stupid rule that makes no sense, but it is the rule nonetheless.


however, please note, depending on your local tax law, you might be taxed on the income, especially if it goes into a simple checking or savings account. Check with a local tax consulatant to know for sure.
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Re: Anyone have experience with getting their AFP transferred

Postby raham » Fri Aug 23, 2013 6:17 pm

Thanks for your helping,
I guess it's almost impossible for me to have money in my country,So for example if i meet all qualification
and money is ready to transfer,Do they hold my money till i inform the right account?
With this solution maybe for 1-2 years later ,i will get another international job offer or immigrate permanently to another country.
Do you think it works?
or i should introduce the account number from the beginning?!!!
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Re: Anyone have experience with getting their AFP transferred

Postby americorps » Fri Aug 23, 2013 6:22 pm

it does not matter what country your bank account is. Many clients who were expats moved a lot. For that, they found it easier to hold accounts in the Isle of Man or somplace like that that is used to international banking. Depending on the amount, if it is large, I would suggest the Isle of Man, Gurnsey or Jersey. If it is Small, I would suggest Panama or the Bahamas. Generally you can open an account without going there. However, I still suggest you report the the income and not use the offshore privacy as a way to avoid taxes.

This advice is general and not inended to be personal financial advise as I am NOT an advisor nor do I know your personal details. This is just one option to explore.

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