Duty-free introduction of household goods and cars from 2021
Duty-free introduction of household goods and cars from 2021
ARTICLE 5- Incentives. The people covered by this law will enjoy the following incentives:
a) Duty free and all import taxes for only once, for the importation of household items. In the applications they will be able to include their dependents, for immigration purposes. Household goods shall be understood as all new or used items of a reasonable nature and quantity and proportionally sufficient for the needs of the beneficiary and the members of his immediate family nucleus, including, among others, home furnishings, electrical appliances, home decor items, kitchen and bathroom utensils, bedding.
If the beneficiary transfers these assets within the validity period of the benefits granted in accordance with the provisions of the second paragraph of article 12 of this law (5 years), then he must pay the taxes from which he was exempted.
In highly qualified situations, where the destruction or loss due to theft of household items occurs, the beneficiary may acquire other assets to replace it, equally exempt from taxes. The regulations for this Law will develop the accreditation mechanisms of the circumstances in which these qualified exceptions proceed.
b) Beneficiaries may import up to two vehicles, airplane and / or boats, for personal use or family use, free of all import, tariff and value-added taxes. In case of loss of the vehicle due to theft, total destruction by fire, flood, collision or accident, occurred during the term of validity of the benefits granted in accordance with the provisions of the second paragraph of article 12 of this law, the owner may import another vehicle free of the indicated taxes.
The beneficiary of this law, who has imported a vehicle under the conditions indicated in the previous paragraph, may sell or transfer it to third parties, in which case the provisions of Article 10 of Law 7088, Tax Adjustment and Resolution will be applied. 18th CA Tariff and Customs Council, of November 30, 1987.
c) The amounts declared as income to qualify for the benefits of this law will be exempt from income tax.
However, the income obtained in the national territory, resulting from the investments made in the country, will be taxed by income tax, according to what is provided in Law 7092, Income Tax Law, of April 21, 1988.
d) Exoneration of twenty percent (20%) of the total transfer tax, in those real estate that they acquire within the term of this law, provided that the beneficiary is the registered owner of the asset.
If the beneficiary person transfers these assets within the term of this law, he must pay the taxes from which he was exempted.
e) Exemption from import taxes for instruments or materials for professional or scientific practice, carried out by the person with the migratory category of investor, retired resident or rentier resident. The person must demonstrate, before the Ministry of Finance, that what is imported corresponds to his economic activity and has criteria of proportionality and reasonableness.
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