Peru trust lawyer
Cross-border trust planning that involves Peru requires careful coordination between US legal counsel and a Peru-admitted attorney. A trust is a fiduciary arrangement recognized under US law that allows a third party, the trustee, to hold and manage assets on behalf of beneficiaries. When a trust has connections to Peru—whether because the settlor, beneficiaries, or assets are located there—the interplay between US trust law and Peruvian civil law becomes critical. Law Offices of SRIS, P.C. is a US law firm with an international clientele, and we work with Peru-admitted Of Counsel to address the US-law side of these cross-border structures. Our US-admitted attorneys, led by Mr. Sris, handle trust formation, administration, and compliance under US federal and state law, while our Peru Of Counsel provides guidance on the Peruvian legal treatment of the trust and its assets. For a consultation on cross-border trust matters involving Peru, call (888) 437-7747.
What This Cross-Border Practice Area Covers
A cross-border trust involving Peru is a US-law trust that holds assets, benefits individuals, or is administered in a way that touches Peruvian jurisdiction. Under US law, a trust is a separate legal relationship governed by the trust instrument and applicable state statutes, such as the Uniform Trust Code as adopted by the relevant state. The trustee has fiduciary duties to manage the trust property for the benefit of the beneficiaries. When a trust has a Peruvian element—for example, a US settlor with real estate in Lima, or a Peruvian beneficiary receiving distributions—the trust must be analyzed under both US and Peruvian law. Peruvian law, based on the Peruvian Civil Code of 1984, does not have a direct equivalent to the Anglo-American trust, and the treatment of trust assets, taxation, and succession can differ significantly.
Our practice covers the US-law aspects of these structures: drafting the trust instrument, advising on US tax consequences under the Internal Revenue Code, ensuring compliance with US reporting requirements, and representing trustees and beneficiaries in US proceedings. For the Peruvian side, we collaborate with Martín Mayandía, Of Counsel, who is admitted to practice law in Peru (2009) and is not admitted in any US state bar. He advises on how Peruvian law will characterize the trust, the tax treatment of distributions to Peruvian residents, and any Peruvian registration or reporting obligations. This dual-jurisdiction approach ensures that the trust is structured to work effectively across both legal systems.
How Mr. Sris and His Of Counsel Network Handle These Matters
Mr. Sris and the US-admitted attorneys of the firm handle all US-law aspects of the trust, while Martín Mayandía, Of Counsel, provides Peru-law guidance. When a client approaches us with a cross-border trust matter involving Peru, the first step is to identify which jurisdiction’s law governs each component. The trust instrument itself is drafted under the law of a US state—typically Virginia, where the firm’s principal location is—and Mr. Sris, admitted in Virginia, Maryland, the District of Columbia, New Jersey, and New York, oversees the US-side work. This includes selecting the appropriate trust type (revocable, irrevocable, grantor, non-grantor), addressing US estate and gift tax implications, and ensuring the trust complies with the Bank Secrecy Act and other US financial regulations.
For the Peruvian dimension, we engage Martín Mayandía, who is admitted to practice law in Peru (2009) and is not admitted in any US state bar. Mr. Mayandía reviews the trust structure from a Peruvian civil-law perspective, advising on whether the trust will be recognized as a separate patrimony, how Peruvian tax authorities may treat trust income and distributions, and any Peruvian reporting requirements for foreign trusts with Peruvian-resident beneficiaries. The two sides collaborate closely, but each attorney works strictly within their own licensure. This division of responsibility protects the client and ensures that no attorney practices law in a jurisdiction where they are not admitted.
About Mr. Sris and the firm’s Of Counsel Network
Mr. Sris, Owner and Founder of Law Offices of SRIS, P.C., is a former prosecutor admitted in Virginia, Maryland, the District of Columbia, New Jersey, and New York. He founded the firm in 1997 and has built a practice that serves international clients with US legal needs. Mr. Sris testified before the Virginia House Courts of Justice Committee in support of 2019 HB 635 (chief patron Del. David Bulova), the bill that became the 2019 revision to Va. Code § 20-107.3(g). His experience spans cross-border family law, business transactions, and trust and estate planning for clients with ties to Latin America.
