What It’s Like Living In Medellin, Colombia (After Two Years)
Bright and early this morning in sunny downtown Medellín, Lee Harrison welcomed the crowd to our 7th Annual Live and...
Read moreColombia 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) |
|
Income Tax Rate for Residents |
0% to 34% 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 |
