Colombia and Uruguay: Latin American real estate investment opportunities for 2023
Are you looking to expand your real estate portfolio this year? Well, Latin America is fast becoming an exciting prospect for investors...
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Colombia
Overview
Colombia is a country in the extreme north of South America. Its landscape features tropical forests, the Andes mountains and several coffee plantations. Is one of the world's seventeen megadiverse countries, and has the second-highest level of biodiversity in the world. Its territory encompasses the Amazon rainforest, highlands, grasslands, and deserts, and it is the only country in South America with coastlines and islands along both the Atlantic and Pacific oceans.
Colombia has an abundance of nonrenewable resources, including reserves of gold, coal, and petroleum; its renewable resources include rich agricultural lands and its rivers, which have been harnessed increasingly for hydroelectric power.
The Colombia investment visas are intended for foreigners who make an investment in Colombia. These visas are relatively easy to get once you have made an investment in Colombia.
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Starting at USD 25,000
Multiple options of residency available
Citizenship after 5 years in the country
Possibilty of residency by Real Estate
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Investment options:
Migrant visa for investment in business:
If you are applying for a M-6 visa for investment in a business you need to invest at least 100 times the Colombian minimum monthly salary. The minimum wage in 2022 in Colombia is 1,000,000 pesos per month. 100 times this equals 100,000,000 pesos or $25,047 USD (at an exchange rate of 3,992 pesos per USD). In addition, you will need for the visa application a number of documents. • Migrant visa for investment in real estate If you are applying for a M-10 visa for investment in real estate you will need to invest at least 350 times the Colombian minimum monthly salary, which is 350,000,000 pesos or $87,690 USD (at an exchange rate of 3,992 pesos per-USD). In addition, you will need for the visa application: Certificate of freedom and tradition of the real estate property that proves ownership. Communication issued by the Department of International Exchange of the Banco de la República, which records the direct foreign investment for the purchase of real estate in the name of the foreigner applying for the visa. • Resident visa for investment in real estate If you are applying for a resident visa (R visa) for a resident investor you must provide with your visa application a communication issued by the International Exchange Department of the Banco de la República that records the direct foreign investment in the foreigner’s name in an amount greater than 650 times the Colombian minimum monthly salary, which is 650,000,000 pesos or $152,852 USD (at an exchange rate of 3,992 pesos per-USD).
This visa allows nomads that work for a company outside of Colombia to stay in the country for up to two years. The visa will also offer a pathway to immigration and citizenship, which was previously unavailable.The Application fee is $52 USD , followed by up to $230 for the visa fee. The whole application process is forecasted to take around 30 minutes.
Digital Nomad Visa
Requirements include:
- Employed by a foreign company.
- Bank statements proving a monthly income of at $670 usd.
- A letter from the foreign company.
- Health insurance with coverage for Colombia.
Steps to follow
Step 1 - Preliminary Check:
Our specialized team will review the documentation submitted to verify that the immigration requirements are met. In addition, we will verify the transparency of investment funds. As a result, we will have a background check report and signed contract.
Step 2 - Choose of Investment:
You must select the investment option that most convinces and suits you, so that later we can start the process. If you decide to obtain residency through real estate investment, we will help you choose your property based on your needs and desires.
Step 3 - Preparation of documents and sending to the corresponding agency:
We take care of everything: we obtain the criminal record certificates, we fill out and complete the government forms, we certify the documents before a notary, we do the translation and apostille everything (this service has a separate cost), and then we send it to the residence. We present your documents independently and with strict compliance with the requirements, as well as monitoring the progress of the application. As a result, we will confirm the receipt of the documents by the government.
Step 4 - Due Diligence check:
Once the residency agency receives all the documents, the applicant's background check begins. In the event that additional documents are required during verification, we will handle those requests.
Step 5 - Case Investigation:
We look forward to a positive resolution and receive the new documents together with you. If necessary, we can also help you with other operational, commercial and even domestic matters (including the arrangements of additional documents).
Step 6 - Receiving residency:
When the investment and all fees are paid, you receive the certificate of residence. Then, these documents are sent to you, so that after the wait, you can start enjoying them.
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FAQ
Does this residency allow me to obtain citizenship?
Yes, citizenship is allowed after 5 years in the country.
For how long will I have the residence?
The residence is only valid for 5 years.
What documents are required?
• A completed application form with a photograph. • A copy of your passport. • Documents that prove your income is legal. For example an employment contract. • Certificates of no criminal records. • Health insurance policy. • Payment documents confirming the payment of state duties and fees. • Documents confirming the fulfillment of the investment conditions stipulated in the application.
Is Colombia safe?
Living in Colombia is safer than in many other countries around the world. As a matter of fact, Bogotá and Medellín, the two largest cities in the country, rank safer than quite a few U.S. cities according to the Numbeo Crime Index.
Is dual citizenship accepted in Colombia?
Colombia permits dual citizenship. The Constitution provides that Colombian nationality is not lost when a citizen acquires or has another nationality.
With what currency must the residency programs be paid?
This residency program should be paid in pesos.
How strong is the Colombia visa?
It provides visa-free access to 131 countries.
Can the residence be purchased with an investment in Real Estate?
Yes, there is possibility of residency by Real Estate.
In what cases can my application be rejected?
Most of the applications are authorized, however there are some reasons why you may have difficulty with this residency. Such us: • Having criminal records. • Lack of documentation. • Do not meet the minimum time in the country.
The main applicant must go to Colombia?
The successful applicant has to travel to Colombia to apply for an ID card.
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