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Colombia Facts and Figures

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Colombia Facts and Figures

Colombia, Bogota - capital city, pinned on political map Alamy/3D generator

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 TypeColombia Data
Population50,882,89 (2020 est.)
Gross Domestic Product PPP (GDP)US$375.00 Billion (2020 est.)
GDP Per CapitaUS$7,800 (2020 est.)
Inflation Rate3.52% (2020 est.)
CurrencyColombian Peso
Exchange Rate Versus U.S. Dollar3563,00 pesos per U.S. dollar (June, 2020)
LanguageSpanish (official)
CapitalBogota
Population of Capital City10.77 million (metropolitan area)
Time ZoneUTC/GMT – 5 hours
SeasonsThere are alternating dry and wet seasons corresponding to summer and winter, respectively.
International Dialing Code57
Electricity110-120 V – 220-240V appliances: Plug adapter + step-up transformer
System of GovernmentRepublic. Executive branch dominates government structure.
Current LeaderPresident Iván Duque Márquez (since Aug. 2018)
Property TaxThe rates of the unified property tax on the aggregate value of the land and buildings range between 0.5% and 1.4%.
Capital Gains Tax0% to 10%
Inheritance TaxInheritance/ estate tax – Gifts are treated as capital gains and subject to tax as ordinary income.
Rental Income TaxIncome 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 Tax16%
Restrictions on Foreign Ownership of PropertyNone
Local Chamber of Commercewww.ccb.org.co/
American Chamber of Commercehttp://www.amchamcolombia.com.co/
Primary ExportsPetroleum, coffee, emeralds, coal, nickel, emeralds, apparel, bananas.
Residency and Visa RequirementsThe process for residency is fairly simple and straightforward, with low income and investment requirements.
Special Benefits for Foreign Residents or RetireesA retirement visa, requires you to be receiving retirement benefits from the U.S.
National Airlinewww.avianca.com

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