Participation in foreign investment in any sector has no prohibitions, except for some specific activities and for the restriction established in the Political Constitution. Article 71 of the Constitution states that foreign investors cannot acquire or possess, by any means, mines, land, water, forests, fuel, or energy sources, directly or indirectly, within 50 kilometers of the national border.

None of them. However, the regime is mostly focused on national security for certain sectors (see the response to the first summary question above).

There are no particular countries covered for foreign investors. Foreign investment is defined as investment coming from abroad and may be carried out in any economic activity that generates income. It may take any of the following forms:

• Contributions made by foreign individuals or entities to the capital of a new or already existing company, in freely convertible currency or physical or tangible goods.
• Investments in local currency originated from resources available to be remitted overseas.
• Conversion of private foreign debt into equity.
• Reinvestment of profits made in accordance with current laws.
• Acquisition of assets located in Peru.
• Intangible technological contributions such as trademarks, industrial models, technical assistance, and technical know-how, patented or not, which may be classified as physical goods, technical documents, and instructions.
• Investments in securities, negotiable instruments, or bank depositary certificates in foreign or domestic currency.
• Resources for joint-venture agreements or similar contracts, which grant the foreign investor participation in the productive capacity of a company, without involving capital contributions and that corresponds to contractual business operations.
• Any other type of foreign investment that contributes to the country's development.

Some sectors as maritime transport of hydrocarbons in Peruvian territory is reserved up to 25% for the ships of the Peruvian Navy; to obtain the operating permit, the national shipping company, among other requirements, must certify that at least 51% of the subscribed and paid-in capital stock is owned by Peruvian citizens; cabotage service of passengers and cargo, as well as the transport of liquefied natural gas in methane tankers, is excepted for the requirement of 51% of capital stock, subscribed and paid-in, owned by Peruvian citizens; there is a general restriction for all foreign companies to carry out domestic aviation operations, however, these companies may operate in Peru if they incorporate an entity in the country, which must initially be 51% owned by a Peruvian company and it must be under the genuine and effective control of shareholders and partners domiciled or habitually resident in Peru. After six months, the threshold is lowered to 30% minimum Peruvian ownership; among others.

No thresholds for foreign investors. Only restrictions as established in Article 71 of the Political Constitution. See some sector thresholds are explained in the response above. However, if there is a transaction involving foreign investment that qualifies as an act of concentration pursuant to Law 31112, said transaction should obtain prior approval from the corresponding entity.

For the concentration transaction to be subject to prior approval, the following economic thresholds must be met, concurrently:

1. The total sum of the value of the annual sales or gross income or value of the assets in the country of the companies involved in the operation has reached, during the fiscal year prior to that in which the operation is notified, a value equal to or higher than one hundred and eighteen thousand (118,000) Tax Units (USD 153,710,526 approximately).
2. The value of the annual sales or gross income or value of the assets in the country of at least two (2) of the companies involved in the operation have reached, during the fiscal year prior to that in which the operation is notified, a value equal to or higher than eighteen thousand (18,000) Tax Units each (USD 23,447,368 approximately).

All capital contributions must be channeled through the Peruvian banking system. Foreign investments to be made in the country are automatically authorized. Once made, they must be registered with the Private Investment Promotion Agency ("ProInversion"), which will issue a certificate of registration evidencing the amount invested. ProInversion is also the agency in charge of matters relating to the signing of stability agreements.

No. However, prior approval must be obtained if a transaction involving foreign investment qualifies as a concentration operation under Law 31112 (see response to "What are the relevant thresholds?" above.)

Quarantines were imposed in the first months starting on March 15, 2020. The economy suffered as businesses were closed and had to adapt to measures taken to fight COVID-19. Foreign investment was impacted by these early measures. 

The Peruvian Promotion Agency has been strengthening the attraction of foreign investments through Roadshows and/or participation in various international events, conferences, bilateral meetings and relationship activities with the most prominent representatives of foreign governments, businessmen, potential investors and international media.

During the past 6 months, no reviews or blocks of foreign investment have been enforced.

Peru's foreign investment regime is governed by Legislative Decree No. 662, the Foreign Investment Promotion Law, and Legislative Decree No. 757, Framework Law for Private Investment, published on September 9, 1991, and November 13, 1991, respectively. Both laws are regulated by Supreme Decree No. 162-92-EF of October 12, 1992.

Legislative Decree No. 662 created mechanisms to guarantee foreign investors with tax and legal stability; availability of foreign currency; and nondiscriminatory treatment between national and foreign investors, to stimulate flows of foreign capital.

Legislative Decree No. 757 contains provisions required for the growth of private investment in all economic sectors, including the elimination of all legal and administrative barriers and distortions blocking economic development and restricting free private initiative, leaving competition to the companies in the private sector. It also established basic provisions regarding taxes, protecting investors from arbitrary changes.

No.