Steps for Buying Real Estate in Colombia

Colombia_propiedadSteps for Buying Real Estate in Colombia

Like everywhere in the world, when you are interested in purchasing a property, you must first have a complete understanding of the spot you have chosen to live, from security to real estate prices in the area. Colombia is no different than other nation, at least in these initial steps. Once decided on the country or specific region, then it would be desirable to choose what type of project you would be willing to pay for and the payment options.
It is very important in this process to know exactly the ways to transfer money from abroad to Colombia and also the potential for foreigners to open a bank account in this South American nation.
If you saw fit, a chance to pay your property would transfer money from your bank account abroad to the seller in Colombia. It is even possible that the seller owns an international account and the transfer there would be faster, although not having such an account, then would turn around the money to the trust account to the seller in a Colombian bank.
This whole procedure will be easier because most likely the seller has already established a strong relationship with the bank of  his country would also be desirable, to avoid questions and investigations into money laundering, you may have, by a bank of your country a "clean record" which could help speed up the process. The transfer time depends on the link between banks. Sometimes the money comes the same day, but sometimes takes 5 to 10 days. The transfer of money to Colombia is not subject to tax as long as it is registered as a foreign investment, therefore, is essential to avoid complications, first register the money as "foreign investment."
A second possibility would be to open a bank account in Colombia. In fact the procedure is not easy for a foreigner, although the restatement, as explained above, you do not need to have a bank account in a Colombian bank to buy a property there. However, common sense dictates that it is sometimes better not to send the money directly to the seller. Then it would be necessary to open an account at a financial institution in Colombia. Generally, banks in the South American nation required a lot of documents and the first requirement is to have lived in Colombia for a period exceeding six months, in addition, that person must show your Certificate of Alien, a document that gives the Department of Homeland Security to resident visas, immigration or temporary, it might help to have the introduction to a banker for a Colombian citizen. One of the first things you look for bankers about opening a new account to a stranger is to establish how strong is the bond he has with the country, so it would be easier to complete the process if you had lived for a certain time at home, had invested or had even married a  Colombian.
However, there is always opened the way for a friend to intercede on their behalf and to exercise influence over the bank so that, finally, you can open your account there. Generally, Colombian banks are asking the person a letter of introduction from a bank in your country, proof of income, where they declare their funding sources, as well as copies of the Certificate for Foreigners (which gives the Department of Security).
Despite the extensive requirements for opening a bank account, it is beneficial to have one, because through it you could pay your bills (telephone, electricity, water, cable, internet, etc) online. This will help if you have the need to spend a certain amount of time outside the country. By simply entering the bank's website, would make the payments and thus avoid the problems of relying on someone else. In addition, if you want to transfer money from abroad, as your bank account in Colombia facilitate the process and using it could get loans and credit cards.
One detail that should not be overseen means saving a lot of capital are the benefits of fluctuations in exchange for money. Colombian financial regulations state that if you send money from your local bank to one in Colombia you can only withdraw pesos, dollars or euros, while the local bank calculates the exchange rate exactly the day you made the transaction. Check the exchange rates in Colombia and complete the transaction only at the time that seems appropriate, probably when the change by the Colombian peso is at a good time.
Currently only foreign banks own 25% of banking assets, while the remaining 75% is owned by local banks. In relation to these, there are three major groups that control more than 60% of the funds: the Grupo Aval, Bancolombia and Banco Davivienda.
Once you've established what mechanism would seem better to pay your property, you only have to sign the purchase agreement, which will be stored in writing. Then it only remains to close the deal, sign writing and start living in the property acquired in Colombia, although it should not forget the record of his property at the offices of local authorities. One last thing: if your investment when purchasing property is more than 100 thousand U.S. dollars, you could then take the money out of the country without worrying about taxes. So far, we've uncovered some interesting facts about real estate Colombia, colombia, property Colombia.

 

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