Buying an apartment in Lima as a foreigner: what you need to know

Foreigners' rights in Peru: the constitutional framework

Peru is one of the Latin American countries most open to foreign real estate investment. Article 71 of the Political Constitution of Peru explicitly provides that foreigners have, under the same conditions as Peruvians, the same property rights. There is no acquisition quota, no restriction on the number of properties held, and no prior permit is required.

The only exception concerns properties located within a 50-kilometre zone of the land borders, where acquisition by foreigners is limited for reasons of national defence. Lima, Miraflores, San Isidro, Barranco, Surco, as well as the other areas: none of the investment districts accessible to foreigners is affected by this restriction.

In practice, this means that a Swiss, French, Belgian or any other national can buy an apartment in Lima as freely as a Peruvian citizen, subject to complying with the legal formalities detailed below.

Step 1: searching for and selecting the property

The first phase is the property search. The main Peruvian real estate portals are Urbania and Adondevivir. Local real estate agencies also operate on a direct-access basis. The advertised prices are asking prices; they do not necessarily correspond to actual transaction prices. A gap of 5% to 20% between the advertised price and the sale price is common, particularly in the resale market.

For a non-resident foreign investor, a physical viewing of the property by a trusted local representative is strongly recommended. Photos and videos do not replace an on-site inspection, particularly to assess the actual condition of the property, the noise level of the neighbourhood, the quality of the common areas and the state of the building's ownership association. For an overview of the properties currently available, see our selection.

Step 2: due diligence, the Partida Registral

Before any signature, verification of the title deed is non-negotiable. In practice, this consists of consulting the property's Partida Registral at SUNARP (Superintendencia Nacional de los Registros Públicos).

This official document traces:

• The complete history of the property's successive owners
• The possible existence of mortgages, charges or easements
• The possible existence of ongoing disputes or judicial entries
• The official surface area and cadastral characteristics of the property

The Partida Registral is a public document that can be consulted online or on site at SUNARP. Its cost is very low. Neglecting this check is one of the most serious mistakes an investor can make. Also ensure that the property complies with the applicable planning rules and that it is not subject to expropriation or regularisation proceedings.

Step 3: the preliminary agreement — reservation, arras and minuta

Depending on the progress of negotiations, several contractual forms may come into play between the decision to buy and the notarial deed:

• Informal reservation: a verbal or simple written agreement, sometimes accompanied by a small symbolic payment to take the property off the market. Not legally framed, it offers only limited protection to both parties.
• Contrato de arras: a formal deposit contract. The buyer pays a deposit (generally 10%–20% of the sale price) that commits both parties. If the buyer withdraws, the deposit is generally lost. If the seller withdraws, they must in principle return double the amount received. The exact terms must be precisely defined in the contract.
• Minuta de compraventa: a more detailed preliminary agreement setting out all the conditions of the sale (price, deadlines, conditions precedent). It is often prepared or verified by the notary and serves as the basis for the final Escritura Pública.

Whatever the form chosen, any document binding the parties must be drafted or verified by a trusted Peruvian lawyer before any signature or payment.

Step 4: tax identification with SUNAT (RUC)

The RUC (Registro Único de Contribuyentes) is the Peruvian tax identification number, issued by SUNAT. Depending on the nature of the transaction, the identity of the parties and the associated tax obligations (rental income, capital gain on resale, etc.), appropriate tax identification with SUNAT may be necessary for the foreign buyer. The exact arrangements for non-resident foreigners are specific and must be confirmed directly with SUNAT, the notary and the chosen local lawyer.

For a non-resident foreigner, the procedure for obtaining the RUC may require physical presence in Peru or a representative holding a power of attorney. This step must be anticipated well before the signing of the final deed. Your local lawyer or adviser can guide you through the formalities specific to your situation.

Step 5: the notarial deed (Escritura Pública)

The official transfer of ownership is carried out by signing an Escritura Pública (authentic deed) before a Peruvian notary (Notario Público). The notary verifies the identity of the parties, the legality of the transaction and drafts the deed. Their involvement is mandatory and their role is central in the Peruvian legal system.

The deed can be signed by power of attorney (poder notarial) if the buyer is not physically present. This power of attorney must be drawn up in the buyer's country of residence, apostilled under the Hague Convention, and translated into Spanish by a sworn translator. The exact arrangements must be confirmed by the chosen Peruvian notary.

At the time of signing, the balance of the sale price is paid to the seller. Payment is generally made by bank transfer or certified cheque (cheque de gerencia); the accepted payment methods must be specified in the preliminary agreement. Peruvian law (Ley N° 28194, bancarización) requires real estate transactions above a certain amount to pass through formal banking channels; for a foreign buyer, the international transfer must be properly documented, in particular to justify the lawful origin of the funds (KYC compliance / anti-money-laundering) to the Peruvian bank and the notary.

Step 6: registration with the Registros Públicos

The final step is the registration of the new title deed with the Registros Públicos via SUNARP. It is this registration that secures the enforceability of your property right against third parties and constitutes an essential step of legal protection; do not consider the transaction fully protected before the confirmation of this registration.

