Colombia: Thinking of investing in real estate? Here’s how!
So, the other day we walked you through the prospective investors’ different pathways to residency in Colombia through investment, one of which was through the acquisition of real estate in the nation. This is all well and good, though it would also be useful to know what the process of buying the property looks like, right? That’s exactly what today’s article is all about, and as more and more expats are starting to take note of the benefits on offer for relocation to Colombia, perhaps there is no better year than 2022 to set the ball rolling on your residency by investment journey!
Colombia is situated in the north-western part of Latin America, with coastline to the north along the Caribbean Sea, and east with the Pacific Ocean, immediately singling the nation out as an idyllic spot for relocation and relaxation. In terms of bordering nations, Panama, Venezuela, Brazil, Peru and Ecuador find themselves along the country’s periphery, meaning you’ll never be far away from other beautiful nations in the region. Bogotá is the capital city, situated in the Andes mountains at altitude, but don’t let the dizzying heights distract you from other picturesque locations you could be drawn to upon receiving your residency in Colombia.
Now we’ve got some important background knowledge out of the way, hopefully you’re
more intrigued, and excited, about the prospect of purchasing real estate in Colombia.
But first, if you are interested about investing in real estate in another country or in developing any other project in Latin America, we can help you to get all the information, about these and more business. Click here.
What are my options?
1. Migrant Investor Visa: US$87,500 needs to be invested as a minimum with the reward of a temporary residency lasting between 1 and 3 years
2. Resident Investor Visa: US$162,500 as a minimum investment and comes with a
permanent residency visa
Just for some context, residency can be broken down into two key terms, temporary residency and permanent residency, the former being a visa that entitles you to a specified time-limited stay in a country while the latter represents a stay of unlimited time or until you are legally entitled to apply for citizenship.
Regardless of which of the options you choose, you’ll need to prepare the same list of documents. This includes a photocopy of your passport picture page, proof of your Colombian entry stamp, photocopies of your previous visas for Colombia if you’ve had one, a passport style photo, the Certificado de libertad y tradición (proof of real estate ownership), and any communication issued by the Department of International Exchange.
There is also a foreign exchange declaration form called Form F4 which needs to be filled
out.
What does the purchase process look like?
- First you need to get the certificate we mentioned above organised from the
Registry Office
- Allow 5 days for a lawyer to research the property titles and obtain a municipality certificate certifying the payment of taxes (this step costs US$377, something to bear in mind)
- 2 more certificates need to be obtained, the Certificado de paz y salvo predial and the Certificado de paz y salvo de valorización, stating payments of taxes and taxes related to property value increases respectively
- Notary prepares public deed (0.3% of property value)
- Register Public Deed at the Registry Office and pay the Registry Tax in order to register the change of ownership of the property
So, if you are interested in finding out more, contact us today! Below this article you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
Also, if you want to access our other great content, subscribe to our YouTube channel! At Creimerman, our team of professional global citizens would be happy to help you with your personal or professional cross-border ventures and help make them a success.
If you are interested in more alternatives of investment in Latin America, here you have a video of all the opportunities that Paraguay has a country to develop your business.
