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Peru Expat Forum

buying an apartment

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jdkmotta
3/14/2012 09:14 EST

I am trying to find the way to purchase an apartment using cash. what is the best way to accomplish buying in Lima when we relocate there. Is it best to keep banking from USA or deposit money in bank there?

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00abuse

Alpineprince
3/14/2012 10:57 EST

Until you have residency, you will not be able to open a bank account here, unless you have a job and the company opens the account for you. It would be advisable that you keep the money in the USA. If you do have an account here be aware that if the balance exceeds $9,999.00 during the course of the year, YOU MUST FILE AN FBAR along with your tax return the following year. Also be aware of FATCHA regulations that MAY begin on Jan1,2013 and the 30% withholding this may entail. essentially you would have to wire transfer $145,000.00 from the USA for every $100,000.00 you wish to receive in Peru.

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00abuse

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