“We are leaning toward buying in our personal name so we can avoid the mandatory IRS paperwork (there is no requirement to state you personally own foreign property), as opposed to buying via a foreign corporation and then having to file that information with our wonderful government.
“My issue is, how does Colombia handle property held by a person versus a corporation with respect to selling the property (my exit strategy)? Could you please lead us in the correct direction?
“Thanking you in advance from a long time follower, reader, and fellow foreign investor.”
–Joseph M., United States
Colombia doesn’t differentiate between property held in your name and property held in a corporation for capital gains tax purposes. The issue you will face in this country, though, if you hold the property in your name and die before you resell it, is probate. Well, you won’t face probate in Colombia, but your heirs will. You’ll want a Colombian will, therefore.
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