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    Colombia Facts And Figures

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    Colombia Facts And Figures

    Reviewed by Lief Simon

    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.

    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.

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    Colombia Facts

    Information TypeColombia Data
    Population52,085,168 (2023 est.)
    Gross Domestic Product PPP (GDP)US$818.00 Billion (2023 est.)
    GDP Per CapitaUS$6,417 (2023. est.)
    Inflation Rate9.3% (2023 est.)
    CurrencyColombian Peso
    Exchange Rate Versus U.S. Dollar3,940.68 pesos per U.S. dollar (March, 2024)
    LanguageSpanish (official)
    CapitalBogota
    Population of Capital City11.66 million (metropolitan area) (2024 est.)
    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 Gustavo Petro (since Aug. 2022)
    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 Tax19%
    Restrictions on Foreign Ownership of PropertyNone
    Local Chamber of Commerce
    American Chamber of Commerce
    Primary ExportsPetroleum, coffee, spices, emeralds, coal, nickel, live trees, apparel, plastic, 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 AirlineAvianca

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