Let's discuss taxation, retirement, and social rights for long-term immigrants in Colombia and Peru.
Understanding this is crucial for financial planning. Should we start with Colombia?
Yes. In Colombia, long-term residents are taxed on their worldwide income.
Worldwide income? So, even income earned outside Colombia is taxable there?
That's correct. However, Colombia has tax treaties with many countries to prevent double taxation.
Good to know. What about Peru?
In Peru, residents are taxed on Peruvian-sourced income and any foreign income remitted to Peru.
"Remitted" is the key word. So, foreign income not brought into Peru isn't taxed there.
Precisely. Now, let's discuss retirement.
Retirement planning is essential. What are the options in Colombia?
Colombia offers a public pension system and private pension options. Eligibility for benefits depends on contributions.
And in Peru?
Peru has a similar system with public pensions and private pension funds known as AFPs.
Finally, social rights. What about healthcare in Colombia?
Healthcare access is a major concern.
Colombia provides healthcare through EPS, with subsidized options for those who qualify.
And in Peru?
Peru offers EsSalud for employed individuals and SIS for those who can't afford EsSalud.
So both countries offer public and private healthcare options.
Correct. To summarize: Colombia taxes worldwide income, Peru taxes remitted income. Both offer public and private pension and healthcare options. The best choice depends on individual circumstances.
Thank you, Mira. This overview is helpful.
You're welcome, Leo. Remember, this is a general overview. Consult a tax professional for personalized advice.