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Colombia Facts and Figures

Facts About Colombia

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.

Facts About Colombia

Population 

46,245,297 (July 2014 est.)

Gross Domestic  Product PPP (GDP)

US$526.5 billion (2013 est.)

GDP Per Capita

US$11,100 (2013 est.)

Inflation Rate

2.2% (2013 est.)

Currency

Colombian Peso

Exchange Rate Versus U.S. Dollar 

2,382 pesos per U.S. dollar (Feb. 10, 2015)

Language

Spanish (official)

Capital

Bogota

Population of Capital City

 13.7 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 Juan Manuel Santos Calderon (since Aug. 7, 2010)

Income Tax Rate for Residents

0% to 33% based on a system of graduated marginal tax rates.

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.

Transfer Tax

0%

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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