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Peru Capital Gains Tax Guide (CGT)

Peru does not tax capital gains on the sale of securities for individual investors — BVL-listed shares, ETFs, and bonds have been exempt since 2013. Gains on real estate are taxed at 5% on the first 3 UIT of gain and then at progressive IIT rates (8–30%) on the excess. There is no distinction between short-term and long-term gains. An inflation adjustment reduces the taxable gain. All amounts in PEN.

Peru's capital gains regime distinguishes sharply between securities (exempt for individuals) and real estate (taxable under the Impuesto a la Renta). For related guidance, see our Investment Income Guide →, Property Tax Guide →, and Personal Tax Guide →.

Securities Gains — Exempt Since 2013

  • No capital gains tax on securities: Individual investors do not pay Impuesto a la Renta on capital gains from the sale of shares listed on the Bolsa de Valores de Lima (BVL), exchange-traded funds (ETFs), corporate bonds, government bonds, and other securities traded on a Peruvian stock exchange. This exemption has been in effect since 2013 (Law No. 30077).
  • Scope of exemption: The exemption covers shares (acciones), investment fund participations (cuotas de fondos mutuos), ETFs, and other securities supervised by the SMV (Superintendencia del Mercado de Valores). It applies regardless of holding period.
  • Rationale: The exemption was introduced to encourage capital market development and deepen the BVL. It is considered a permanent feature of the tax system, with no current legislative proposals to reinstate CGT on securities.
  • Institutional investors: Companies and institutional investors that trade securities are subject to the standard 29.5% corporate tax on securities gains as part of ordinary business income.
  • Unlisted shares: Gains from the sale of shares in unlisted companies are subject to IIT at progressive rates (8–30%) as miscellaneous income, since they do not qualify for the BVL exemption.

Property Capital Gains — 5% then Progressive to 30%

  • Taxable gain: The capital gain on real estate is calculated as the sale price minus the adjusted cost basis. The cost basis includes the purchase price, notarial and registration fees, real estate agent commissions, and capital improvements.
  • Inflation adjustment: The cost basis is indexed for inflation using the official IPM (Índice de Precios al por Mayor) index published by SUNAT for the period between purchase and sale. This significantly reduces the real taxable gain.
  • Progressive rates:
    • 5% — on the first 3 UIT (PEN 16,050) of the gain
    • Any gain above 3 UIT is added to the taxpayer's other income and taxed at the progressive IIT rates of 8%, 14%, 17%, 20%, or 30% depending on the total income bracket.
  • No holding period distinction: Peru does not differentiate between short-term and long-term capital gains. The same rates apply regardless of how long the property was held.
  • Primary residence exemption: Gains from the sale of the taxpayer's primary residence are exempt if the proceeds are reinvested in a new primary residence within 12 months of the sale. This exemption is available once every 5 years.

Other Capital Gains

  • Cryptocurrency: Gains from crypto trading are treated as miscellaneous income and subject to IIT at progressive rates (8–30%). Peru has no specific crypto tax regime — general income tax principles apply.
  • Precious metals: Gains from the sale of gold, silver, and other precious metals are subject to IIT as miscellaneous income. Gold used as an investment is taxable; gold for industrial use may have different treatment.
  • Vehicles and personal property: Gains from the sale of personal-use assets (cars, boats, jewellery) are generally not taxable unless the taxpayer is engaged in a business of buying and selling such assets.

Reporting and Payment

  • Securities gains: No reporting is required for exempt securities gains. Brokers do not issue tax certificates for capital gains on BVL-listed instruments.
  • Property gains: The gain is reported on the annual IIT return (Form 709) under the category of Renta de Segunda Categoría (capital income). The tax is paid with the annual reconciliation.
  • Withholding on property: The buyer's notary withholds 5% of the gain as an advance payment of CGT, which is credited against the seller's annual IIT liability.

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