• About Us
  • Contact Us
  • Privacy Policy
  • Terms
  • Unsubscribe
No Result
View All Result
Live and Invest Overseas
FREE REPORT
BEST PLACES TO RETIRE
*No spam: We will NEVER give your email address to anyone else.
  • HOME
  • COUNTRIES
    • Top Destinations
      • Portugal
      • Panama
      • Belize
      • France
      • Colombia
      • Dominican Republic
      • Thailand
      • Mexico
      • Spain
      • Argentina
    • Browse All Countries
    • Best For
      • Retire Overseas Index
      • Health Care
      • Cost of Living
      • Investing in Real Estate
      • Editor’s Picks For Retirement
      • Establishing Residency
      • Starting an Online Business
      • Single Women
      • Playing Golf
  • BUDGETS
    • Super Cheap ($)
      • Cuenca, Ecuador
      • Chiang Mai, Thailand
      • The Philippines
      • Las Tablas, Panama
      • Granada, Nicaragua
    • Cheap ($$)
      • Algarve, Portugal
      • Medellin, Colombia
      • Boquete, Panama
      • Carcassone, France
      • Buenos Aires, Argentina
    • Affordable ($$$)
      • Abruzzo, Italy
      • Barcelona, Spain
      • Las Terrenas, Dominican Republic
      • Puerto Vallarta, Mexico
      • Costa de Oro, Uruguay
    • Luxury On A Budget ($$$$)
      • Ambergris Caye, Belize
      • Paris, France
      • Panama City Beach Area
  • Real Estate
  • ARCHIVES
    • Living & Retiring Overseas
    • Raising A Family Abroad
    • Foreign Residency & Citizenship
    • Offshore Diversification
  • Making Money
    • International Real Estate
    • Banking
    • Employment
    • Investing
  • CONFERENCES
  • BOOKSTORE
Live and Invest Overseas
  • HOME
  • COUNTRIES
    • Top Destinations
      • Portugal
      • Panama
      • Belize
      • France
      • Colombia
      • Dominican Republic
      • Thailand
      • Mexico
      • Spain
      • Argentina
    • Browse All Countries
    • Best For
      • Retire Overseas Index
      • Health Care
      • Cost of Living
      • Investing in Real Estate
      • Editor’s Picks For Retirement
      • Establishing Residency
      • Starting an Online Business
      • Single Women
      • Playing Golf
  • BUDGETS
    • Super Cheap ($)
      • Cuenca, Ecuador
      • Chiang Mai, Thailand
      • The Philippines
      • Las Tablas, Panama
      • Granada, Nicaragua
    • Cheap ($$)
      • Algarve, Portugal
      • Medellin, Colombia
      • Boquete, Panama
      • Carcassone, France
      • Buenos Aires, Argentina
    • Affordable ($$$)
      • Abruzzo, Italy
      • Barcelona, Spain
      • Las Terrenas, Dominican Republic
      • Puerto Vallarta, Mexico
      • Costa de Oro, Uruguay
    • Luxury On A Budget ($$$$)
      • Ambergris Caye, Belize
      • Paris, France
      • Panama City Beach Area
  • Real Estate
  • ARCHIVES
    • Living & Retiring Overseas
    • Raising A Family Abroad
    • Foreign Residency & Citizenship
    • Offshore Diversification
  • Making Money
    • International Real Estate
    • Banking
    • Employment
    • Investing
  • CONFERENCES
  • BOOKSTORE
No Result
View All Result
Live and Invest Overseas
No Result
View All Result

Plan B Residency In Colombia Should Be Your Plan A

World’s Best Residency Option?

Lief Simon by Lief Simon
May 09, 2018
in Colombia, How to, Offshore
0
high rise buildings in colombia
240
SHARES
3.1k
VIEWS
Share on FacebookShare on Twitter

I spent the past several months working on a massive expansion and a complete updating of our guide to foreign residency and second citizenship.

During that time I was reminded why Colombia continues to stand out among the competition whenever backup residency alternatives are discussed.

Colleague Lee Harrison has long insisted that Colombia be at the top of the list of easy backup residency options. Lee was able to obtain Colombian residency quickly, efficiently, and without the help (or expense) of an attorney.

The information on the government website related to the process and the required paperwork is clear and up-to-date. More important, the requirements didn’t change when he met with the government representative to submit his paperwork. The process was indeed as represented online, which is not always the case with these things.

In addition, that list of requirements doesn’t include a police background check (at least not yet; our contacts say that this point is being actively discussed by the powers that be). This eliminates the need for an American to get an FBI report, which can be one of the biggest delays for an American trying to establish residency in any country other than Colombia.

While the thresholds for Colombia’s retirement and investment visa options aren’t the lowest on offer anywhere, the amounts are competitive.

You can qualify for the pensionado visa in Colombia right now with as little as US$832 a month. If you’re not retired and are looking for options for full-time or backup residency as part of your Plan B, you can invest as little as US$27,700 in the country and qualify for an investment residency visa.

The actual numbers are in Colombian pesos and so, to state the obvious, the U.S. dollar values change with the exchange rate. Note as well that the income threshold for the pensionado visa is based on the country’s monthly minimum wage, which increases each year. Currently that amount is 781,242 pesos, or about US$277.

