Colombia Facts and Figures

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.

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Colombiais 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.


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

Living The Dream In Medellín, Colombia

by Wendy Howarter

August 17, 2023

As the saying goes, "Time flies when you’re having fun..." I couldn’t agree more. It’s hard to believe… but it’s...

Colombia

Santa Marta: A Hidden Gem On Colombia’s Caribbean Coast

by Patrick Little

November 30, 2016

Best Caribbean Seaside City You’ve Never Heard Of Cartagena continues to boost its profile as a prime travel and investment...

Comparison

Comparing Panama And Colombia: Living, Retiring, Investing

by Kathleen Peddicord

June 3, 2022

How 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...

Colombia Articles

Colombia

8 Reasons Why Pereira, Colombia, Offers Quality Of Life

by Jeff Paschke

August 30, 2023

I have traveled to Pereira, known as Colombia’s second “City of Eternal Spring,” many times over the past several years… and I don’t understand why this little city remains so undiscovered. Pereira is one of the corners of Colombia’s Coffee Triangle, along with the nearby cities of Armenia and Manizales. The scenery in this coffee region of Colombia is stunning. This is one of the best regions in this country for hiking, photography, horseback riding, and all sorts of outdoor...

Colombia Facts and Figures

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