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Colombia Facts And Figures

Find out interesting facts and figures about Colombia such as inflation rate, seasons, government, residency, visa requirements, and more.

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Colombia, Bogota - capital city, pinned on political map
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Colombia Facts And Figures

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.

Lief Simon, Director of Overseas Property Alert, Founde of Simon Letter, and Founder, of Global Property Advisor

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.

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    Colombia Facts

     
    Information Type Colombia Data
    Population  52,886,363 (2024 est.)
    Gross Domestic  Product PPP (GDP) US$818.00 Billion (2023 est.)
    GDP Per Capita US$6,417 (2023. est.)
    Inflation Rate 9.3% (2023 est.)
    Currency Colombian Peso
    Exchange Rate Versus U.S. Dollar  3,940.68 pesos per U.S. dollar (March, 2024)
    Language Spanish (official)
    Capital Bogota
    Population of Capital City 11.66 million (metropolitan area) (2024 est.)
    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 Gustavo Petro (since Aug. 2022)
    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 19%
    Restrictions on Foreign Ownership of Property None
    Local Chamber of Commerce
    American Chamber of Commerce
    Primary Exports Petroleum, coffee, spices, emeralds, coal, nickel, live trees, apparel, plastic, 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 Avianca
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    Lief Simon, Director of Overseas Property Alert, Founde of Simon Letter, and Founder, of Global Property Advisor

    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.

    Start Your New Overseas Life Today

    A world full of fun, adventure, and profit awaits! Sign up for our free daily e-letter, Overseas Opportunity Letter, and we’ll send you a FREE report on the 10 Best Places To Retire In Style Overseas Today 2024






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      Colombia Facts And Figures- FAQs

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      Portugal is on the Iberian Peninsula, in the southwest corner of Europe. Portugal shares that peninsula Spain, its larger neighbor.

      Portugal is known for Fado music and also for being the largest cork producer in the world.

      Portugal’s high season is during July and August, especially to coastal areas. Expect to pay at least a 30% premium on accommodation and encounter warm weather across the country.

      Yes, Portugal is a sought after retirement destination. In fact, it’s one the world’s top retirement havens.

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