By RGB Avocats – Lawyers in Peru
What is the Rentista visa and what are its benefits?
The Rentista visa is a document which grants the beneficiary residency status, under the migratory category of Rentista. The benefits to this migratory category include indefinite residency and an exemption of the applicable duty (12%) for the import of personal and household items. Likewise, beneficiaries are exempt from Peruvian income tax, insofar as their pensions are concerned: other sources of income, such as dividends and the like are still taxable under Peruvian Income Tax Law.
What are the requisites to apply for this visa?
In order to apply for this visa, the applicant must provide proof of a monthly income of no less than USD 1,000.00 (One Thousand and 00/100 Dollars of the United States of America) duly apostilled. Additionally, if the applicant wishes to bring people who are dependent, such as minors or disabled people, they will have to provide proof of an additional income of USD 500.00 per each one. The money will have to enter the country by means of a banking institution.
What sort of income is valid to apply for this visa?
The short answer would be that the Peruvian National Superintendence of Immigration (more commonly known as “MIGRACIONES”), the entity in charge of evaluating visa applications, only accepts retirement and disability pensions as a permanent source of income to apply for this migratory category.
The long answer is that there are currently two conflicting laws regulating this particular matter: Legislative Decree N° 1350, the new immigration law, and Law N° 28702, the law which regulates the migratory category of Rentista.
And, although the Rentista law specifically mentions both dividends and royalties as valid incomes to apply for this migratory category, it should be noted that the intention of the administration was to repeal and replace this law with the newer Legislative Decree N° 1350. However, due to a legislative blunder, the Rentista law remained unrepealed and is still in effect.
Despite this, MIGRACIONES has the final say in the matter, therefore it is unlikely that they will change their interpretation any time soon. Consequently, it is safe to conclude that dividends and royalties are NOT considered valid sources of income to apply for this migratory category.
By the Immigration Department for Foreign Residents at RGB Avocats © – Peruvian Attorneys-at-Law
RGB AvocatsDisclaimer: The information on this page is provided for general informational purposes only, and may not reflect the current law in Peru. It is not intended to be a substitute for legal counsel on any subject matter.
