Banking In Medellin, Colombia

Jan. 17, 2011:

"I was thinking about relocating to Colombia (Barranquilla or Medellin) but read somewhere that one couldn't get a bank account there until you've been a resident for six months. Is that right?"

--Facebook Fan

Yes. To open a bank account in Colombia, you must either have a cedula (which you receive after obtaining legal residency) or otherwise be able to prove to the bank that you have been living in Colombia for six months (hard to do without a cedula).

That said, you have an option. Before or until you're able to open a bank account in this country, you can open an account with what's referred to locally as a "fiduciary." This is a private bank or a securities agency (something like a Schwab account). This isn't quite as good as a bank account from an operating point of view but, again, a viable alternative.

I'll have more on these kinds of practicalities in my "Medellin Part 2" update (my follow-up to last month's issue devoted to this city) for Overseas Retirement Letter subscribers later this month.

----------

Why You Don't Have to Worry About Outliving Your Nest Egg...

You can retire in style overseas and live better than you do now...for as little as $694 a month...

Live well -- including a maid, a gardener, a driver -- all on a Social Security budget...

Arrange health insurance for $150 a month or less...some places, you can even enjoy free medical care...

Own your own home in the sun for as little as $99,000...and wake up each morning to the sound of the waves on the sand...or the freshness of clean, mountain air...

Go here now to learn The 10 Best-Value Destinations for Living and Investing in the World Today

----------

• Retire To Ambergris Caye, Belize