rianmi
3/20/2012 21:08 EST
I am planning on retiring Jan 2014 and relocating to Lima, Peru. I have been to Lima a few times. Any advice of how much money I would need as a single guy? Also, what is the process of buying property there being a foreigner if I can't pay the full amount in cash?
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Alpineprince
3/21/2012 14:24 EST
Budgets vary depending on where you live,where you shop,eating in/out,entertainment,travel and of course health insurance needs. That being said a single person should be able to do it on $1300-$1800 a month.
Buying from the States would require about 20-30% down payment/good credit history and an income that would support the mortgage. Rates will vary from 8%-12% and 15 years is typical. Unless you qualify for a "retirement visa" here you will be unable to get a bank account and will not qualify for a loan.
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pschles
3/21/2012 14:30 EST
There is one point in the commenter's note today that may be incorrect. It is possible to get a bank account in Peru simply by showing your passport.
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rianmi
3/21/2012 21:27 EST
Thank you both for the response to my message. Your responses makes me feel more excited about the prospects of moving to Peru. I did look at a place being built in San Borja last September but did not think I could buy on a mortgage. My language is almost nil. That is one thing I surely want to do when I get there - go to school to learn Spanish.
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pschles
3/21/2012 22:10 EST
You might try to get a head start on your Spanish through a program I used called Synergy Spanish. It helped alot. see http://www.synergyspanish.com/
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Alpineprince
3/22/2012 10:41 EST
You need to be careful buying new construction (builders reputation) on the other hand you will save the 3% stamp tax
and some builders will offer a builders loan. Typically you need to put down 40-50% and you can get a 4-5 year loan at 14-15% for the balance. As rates have come down this past year the interest rate on a builders loan may have come down as well.
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rianmi
3/22/2012 16:14 EST
Oh, this just keep getting better. Thank you guys. Means I will be able to look in areas I like.
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Alpineprince
4/6/2012 21:16 EST
I just noticed this. While it was possible to do this until 2011, it is no longer possible. I have also heard that some banks are shutting down accounts for "non-residents". That being said as of this date, I have several friends that live in Florida but maintain accounts here and have not heard anything. However, the 2013 FATCHA regulations may change that anyway?
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