How Expats Have Helped Grenada Become A Better Country
Grenada is a beautiful island nation in the Caribbean Sea. The country has a rich history, having been colonized by the French and the British before...
Colombia is an incredible country. The people are very friendly and hard-working, and the country is rich with mountains, tropical rainforests, coastal regions, and generally rugged topography.
Colombian cuisine is an interesting mix of Spanish and native influences. Dishes are generally quite hearty and flavourful, with an excellent blend of quality ingredients and spices.
The cost of living in Colombia is incredibly inexpensive, and almost everything is significantly cheaper than in Europe or North America. Hotels, taxis, and restaurants all cost a fraction of what you would normally pay, especially in working-class barrios or outside of tourist areas. Flights within Colombia are also very inexpensive, so it is very easy to explore different regions and cities.
Map of Colombia
In order to obtain temporary residency in Colombia beyond the three months allowed with a tourist visa, you need to apply for a migrant visa. A migrant visa permits a stay in Colombia of up to three years and can be renewed when it expires. There are different types of migrant visas depending on why you want to move to Colombia. They are:
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There are a number of different ways you can qualify for permanent residence in Colombia. If you were previously a Colombian citizen but had to renounce your citizenship to live in another country, then that is one option. Another is if you have been a holder of a temporary resident visa for two years, in the case of the M1 or M3 category, or five years, for the M4 to M11 visas.
Or another way to qualify is to invest 650 times the monthly minimum wage in either a business or real estate. Finally, if you are the parents of a child with Colombian nationality, then you can also qualify for permanent residency on that basis.
Once you have the permanent residence visa, it is valid for life. You do not have to renew it, but after five years, you will have to renew your ID card. That being said, if you spend more than two years consecutively away from Colombia, your permanent residence visa will expire.
Bogota, Colombia
One of the great things about applying for a Colombian visa is you can do the application online here. Simply fill out that application and attach any required documents, pay your fee, and you are good to go. The process could not be any easier. Please note that you can apply for a migrant visa either from within Colombia or from another country with a Colombian consulate. Then, once your visa is approved, you can enter Colombia with it, and you will have to visit the Migracion Colombia office (the Colombian ministry of foreign affairs) and register your stay.
The most obvious benefit of Colombian residency is that you can reside there year-round. So if you want to put down roots, own property, lease an apartment, find employment (assuming that your migrant or permanent residency visa permits that), start a business, or otherwise have a life in Colombia, you will need either a migrant or permanent resident visa. Another advantage to the migrant visa specifically is that it is a pathway to permanent residency if you are looking to spend the rest of your life in Colombia. And after five years of permanent residency, you can apply for Colombian citizenship. Having Colombian residency is also helpful if you want to open a bank account, or sign up for services like high-speed internet that require long-term contracts.
Related Content: The Basics Of How To Get A Second Passport Or A Second Residency
View of Cartagena de Indias, Colombia
If you become a tax resident of Colombia by living there for more than half the calendar year, you then owe taxes to the Colombian authorities on all worldwide income. Non-tax residents are only taxed on Colombian-sourced income. Colombia has a progressive income tax with a top rate of 39% and a corporate tax with a top rate of 31%. The exact income tax brackets are as follows:
Because Colombia taxes worldwide income, you will definitely want to consider seriously whether you want to become a tax resident of Colombia. Aside from the 183-day requirement, several other criteria may get you recognized as a tax resident of Colombia. Those are:
You can click here for more information on other types of taxes in Colombia, such as property tax.
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Colombia has a very rich natural scenario to explore and relax in, with a lot of diversity for nature lovers. Today the best program to go for is real estate and property investment migrant visas for those who wish to obtain permanent residency in Colombia. The requirements are pretty much documents as proof of who you are, certificates for dependents and spouses, an investment as low as $25,000 USD, a background check as proof of being a good citizen, and a clean bill of health.
Colombia is a country with the ease of entry, even though the government has started being more selective. Many of Colombia's citizenship and residency laws were changed in 2022. For more information, contact us at expat money.
I help my clients to move offshore for freedom, privacy and autonomy by focusing on the immigration, legal, and tax issues that you will face when becoming an expat. If you would like to work one-on-one with me on getting out of your home country (or setting up a Plan-B location), then read this important letter and fill in an application form to become a Private Client. My fees are not cheap; however, I can assure you that when you work with a professional firm like ours, the results will be worth it.
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Written by Mikkel Thorup
Mikkel Thorup is the world’s most sought-after expat consultant. He focuses on helping high-net-worth private clients to legally mitigate tax liabilities, obtain a second residency and citizenship, and assemble a portfolio of foreign investments including international real estate, timber plantations, agricultural land and other hard-money tangible assets. Mikkel is the Founder and CEO at Expat Money™, a private consulting firm started in 2017. He hosts the popular weekly podcast, the Expat Money Show, and wrote the definitive #1-Best Selling book Expat Secrets - How To Pay Zero Taxes, Live Overseas And Make Giant Piles Of Money, and his second book: Expats Guide On Moving To Mexico.
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