The Dark Side of Living in Paradise: Regulations and Peru Expat Taxes

We all visualise Peru from different perspectives. Some of us will think of glorious Inca culture, Machu Picchu, breathtaking Amazon rainforests, and the endless Pacific coast. In contrast, others’ palates will remember the tasty Ceviche, Rocoto Relleno (Stuffed Spicy Peppers) or excellent potato dishes. From Quechua culture born in the Andes to its Sacred Valley, living in Peru is one of those blessings in life that look like out of this world.

In addition to its rich gastronomy and culture, this utopic country is home to 12 treasures of UNESCO’s World Heritage. Machu Picchu, Colca Canyon, Choquequirao Archaeological Park, Vinicunca Rainbow Mountain, Nazca Lines, Moray and many more. All these landmarks will leave you breathless even if you visit several times.  

On the other hand, Peru is one of the safest and most well-developed countries among LATAM countries. It carries out an innovative approach to the latest technologies and simultaneously adapts itself according to what is new. Peru is also known for its welcoming multicultural structure, making it easy for foreigners to move in. That’s why Peru has become one of the most popular destinations for expats and digital nomads in recent years.

Being an Expat in Peru

Is it all roses and sunshine to live in Peru as an expat? Which country would be? All regions come with pluses and minuses. Even the most developed Western European countries are no exception. Although we live in a globalised world, we still have the cultural norms we were born in. To encounter a new lifestyle can be challenging for any of us. No matter whether you are the most open-minded person, you may find yourself thinking, “No way!” at some point in Peru. 

One of the most struggling issues foreigners face is the grave regulations for opening a bank account in Peru. Unfortunately, it is not likely to create a bank account in Peru unless you hold a residence card as an expat. For those unfamiliar with how residential bureaucracy works in Peru, we need to remember that it may take up to a year, including application, evaluation, and oral interview.

It is not surprising why many expats prefer digital wallets over bank accounts. Until they become holders of residency cards, they need Peru digital payments to pay their rents, utility bills, and other crucial entries. What to do in a foreign country without any payment options and no way to receive a money transfer? This can be a real thriller! 

Taxation in Peru

Another handicap is heavy regulations on taxation. To be honest, in any country, expats will be under a suffocating body of rules. From an obtuse angle, we can say that taxes in Peru are comparatively merciful for expats who desire to construct a life in this spectacular land. 

In contrast with many other countries, it allows expats a space to get used to the current system and provides catalysed services for entrepreneurs. 

According to the Peru taxation structure, a tax resident is someone who has spent 185 days in Peru within the last 12 months period. Non-residents of Peru are only taxed depending on what they have earned within Peruvian borders. Thanks to the international tax rules among multiple countries, expats are not entitled to pay extra taxes for what they have outside Peru. 

Jeton Wallet for Peru Payments

Are you looking for opportunities to live in a rising star among LATAM countries? Amazing Peru is a perfect spot for you. Enjoy the fabulous beaches, delicious food, and getting to know an entirely different culture with thousands of years old. Do not let regulations intimidate you because we no longer live in the clumsy 90s. There are multiple online payment options in Peru.

Our comprehensive digital wallet, Jeton Wallet, is perfectly designed for expats facing hard candies in heavy bureaucracy in any country. Simply create your Jeton Wallet account with a few clicks and utilise your Visa-based Jeton Card in any physical or online store. A spectacular solution even if you are a resident in Peru!

Furthermore, Jeton Wallet places Peruvian Sol in its portfolio in addition to other 50 fiat currencies and cryptocurrencies. With our seamless services, you can send money worldwide, exchange currencies, pay your bills remotely, and many more life-saviour benefits. Visit today and carry your online monetary experience to the next level!    

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