COLOMBIA

Name of country

• COLOMBIA

Region

• Northern South America, bordering the Caribbean Sea, between Panama and Venezuela, and bordering the North Pacific Ocean, between Ecuador and Panama

Population

• 50,355,650 (July 2021 est.)

General Introduction

• Colombia is a beautiful, underappreciated South American country. Once you have obtained residency in Colombia, you have the right to live and work there indefinitely. To maintain your residency status, you must return to the country at least once every two years for at least one day. The process of becoming a citizen takes only five years and a Colombian passport grants visa-free access to the Schengen area.

Wifi Speed

• 3.48 Megabits per second

Colombia: internet download speed 2016-2019

Electrical outlet

• For Colombia, there are three associated plug types, types A and B. Plug type A is the plug that has two flat parallel pins and plug type B is the plug that has two flat parallel pins and a grounding pin. Colombia operates on a 110V supply voltage and 60Hz.

Per Capita GDP 

Real GDP per capita

• 3.26% (2019 est.)
• 2.51% (2018 est.)
• 1.36% (2017 est.)

Climate

• tropical along coast and eastern plains; cooler in highlands

Residence-by-Investment

• Colombia is Latin America’s fourth-largest economy, with petroleum accounting for 49 percent of exports and one of the world’s largest shipbuilding industries. The country has sound economic policies and free trade agreements in place, and it is actively seeking large-scale foreign investment. There are numerous business opportunities in Colombia’s various economic sectors.

Investment

• The Colombia Investors visa is a permanent residency visa in Colombia. The minimum amount required to obtain an investor in Colombia in 2020 is now 538,273,400 Pesos (approximately $141,651 USD). The investment can be in real estate or in corporate stock. The investment must be made in the form of direct foreign investment.

There are two broad types of investors’ visas These are:

• Migrant (M) Visa
• Resident (R) Visa

Both have varying requirements as they are visas intended for different purposes, with the Resident visa indicating a more permanent stay for the foreseeable future. Qualifying for your desired visa depends on the weight of your investment relative to the Colombian minimum monthly salary. As is obvious, your nominal investment will fluctuate depending on the exchange rate with the COP, so always keep an observant eye out.

Investors’ visas are relatively easy to obtain once you’ve already invested in Colombia, and the best way to obtain your visa is through local support from a Colombian legal firm.  

Processing Time

• Between 4 to 5 weeks.

Key Benefits

• Colombia is a lovely, underrated South American country. You have the right to live and work in Colombia for the rest of your life if you obtain residency. To maintain your residency status, you must visit the country at least once every two years for at least one day.

The process of becoming a citizen takes only five years, and a Colombian passport grants you visa-free access to the Schengen area.

Requirements

A. To Obtain a Colombian Investor or Investment Visa as a Migrant:

Under the 2021 min salary rate, you can purchase a property at 350 * Min salary =  317,984,100 Pesos ($92,923 USD) Qualifies for a 1 – 3 years temporary residency Visa M – Property Owners Visa (Previously TP7)

B. To Obtain a Colombian Investor or Investment Visa as a Resident (This is a permanent Visa).

Under the 2021 minimum salary rate, you can purchase a property at 650 * Min salary = 591,000,000 Pesos ($172,707 USD) Qualifies for a PERMANENT full residency Visa – R Investors Visa

The documents needed for a Colombia investor or investment visa vary according to the type of investment and the amount invested. The following is a general list of documents required for all types of investor visas.

Passport Photocopy:

A photocopy of the first page of your valid passport showing your biographical data. The photocopy can be either in color or black and white

Proof of Legal Entry:

A photocopy of the page of your passport showing the last stamp of entry or departure of Colombia.

Photocopy of Previously Issued Visa:

If you’ve had a previous Colombian visa such as a student or retirement visa, then a photocopy of this visa.

Passport photo:

Passport style face photo with a white background, sized at 3 cm width X 4 cm height, the maximum size of 300 kb jpg file for online application.

