Living The Dream In Medellín, Colombia
As the saying goes, "Time flies when you’re having fun..." I couldn’t agree more. It’s hard to believe… but it’s...
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Whether you’re looking for fun and sun, a peaceful retirement, or the chance to earn some extra income, you’ve got a real world of opportunity open to you… In short, we’ve done our best to narrow down your best options, but only you can decide the right country for you.
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Top Destinations:
Whether you’re looking for fun and sun, a peaceful retirement, or the chance to earn some extra income, you’ve got a real world of opportunity open to you… In short, we’ve done our best to narrow down your best options, but only you can decide the right country for you.
Best For:
How Much Will It Cost You To Live Overseas?
The only honest answer is, we have no idea. And neither does anyone else. The only one who can answer that question is you.
Follow Us:
Join our Weekly Newsletter
Overseas Property Alert
Sign up for our weekly newsletter to receive expert insights on the best international real estate investment opportunities.
Upcoming Events
Live And Invest In Belize Conference 2025
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BELIZE CITY, BELIZE
FEB. 19-21, 2025
ALBUFEIRA, PORTUGAL
APR. 09-11, 2025
PANAMA CITY, PANAMA
JUNE, 2025
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Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
Alamy/3D generator
Colombia is located in South America. This culture-rich country has a coastline on the Pacific Ocean and Caribbean Sea.
Bordered by Panama, Ecuador, Chile, Brazil, and Venezuela, Colombia is an integral part of the South American continent.
The total land area of Colombia is 401,044 square miles (1,038,699 square kilometers). Colombia is renowned for its beaches, natural landscapes, outdoor activities, and vibrant society.
Home to the second largest population in South America, surpassed only by Brazil, Colombia’s free market economy continues to draw investment attention the world over.
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Information Type | Colombia Data |
---|---|
Population | 50,882,89 (2020 est.) |
Gross Domestic Product PPP (GDP) | US$375.00 Billion (2020 est.) |
GDP Per Capita | US$7,800 (2020 est.) |
Inflation Rate | 3.52% (2020 est.) |
Currency | Colombian Peso |
Exchange Rate Versus U.S. Dollar | 3563,00 pesos per U.S. dollar (June, 2020) |
Language | Spanish (official) |
Capital | Bogota |
Population of Capital City | 10.77 million (metropolitan area) |
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 V – 220-240V appliances: Plug adapter + step-up transformer |
System of Government | Republic. Executive branch dominates government structure. |
Current Leader | President Iván Duque Márquez (since Aug. 2018) |
Property Tax | The rates of the unified property tax on the aggregate value of the land and buildings range between 0.5% and 1.4%. |
Capital Gains Tax | 0% to 10% |
Inheritance Tax | Inheritance/ estate tax – Gifts are treated as capital gains and subject to tax as ordinary income. |
Rental Income Tax | Income from leasing real property is considered as ordinary income and taxed at 33%. Rental income is subject to 3.5% withholding tax, which is considered as advance tax payment. |
Sales Tax | 16% |
Restrictions on Foreign Ownership of Property | None |
Local Chamber of Commerce | www.ccb.org.co/ |
American Chamber of Commerce | http://www.amchamcolombia.com.co/ |
Primary Exports | Petroleum, coffee, emeralds, coal, nickel, emeralds, apparel, bananas. |
Residency and Visa Requirements | The process for residency is fairly simple and straightforward, with low income and investment requirements. |
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 |
As the saying goes, "Time flies when you’re having fun..." I couldn’t agree more. It’s hard to believe… but it’s...
Read moreDetailsLucy Culpepper has traveled to, written about, and worked in some 30 countries. She is originally from Wales in the...
Read moreDetailsHow does up-and-comer Medellín, Colombia, rate versus long-standing number-one retire-overseas choice Panama City? Here's how I'd lay this out... Panama...
Read moreDetailsMedellín is one of the world’s most livable cities thanks to its efficient public transportation system, friendly locals, ample green spaces, and perfect weather. It’s never too cold or too hot, so you don’t need heating or air conditioning, helping to keep utility bills low. The city’s varied cosmopolitan offerings put it on par with the world’s top metropolises… However, unlike comparable destinations, life in Medellín is inexpensive, particularly for American retirees. The U.S. dollar to Colombian peso exchange rate...
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