From experience, we may note that there are more and more foreigners who consider retirement in Peru. We also find some expats that receive certain income in their country of origin and wish to spend at least a year in Peru for leisure purposes. Most of them look for information regarding the best migratory status they should apply for.
This article aims to shed some light on the legal framework of the rentista visa which applies to the above mention situations. Indeed, a rentista visa is not only directed at retired persons; according to Peruvian law, all foreigners that benefit from pension or permanent income and that do not intend to work in Peru are entitled to apply for such a visa.
In section 1, we will mention the main advantages of rentista visa. Then, in section 2, we will indicate the legal requirements for this visa.
The many advantages of rentista visa
The introduction of the Peruvian Regulation concerning the migratory status of rentista states that the entrance to Peru of persons with economic capacity generates economic interchange and the entrance of money, which improves the level of employment and helps boost the use of tourist and accommodation facilities. In other words, Peru thinks that admitting Rentistas is good for the economy.
Consequently, it is easy to understand why foreigners who hold a rentista visa may benefit from various advantages.
As for the time of residence, the rentista visa allows a foreigner to have an indefinite residence in Peru. So, there is no need for renewing the carné de extranjería (residence permit) every year. But note that the holder of this visa may lose it if he or she is out of Peru for a period of more than 6 months during a calendar year or for shorter periods that amounts to 6 months during a calendar year.
In addition, the holder of the rentista visa is exonerated from payment of the tasa annual de extranjería (a yearly payment that a foreigner with a carné de extranjería must make).
As for income tax, foreigners having duly obtained the status of rentista before the MIGRACIONES (Peruvian entity in charge of Immigration and Naturalization), are exonerated from paying the Peruvian income tax. But note that according to Peruvian law, such exoneration only applies to pensions coming from personal work, i.e., government/private funds pension.
Moreover, the holder of a rentista visa benefits from an exoneration of tax and duties in connection with the import of menaje and equipaje (personal and domestic items) they bring to Peru according to the relevant law.RGB Avocats - Corporate Lawyers in Peru