For Peru matters, the firm works with Martín Mayandía, Of Counsel, who is admitted to practice law in Peru (2009) and is not admitted in any US state bar. Mr. Mayandía’s role is limited to Peru-law matters in collaboration with the US-admitted attorneys of the firm. Mr. Sris and his Of Counsel bring over 120 years of combined legal experience, and they have documented experience across multiple cross-border practice areas since 1997. Results may vary; prior outcomes do not guarantee a similar result. All US-law aspects are handled by Mr. Sris and the US-admitted attorneys of the firm.
Frequently Asked Questions
What is a trust under US law?
A trust is a fiduciary relationship in which a trustee holds legal title to property for the benefit of one or more beneficiaries, governed by the trust instrument and state law. Under the Uniform Trust Code, as adopted by most US states, the trustee has duties of loyalty, prudence, and impartiality. Trusts are used for estate planning, asset protection, and tax planning. When a trust has international elements, the choice of governing law and the situs of the trust assets become critical. A US trust can hold foreign assets, but the legal treatment of those assets in the foreign country depends on that country’s own laws.
How does a US trust interact with Peruvian law?
Peruvian law does not have a direct equivalent to the Anglo-American trust, so a US trust with Peruvian connections must be carefully analyzed under the Peruvian Civil Code. Peru follows a civil-law tradition, and the concept of split ownership (legal vs. equitable title) is not recognized in the same way. Peruvian courts may treat the trust as a contractual arrangement or a mandate, and the tax treatment of trust income and distributions to Peruvian residents can be complex. For this reason, any cross-border trust involving Peru should be reviewed by a Peru-admitted attorney, such as Martín Mayandía, Of Counsel, who is admitted in Peru (2009) and not admitted in any US state bar, to ensure compliance with Peruvian law.
Do I need both a US lawyer and a Peru lawyer for a cross-border trust?
Yes, because the trust is governed by US law, but its effects in Peru are governed by Peruvian law, and no single attorney is licensed in both jurisdictions. The US-admitted attorneys at Law Offices of SRIS, P.C. draft the trust, advise on US tax and reporting obligations, and represent the trustee in US matters. For the Peruvian side, the firm collaborates with Martín Mayandía, who is admitted to practice law in Peru (2009) and is not admitted in any US state bar. This division ensures that each legal system’s requirements are met without any attorney practicing outside their licensure. The two sides coordinate to create a structure that works across borders.
What types of assets can be placed in a cross-border trust involving Peru?
Virtually any type of property—real estate, bank accounts, securities, business interests—can be held in a US trust, but the treatment of Peruvian-situs assets requires special attention. US law generally permits a trust to hold both domestic and foreign assets. However, Peruvian law may impose restrictions or additional formalities for the transfer of Peruvian real estate or shares in a Peruvian company into a trust. For example, Peruvian notarial and registry requirements may apply. Our Peru Of Counsel, Martín Mayandía, advises on these local-law aspects to ensure the transfer is valid under Peruvian law. The US trustee’s duties remain governed by the trust instrument and the law of the US state chosen as the trust’s situs.
How are cross-border trusts taxed?
US taxation of a trust depends on its classification as a grantor or non-grantor trust under the Internal Revenue Code, while Peruvian taxation depends on the residence of the settlor and beneficiaries and the source of the income. A US grantor trust is generally taxed to the grantor on worldwide income. A non-grantor trust is a separate taxpayer, subject to US income tax and potentially the net investment income tax. Distributions to foreign beneficiaries may be subject to US withholding. On the Peruvian side, the tax treatment of trust income and distributions is determined by Peruvian tax law, and a Peruvian-resident beneficiary may have reporting and payment obligations in Peru. Coordination between US and Peruvian tax advisors is essential.
How do I get started with a cross-border trust involving Peru?
The first step is a consultation with our US-admitted attorneys to discuss your goals, the assets involved, and the Peruvian connections. During that consultation, we will identify the US-law issues—choice of trust type, situs, tax classification, and compliance—and determine when to involve our Peru Of Counsel, Martín Mayandía. Mr. Mayandía, who is admitted in Peru (2009) and not admitted in any US state bar, will then provide a Peru-law analysis. This collaborative process ensures that the trust is structured correctly from the outset. To schedule a consultation, call Law Offices of SRIS, P.C. at (888) 437-7747.