PERU Law and Practice Contributed by: Alfred Kossuth Wieland and Edgardo Bernal Santos, Thorne, Echeandia & Lema Abogados
7.3 Remedies and Commitments Where a foreign investor applies for a Legal Stabil - ity Agreement, it may submit, as commitments, the requirements from an investor’s perspective, as listed in 7.2 Criteria for National Security Review . 7.4 National Security Review Enforcement As there is no mandatory regime applicable to foreign investments in the context of foreign direct invest - ment, no authority is empowered to block a foreign investment carried out in accordance with the frame - work described in 7. Foreign Investment/National Security . However, where a foreign investment involves the acquisition of real property located within 50 km of the national borders, the State may prevent such transac - tion or, if it has already been completed, may expropri - ate the property in its favour. This restriction does not apply where the real property has been acquired due to public necessity expressly declared by supreme decree approved by the Council of Ministers. In the event of such expropriation, the investor may seek recourse before the Judicial Branch if it consid - ers that its rights have been infringed. If PROINVERSION rejects a Legal Stability Agreement application submitted by a foreign investor despite compliance with the applicable requirements, the investor may challenge such decision through admin - istrative or judicial remedies. At the administrative level, the investor may file an appeal with PROIN - VERSION’s board of directors. Judicial proceedings may only be initiated if the administrative appeal is denied, in which case the investor may file a claim with the Judiciary, seeking the annulment of the relevant resolution.
Upon issuance of a favourable opinion, the agreement is executed. Where the applicant is a foreign investor, the agree - ment is executed once the investor has approved the draft agreement. The statutory timeframe for processing and approv - ing an application for the execution of a Legal Stabil - ity Agreement is 20 business days. Where a sector authority’s opinion is required, such authority has a period of 20 business days to issue its opinion. 7.2 Criteria for National Security Review Peru does not have a foreign investment or national security review regime. However, where an investor applies for a Legal Stability Agreement, PROINVER - SION applies certain eligibility criteria, depending on the investment modality submitted. From the investor’s perspective, PROINVERSION will assess whether: • within a two-year period, capital contributions of at least USD5 million are to be made in any economic sector, except for the mining and hydrocarbons sectors; • within a two-year period, capital contributions of at least USD10 million are to be made in the mining and hydrocarbons sectors; or • capital contributions are to be made to a company that is the beneficiary of a concession agreement, provided that the concession contract establishes, at a minimum, the investment thresholds set out in the above points, as applicable. From the perspective of the recipient company, PROINVERSION will consider: • whether one of its shareholders has entered into the corresponding Legal Stability Agreement as an investor; and • where tax stability is requested, whether the capital contributions to be received represent an increase of at least 50% of the company’s total capital and reserves, and whether such contributions are intended to expand the company’s productive capacity or support its technological development.
8. Other Review/Approvals 8.1 Other Regimes Law No 32449
In Peru, one of the most recent laws applicable to foreign investors is Law No 32449, which has been in force since September 2025 and establishes the Private Special Economic Zones ( Zonas Económicas
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