Certificado de libertad y tradición

Certificado de libertad y tradición of the real estate property that proves ownership.

Communication issued by the Department of International Exchange

of the Banco de la República, which records the direct foreign investment for the purchase of a real estate in the name of the foreigner applying for the visa.

Foreign exchange declaration form F4.

Certificate of foreign investment issued by the Banco de la República

Procedures and Time Frame

Visa applications can be submitted online through the official website of the Colombian Consulates. An applicant must be vigilant enough not to allow any inaccuracy or mistakes in the online application form, as this may result in the application being rejected right away. The online form requests basic information such as your name, education, demographic information, birth and residence details, identification, and passport information. You can apply for the Visa online at https://www.cancilleria.gov.co/en/procedures services/visa/abc.

• Give yourself sufficient time to read the online application form and fill-in the required details without any errors.
• Fill in the details about your identity, education, type of Visa, purpose of visit and passport in the form.
• Fill in the details of your host, expected address in Colombia and expected telephone no. in Colombia handy to furnish in the form.
• Answer all the questions in the form and make sure that you answer them correctly. Furnishing false information might lead to cancellation of your application.
• Upload a latest 3 x 4 cm passport size photograph in JPG format, below the 300 KB size in the form. The photograph must cover your entire face, without any accessories, and should be clearly visible on a white background. The eyes should be open and the face must not be covered by any means.
• Keep all your individual documents in PDF format ready for uploading with the application form. The documents should be clearly readable, preferably in a black & white format, and their collective size must be lower than 5 MB in size. Also, the documents other than identity or travel document, must be issued within the last 3 months from the date of application.
• The individual documents must be uploaded in the form in the order specified there. Uploading the document in incorrect order may lead to cancellation of your application.
• You should also be ready to pay the application fees/ Visa study fees through online PSE payment method. The application/visa study fees for tourist Visa of Colombia is approx 52 USD.

 After submitting the online application successfully, you will be given an application number that you can use to track the status of your application and update it in the future. In addition, if the Visa Authority requires a personal presentation, you will be notified via the registered email address. Until then, the application will be handled online.

Natural Resources

• petroleum, natural gas, coal, iron ore, nickel, gold, copper, emeralds, hydropower

Ethnic Groups

• Mestizo and White 87.6%, Afro-Colombian (includes Mulatto, Raizal, and Palenquero) 6.8%, Amerindian 4.3%, unspecified 1.4% (2018 est.)

Languages

• Spanish (official)

Religion

• Roman Catholic 79%, Protestant 14% (includes Pentecostal 6%, mainline Protestant 2%, other 6%), other 2%, unspecified 5% (2014 est.)

Median Age

• total: 31.2 years
• male: 30.2 years
• female: 32.2 years (2020 est.)

Urbanization

• urban population: 81.7% of total population (2021)
• rate of urbanization: 1.01% annual rate of change (2020-25 est.)

Physician density

• 2.19 physicians/1,000 population (2018)

Government type

• presidential republic

Unemployment Rate

• 10.5% (2019 est.)
• 9.68% (2018 est.)

Taxes

Headline Personal Income Tax Rate (highest marginal tax rate) 

• 35% (non-labor income)
• 39% (labor income)

Headline Corporate Income Tax Rate (excluding dividend taxes)

• 31%

In Colombia, there are both national and regional taxes. National taxes (income, VAT, excise) apply to all individuals or legal entities with fiscal residency in the country. Regional taxes (industry and commerce, property) are determined by each department or municipality within the parameters established by law.

Income, Occasional Gains and Dividends- Income tax: 31% for 2021. Occasional Gains: 10% Dividends 10%

Value Added Tax (IVA)- Three rates based on types of goods or services: 0%, 5%, and 19%

Excise Tax – 2%, 4%, 8%, and 16%

Industry and Commerce Tax- From 0.2% to 1.4% of company income

Property Tax- From 0.5% to 1.6%