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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

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.

 
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

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​Learn more about ​​​COLOMBIA ​​​and other countries in our free, daily Overseas Opportunity Letter​​​​​​​​​. Simply enter your email address below and we’ll send you our FREE REPORT – ​​Colombia: The World’s Next Top Retirement & Investment Haven