Peru–Spain relations Peru–Spain relations Peru–Spain relations are foreign relations between Peru and Spain. Both nations are members of the Organization of Ibero-American States and the United Nations. Peru and Spain share a long history since the arrival of the first Spanish conquistadores led by Francisco Pizarro in 1532. By 1534, Pizarro managed to overcome the Incan Empire and claimed the territory for Spain. In 1535, Spain founded the city of Lima which would become the seat of power and capital for the Viceroyalty of Peru which was created in 1542 and at its highest incorporated most of the South American nations. In
Mineral industry of Peru No. 868 of May 1996 (Texto Unico Official) provide guaranteed protections to mining ventures and contracts under the Peruvian Civil Code. Consequently, such ventures and contracts are immune from unilateral changes by any governmental authority in Peru without an appropriate legal or administrative remedy or arbitration by the Convenio Constitutivo del Centro Internacional de Arreglo de Differencias Relativas an Inversiones (Formal Consent of the International Center for Settlement of Relative Differences on Investments). Additionally, Peru enacted the Supreme Decree No. 047-2002-EF of April 2002 (import duties for capital goods) to reduce the duties paid to 7% from 20% and 12%