Medellin Is Home To Perfect Weather, Top Health Care, And Low Cost of Living

Colombia is quietly becoming one of the world's best overseas havens. From colonial Bogota to friendly Medellin, this corner of the world is quickly shedding the false stigma that has lingered since Pablo Escobar's death nearly 20 years ago.

Old Bogota is the most impressive and extensive collection of Spanish colonial structures we've seen. Nothing in Nicaragua, Panama, Guatemala, or Ecuador compares. The old town in Bogota is most reminiscent of old town Quito, but many times bigger and, though hardly gentrified, more welcoming.

Medellin is a miniature and cleaner version of Buenos Aires, Argentina, from its annual International Tango Festival to its Botero Museum. Culture abounds here, and plants and flowers are ever-present thanks to spring-like weather that keeps throughout the year.

Thanks to screaming real estate bargains, Medellin is one of our top choices as an overseas retirement and investment haven.

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Population  44,725,543 (July 2011 est.)
Gross Domestic  Product (GDP) $435.4 billion (2010 est.)
GDP Per Capita $9,800 (2010 est.)
Inflation Rate 2.3% (2010 est.)
Currency Colombian peso
Exchange Rate Versus U.S. Dollar  1,869.9 (2010) Colombian pesos (COP) per US dollar
Language Spanish (official)
Capital BOGOTA (capital)
Population of Capital City  8.262 million
Time Zone UTC/GMT -5 hours
Seasons There are alternating dry and wet seasons corresponding to summer and winter, respectively. 
International Dialing Code 57
Electricity 110-120 Volts  - 220-240V appliances: Plug adapter + step-up transformer
System of Government republic; executive branch dominates government structure
Name and Party Affiliation of Current Leader President Juan Manuel SANTOS Calderon (since 7 August 2010)
Income Tax Rate for Residents 0-33% based on a system of graduated marginal tax rates.
Property Tax Ranges between 1 per thousand (0,1%) and 16 per thousand(1,6%)
Capital Gains Tax Capital gains from selling real property are considered as ordinary income and taxed at 33%. 
Inheritance Tax Inheritance/estate tax – Gifts are treated as capital gains and subject to tax as ordinary income.
Rental Income Tax Real property tax- Real estate is subject to municipal taxation, usually levied at rates within a band based on the value of property without regard to the number of owners or the taxpayer's personal wealth.
Transfer Tax 0%
Corporate  33% (tax breaks for new foreign cos.)
Wealth tax based upon identifiable assets with high threshold level - may not apply to newer residents. 
Sales Tax rate(IVA) is 16%
Restrictions on Foreign Ownership of Property No, Foreigners, can freely buy property in Colombia
Local Chamber of Commerce www.ccb.org.co/
American Chamber of Commerce http://www.amchamcolombia.com.co/
Primary Exports petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers
Residency and Visa Requirements 17 Visa Options including retirement visa , Colombia tourist visa is not required for citizens of United States for a stay up to 90 days.
Special Benefits for  Foreign Residents or Retirees A retirement visa, requires you to be receiving retirement benefits from the U.S.  
National Airline www.avianca.com

 

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