PERU Law and Practice Contributed by: Camilo Maruy, Maite Colmenter, Roberto Polo and Llanet Gaslac, Rebaza, Alcázar & De Las Casas
property ( bienes propios ), ie, inheritance, assets received via donation, gifts. This regime applies by default. Under this regime, a spouse cannot dis - pose of community property without the consent of the other. • Separation of assets: the assets acquired dur - ing the marriage, including any income or returns, belong individually to each spouse and are not considered part of a common equity. Each spouse has full autonomy over their property, includ - ing property acquired during the marriage and may dispose of it without consent from the other spouse. This regime can be established by a pre - nuptial or postnuptial agreement, which shall be granted by public deed in order to be legally valid. 2.5 Transfer of Property In general, the cost basis of property in Peru is deter - mined by the amount paid for its acquisition. In cases where the property is acquired gratuitously ‒ such as through a donation or inheritance ‒ the cost basis is generally considered to be zero. Alternatively, it may be possible to use the transferor’s original cost basis prior to the transfer, provided that such cost can be duly and reliably substantiated with appropriate documentation. 2.6 Transfer of Assets: Vehicle and Planning Mechanisms In Peru, there are legal tools and planning strategies available to help transfer assets to younger genera - tions in a tax-efficient way. For example, gifts or advancements of inheritance ( anticipos de legítima ) are not subject to income tax when they are made to individuals. This means that such transfers can be used to pass wealth to the next generation without generating an income tax liability. However, it is important to understand that even though these transfers are exempt from income tax, they may still be subject to the Alcabala tax, if they involve a real estate property. The Alcabala tax applies to the transfer of ownership of real estate, even if the transfer is made by way
of a gift. However, advancements of inheritance are exempt from the Alcabala tax. Additionally, trusts established under Peruvian law ( fideicomisos) can be used for succession planning purposes. In such cases, the transfer of assets to the trust may be carried out without triggering income tax, provided certain conditions are met. 2.7 Transfer of Assets: Digital Assets Digital assets such as email accounts or cryptocur - rency are treated like any other asset for succes - sion planning purposes in Peru (there is no specific regulation governing them). These assets are usually included in wills or succession agreements with an appropriate description of the assets. However, the effectiveness of any succession plan for this type of asset will also depend on the internal policies of the entities that control or manage these assets and/or respective providers. 3. Trusts, Foundations and Similar Entities 3.1 Types of Trusts, Foundations or Similar Entities In Peru, locally established trusts are commonly used for tax and estate planning purposes. These include securitisation trusts ( fideicomisos de titulización ), banking or administrative trusts, insurance structures and investment funds. These vehicles are often used to manage and transfer assets efficiently while offering flexibility and continuity in estate planning. In addition, foreign structures such as offshore trusts, foundations and life insurance policies governed by foreign law are also used for succession planning, particularly when it involves foreign assets or family members who are tax residents in multiple jurisdic - tions. These international structures can offer stra - tegic advantages, especially in cross-border estate planning scenarios. 3.2 Recognition of Trusts The legal framework allows for the establishment of trusts ( fideicomisos ) under Peruvian law. These trusts are widely used for various purposes, including estate
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