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Colombia Facts and Figures

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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.

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

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Over the past several years Colombia has been revealing itself to be a great expat destination and one of the world’s best overseas havens. Among the many things that it has to offer, Colombia not only has some of the best heath care in Latin America, it is also a country that offers a premium lifestyle at an affordable cost. Known for its varied stunning physical features, Colombia is the fifth largest country in Latin America and stretches from the...

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Get Your​ Free Colombia Report Today!
 

​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