This means two things. First, if the idea of residency in Colombia interests you, you should act now, as the cost is likely to increase.

Second, ideally you should have a bit more in pension income or invest a bit more than the minimums to make sure you continue to meet the peso thresholds at renewal.

Along with competitive thresholds for qualifying, Colombia’s time-in-country requirements for maintaining your residency status are user-friendly. Under the temporary residency options (which the two figures above represent), you need to spend but one day every six months in the country.

By way of comparison, Ecuador offers visa options with similarly low investment and pension thresholds (US$25,000 and US$800, respectively), but, with these visas, you can’t leave the country for more than 90 days in each of the first two years of residency. That takes Ecuador off anyone’s list for a backup plan. Ecuador residency has to be your primary plan.

Bump up your investment in Colombia to US$180,000, and you can qualify for permanent residency status without having to go through the temporary visa process. The time-in-country requirement for this status is only one day every two years.

Given the opportunities in Colombia’s property market right now, an investment visa should be tempting.

The U.S. dollar has lost some of its strength against the peso recently, but you still have about 50% more buying power here than you did only several years ago. And the properties on offer remain a bargain.

Getting your money in and out of the country is a popular topic during our annual Colombia events… as are taxes.

Bottom line, you don’t need to worry about getting money you’ve invested in Colombia back out of the country when you’re ready to take your exit. As long as you document the introduction of capital into Colombia correctly, this is a straightforward process. Just be sure you do follow the filing rules.

What about taxes? Colombia is not a tax haven, so you want to take that into account for any investment you make in this country. Readers have written to ask if it makes sense to invest in Colombian real estate, specifically, given the associated tax burdens.

Yes, you’ll likely have a local tax obligation associated with investment return in Colombia; however, this is the case for any kind of investment you might make in this country. The associated burden is no more onerous for a property investment than for any other investment vehicle.

Easy bureaucracy, easy visa qualification thresholds, and easy requirements for maintaining your residency status… plus bargain property and a pleasant quality of life…

Colombia makes for a great option under any circumstances, whether you’re looking for a primary plan or a Plan B.

Lief Simon

Comments

Share108Tweet55
Previous Post

From Local To Offshore: A Guide To Bank Accounts In Belize

Next Post

Traveling Visa Free: How To Avoid The Hassle Of Tourist Visas

Lief Simon

Lief Simon

Lief Simon has lived and worked on five continents and traveled to more than 60 countries. In his long career as a global property investor, Lief has also managed multimillion-dollar portfolios of rental properties, for others and for himself. He offers advice on international diversification in his twice-weekly Offshore Living Letter and monthly Simon Letter dispatches.

Related Posts

Tropical waterside house with moored boat on lagoon side of Placencia in Belize.
Real Estate

Buying Real Estate In Belize: What You Need To Know

by Jim Hardesty
January 12, 2021
0

About 30 years ago, I was sitting at a palapa bar in Playa del Carmen waiting for the ferry to...

Read more
Perfect tropical paradise beach with palm trees and hammock 350x250

Most Frequently Asked (And Not So Crazy) Questions About Retiring Overseas

January 10, 2021
Senior couple walking on the beach.

The 2 Biggest Concerns Retirees Have Before Living Overseas

January 4, 2021
Couple Enjoying Beautiful Sunset Walk on the Beach.

9 Critical Issues To Consider Before Deciding To Live Overseas

January 1, 2021
Retirement plan with calculator pen and glasses

Accessing Your Social Security Payments While Living Overseas

December 30, 2020
Elderly couple sitting next to other looking at the sea at sunset.

The Real Reason To Retire Overseas Is Purpose

December 30, 2020
Chairs Under Umbrella In Palm Beach At Sunset.

How To Move Overseas And Launch Your New Life, Step 1

December 29, 2020
Next Post
Retro camera anad US passport sitting on top of vintage world map

Traveling Visa Free: How To Avoid The Hassle Of Tourist Visas

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.

Start Your New Life Today, Overseas

how to retire overseas

LIOS Resources


  • New To LIOS
  • Ask An Expert
  • Media Center
  • Contact Us
  • FAQs

Quick Links


  • Best Places To Live
  • Best Places To Retire
  • Finding A Job Overseas
  • Real Estate

Sign up for our free daily e-letter, Overseas Opportunity Letter, and get your FREE report: The 10 Best Places To Retire Overseas In 2021

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms
  • Unsubscribe

© 2008-2021 - Live and Invest Overseas - All Rights Reserved.

No Result
View All Result
  • Home
  • Countries
  • Budgets
  • Archives
  • News
  • Events
  • Bookstore
  • Newsletters
  • About Us
  • Members Area
  • Contact Us

© 2008-2021 - Live and Invest Overseas - All Rights Reserved.

WANT TO RETIRE OVERSEAS?

Sign up for our free daily e-letter, Overseas Opportunity Letter, and we’ll immediately send you a free report on the 10 BEST PLACES TO RETIRE in style overseas. Each day you’ll learn about the best opportunities for international living, retiring overseas, offshore diversification and asset protection, and investing in real estate around the world.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.