The notary generally takes charge of filing the registration documents with SUNARP. This process takes several days to a few weeks depending on the administrative timelines in force. Once the registration is complete, you will receive the updated Partida Registral, showing your name as the new owner.

Documents required: buyer and seller

Documents to request from the seller

Before any signature and any payment, your lawyer must verify that the seller holds the following documents:

• Prior title deed (Escritura Pública): the notarial deed by which the seller themselves acquired the property
• Partida Registral / Copia Literal / CRI (Certificado Registral Inmobiliario): a recent extract from the SUNARP register confirming the current owner, the absence of charges and the history of the title
• HR and PU (Hoja de Resumen / Predio Urbano): municipal documents of the cadastral value of the property, needed in particular for calculating the alcabala
• Proof of payment of the Impuesto Predial and the Arbitrios: evidence that the seller is up to date with their municipal tax obligations
• Certificado de no adeudo municipal: issued by the municipality, certifying the absence of debts to the local authority
• Seller's identity document: Peruvian DNI or valid passport, corresponding exactly to the name shown on the Partida Registral
• Poder notarial + vigencia de poder if the seller acts through a representative: verify the validity of the power of attorney and obtain the vigencia de poder certificate (notarial attestation that the mandate is still in force)
• Seller's SUNAT tax identification, if applicable depending on the nature of the transaction

Documents required from the buyer

• Valid passport in force
• Proof of legal entry into Peru: TAM (Tarjeta Andina de Migración) or equivalent if you are physically present at signing
• Proof of immigration status if you are staying under a specific visa (tourist, student, etc.) and the notary requires it, to be verified with the chosen notary
• Special Migraciones permit to sign documents or contracts (gob.pe/12614): if you are physically present in Peru under a tourist or student status at the time of signing the deeds, some notaries may require this separate permit, to be verified with the chosen notary well before the signing date
• SUNAT tax identification (RUC), according to the arrangements applicable to your situation and the notary's requirements (to be confirmed with the notary and your local adviser)
• Proof of source of funds: documentation establishing the lawful origin of the sums intended for the acquisition (bank statements, proof of sale of assets, etc.), required for KYC compliance / anti-money-laundering
• Banked means of payment: international bank transfer or cheque de gerencia, in accordance with Peru's bancarization law
• Power of attorney (poder notarial) if you are buying remotely or through a representative: a document apostilled under the Hague Convention and translated into Spanish by a sworn translator

This list is indicative. The precisely required documents vary depending on the notary, the type of property, the value of the transaction and your personal situation. Confirm the complete list with your Peruvian notary or lawyer before starting the procedures.

Summary of acquisition costs

• Alcabala tax: a municipal tax generally paid by the buyer on the transfer of a property. It is calculated at 3% on the higher of the sale price or the fiscal value of the property, after deducting 10 UIT. For a new-build sold for the first time by the developer, the construction is exempt, but the value of the land may remain taxable.
• Notary fees: approximately 0.3% to 1% of the sale price
• SUNARP registration fees: calculated according to the registration tariff in force, often around 0.3% of the transfer value for properties above the SUNARP threshold, an amount to be confirmed at final settlement
• Lawyer fees: variable depending on the provider
• Translation and apostille fees if power of attorney: variable

Estimated total: 4% to 7% of the purchase price. These estimates are indicative. Ask the notary and the lawyer for a detailed quote before committing.

After the purchase: management and tax obligations

Once you are an owner, you must:

• Carry out the alta municipal: declare your status as a new owner to the competent municipality within the legal deadlines following the acquisition. This step determines the calculation of your future local tax obligations.
• Declare the Impuesto Predial and pay it annually to the competent municipality: this annual property tax falls under the municipal administration, not SUNAT.
• Pay the municipal arbitrios: municipal taxes covering collective services (waste collection, upkeep of green spaces, public lighting), due annually to the municipality.
• Register with the junta de propietarios (ownership association) and pay the building charges if the property is located in a jointly owned building.
• Declare rental income to SUNAT if you let the property. For non-domiciled individuals, when the tenant is domiciled in Peru, property rents are generally subject to a withholding of approximately 5% on gross income (PPHND regime); the arrangements differ if the tenant is not domiciled in Peru. Arrangements to be verified with SUNAT and a qualified tax adviser according to your specific situation.
• Declare the income in your country of residence according to the applicable local legislation.

Managing these obligations from abroad requires a reliable local partner. See our guide: Rental management in Lima: why the local partner is essential.

Risks and points of vigilance

How Swiss Lima Property can support you

Swiss Lima Property supports foreign investors in the preparation and coordination of their acquisition in Lima: identifying properties, organising due diligence, connecting you with trusted notaries and lawyers, administrative coordination. Our role is to put you in touch with the right local professionals, then to coordinate the exchanges with them so that each step moves forward in a clear, smooth and secure way.

To find out more or discuss your project: contact us. For an overview of the mistakes to avoid: The 10 beginner mistakes.