Transfer money from USA to Colombia

 

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How to Transfer Money from USA to Colombia

Summary

The United States and Colombia have a number of trade agreements in place and foreign direct investment between the two countries is robust. American citizens who wish to make international transfers to Colombia will find that there are no restrictions. If planning to transfer money from the US to Colombia, no registration is needed. However, for any investment activity, registration is required with Colombia’s Central Bank. This ensures that the investment and any profits earned on it can be repatriated.

Visas, work permits and residency

American citizens who wish to live or work in Colombia for longer than six months must apply for the appropriate visitor or work visa. Colombia has visas for two categories of visitor: temporary and permanent. For visitors planning to stay longer than six months, they must apply for either a temporary business visa or a temporary visa.

For visits less than six months, American citizens need only show their valid passport (valid for at least six months from the time they arrive) to enter the country. For more information about Colombia’s visa and residence requirements, visit the Ministry of Foreign Affairs website.

Buying property in Colombia

Buying property in Colombia is permitted freely and with few restrictions for foreigners. However, it is strongly advised that foreigners find a licensed real estate agent and/or a real estate attorney who is familiar with Colombian real estate laws to help guide you through the purchasing process.

Prospective buyers should conduct due diligence on any property you are interested in to ensure there are no existing liens or debts against the property. Once background research has been completed and the buyer has acquired the certificado de libertad y tradicion, it is typical to then make a promise to purchase. The certificate confirms that the required due diligence has been completed on the property and is a required part of the purchasing process.

After the certificate has been acquired the buyer typically makes the promise to purchase offer. The offer typically will include the property price, the closing date of the transaction, the notary public used and their contact details, the contact details for the buyer and seller, and any special conditions that were agreed to between the buyer and seller.

If the offer is accepted, the two parties will then sign the public deed. This signing may occur a few days after the promise to purchase agreement to several months after, as there are a number of things that need to happen before the final deed can be signed. These include paying all property-related taxes, providing proof of payment for all applicable building administration fees, payment of notary fees, and providing copies of the buyer’s and seller’s IDs. At this point, it is common for the buyer to begin making arrangements to send money from the United States to Colombia.

The registration of the closing deed is the last step of the purchasing process, and is where the official transfer of deed takes place and the property is registered under the new owner’s name. Property registration and mortgage fees are paid at this time.

Taxation

All US citizens living abroad are required to file and pay taxes to the US government. All Colombian residents are required to pay national and regional taxes on earned income. An individual is considered a resident if they have spent 183 days total (consecutive or non-consecutive) in Colombia within any 365-day period. Colombia and the US do not have a tax treaty in place at this time.

US students studying in Colombia

American students who wish to study in Colombia at the university level will find a number of resources available through Colombia’s Ministry of Education, as well as scholarships and grant opportunities for international students. Before entering the country to study, students must obtain a student visa, which is required for all foreign, non-resident students.

For elementary age or high school students, Colombia’s international schools are competitive and open to non-resident students. Typically, enrollment for international schools is done in person at the school. It is recommended that the school be contacted directly to begin the registration and enrollment process.

Voting

US citizens are not permitted to vote in Colombian elections. American citizens who wish to vote in US elections from abroad must first register with an American embassy or consulate in Colombia before they are permitted to vote via absentee ballot.

Healthcare

Colombia’s healthcare system is comprised of a combination of compulsory health insurance services and supplemental pre-paid medical insurance, and is available for citizens and permanent residents only. For foreigners who are temporarily visiting, or who plan to stay in Colombia for an extended period of time without becoming a permanent resident, purchasing traveler’s insurance or a private medical plan for their stay is recommended.

Importing from the US to Colombia

Colombia and the United States have strong trade ties and a number of trade framework agreements in place to facilitate business opportunities and foreign direct investment (FDI) into the country. The Colombian government continues to implement increasingly liberal economic policies in an effort to attract additional FDI. In 2013, the country received a record USD $16.8 billion in FDI, making it the fourth-largest FDI destination in Latin America.

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The website and the information it provides on this site is for informational purposes only, and does not constitute an offer or solicitation to sell shares or securities. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly, this website and its contents do not constitute investment advice or counsel or solicitation for investment in any security. This website and its contents should not form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. FX Compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.