Benefits for foreigners who buy housing in Colombia

lampltr says on Nov 17, 2007, 09:44:

Thanks for the posting Aztec!!
Let's hope this proposal passes but bans Int'l Living from giving away Colombia secrets and flooding the country with Expats as in Costa Rica & Panama.
Right now some pretty upset high officials in Panama are ticked at the N. American land developers that had taken advantage of the locals (Bought for less), and now have over inflated the markets there. Of course there is always 2 parties involved but this I have heard was the main reason for Panama to lower N. American visa to 30-days.

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Waterdawg says on Nov 17, 2007, 09:51:

It takes two to Tango my friend . I lived there and saw all this coming down . Blame the Gringos if you want but the high end Latinos were just waiting with their hands out ! No one to blame but their greedy selves ..

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lampltr says on Nov 17, 2007, 10:23:

You are correct....always takes 2

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Chelesupercono says on Nov 17, 2007, 10:44:

Takes two 2 Tango.....

never go to bed with someone crazier then you are, you will do it and you will regret it.......

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Medellin Traveler says on Nov 17, 2007, 13:40:

For more information on "Investing in a second home in Colombia" check out http://medellin-colombia.blogspot.com/2007/10/investing-in-medellin_26...

"Huevos Rancheros en Medellin, No Quiero Taco Bell." - www.medellintraveler.com

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rhydewithdis says on Nov 17, 2007, 16:12:

What kills this whole concept for me is that these new developments are "to be built in free zones destined exclusively to this kind of initiatives."

WHY? The whole point of moving to another country is to be able to live in that country as a someone from that country does. I do not want to live amongst a bunch of expatriates in a development that has jacked up the purchase price by 50-200% just because I am investing with foreign capital.

If I'm reading this wrong (and I hope I am), someone please correct me.

They said I couldn't play football I was too small / They say I couldn't play basketball I wasn't tall / They say I couldn't play baseball at all / And now everyday of my life I ball.

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cdy says on Nov 17, 2007, 20:08:

Thanks for the Blog link, if I could add my 2 cents.
Panama is turning into Costa Rica in several areas: Boquete, Bocas, parts of Panama City, all have areas srtictly marketed to Gringos(primarily Americans). Pricing is such the 95% of the locals could not possibly afford to buy, so what you end up with are properties or apartments that are rarely lived in. There is no attempt to mix with the locals, many of the developers highlight the fact that your new neighbors may be your old neighbors from the US. The locals make cheap gardeners & housekeepers.

The numbers are a little different for Colombia however, Panama has a population of about 3 miilion(half of which live in PC), I believe Colombia is about 49 million. 10,000 new Gringos would not make as much of an impact in Colombia as they do in Panama

I am still considering PC as a place to buy a second home(not in a Gringo hyped area), however with the price inflation, pollution(the car exhausts are getting terrible)and the interesting sewage system(Bay of Panama) I am going to take a close look at Medellin.
Now if the dollar would just come back up, Colombia would be the choice.

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Medellin Traveler says on Nov 17, 2007, 21:20:

Funny. I have friends who pay between $1500-$1800 for rent in Costa Rica. That's outrageous!! Why not just pay that much in the US?

Also, do not understand why gringos are paying over $300k for a home in a gated gringo community in Costa Rica. Again, why not just stay in the US for that kind of money?

I was in Panama for one day on my last trip to Medellin, and from what I saw, it doesn't come close to what Medellin has to offer me.

I myself would mix with the locals if I ever made the move to Medellin in the future.

"Huevos Rancheros en Medellin, No Quiero Taco Bell." - www.medellintraveler.com

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elk says on Nov 18, 2007, 05:15:

The cost of living is about the same in Panama as it is in Medellin regardless of the current
exchange rate for the peso. Land is cheap in the remote areas of Panama, but not much to do and no real super markets. I lived in Rio Sereno for three years which is located at the Costa Rican border with Panama. Nice climate and the land is cheap compared to Medellin. (fifty cents a square meter) But again, poor medical care, and little to do.

Boquete on the other hand is very expensive, but one needs to drive to David for major shopping. Building lots were going for $60,000 USD a couple of years ago.

Again, I live better and for about the same price as I did in Panama.

If you like living in the country ...then I would recommend Rio Sereno. Average wages in Rio Sereno run around $6 -$8 dollars per day.

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Chelesupercono says on Nov 18, 2007, 05:24:

Investing and living with the locals is fine if you are prepared for the following:
1.) a dump being constructed next to your home
2.) loud music,etc. 24 hrs
3.) no security.....period
4.) no appreciation of your property.....period
5.) if a condo......hardly any locals pay their HOA fees.....make for a nice building!
6.) poor management, if any at all.....

Gee it all sounds so romantic!!!!

never go to bed with someone crazier then you are, you will do it and you will regret it.......

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Medellin Traveler says on Nov 18, 2007, 07:26:

You don't have to live in El Poblado to enjoy life in Medellin, Colombia.

Here are pictures of Estrato 3 barrios...



1.) Not a DUMP
2.) Quieter than my neighborhood. But, I don't like it quiet. It makes me nervous.
3.) The streets are pretty much deserted for a better part of the day. No strangers seemed to be lurking about. The elderly ladies doing community policing from their second floor balconies.
4.) It is obvious, from the pictures that the locals appreciate homeownership. You will see the locals washing down the sidewalks and streets every now and then.
Who needs appreciation for $30k on one of these lovely homes? $30k cash money, and forgettaboutit, enjoy your life! It's not all about MONEY!
5.) I wouldn't look into a condo building in any Estrato 3 barrios when I can purchase a single family home for $30k.
6.) See 5.

There as so many cool mom-and-pop shops in the area. It's makes for a great walk around the barrio. Grab the morning paper, have a tinto, then enjoy a typical Paisa breakfast to start your day. Life is good!

I saw many beautiful single family homes with three floors, garage, 4 bedrooms, 4 bathrooms, laundry room, sun room, and a roofdeck with great views of the city. This is a great place to host parties, keep them private. I saw a roofdeck turned into a salsa dance club one night. I wish I had a video camera at the time. It was neat watching how this family decorated the roofdeck with lights, set out food and drinks, played music (not too loud) as the guests danced the night under the moon lit sky. It was a beautiful thing!

In my opinion, you can't go wrong living in the barrio with the locals.

This is how I want to live, amongst the Paisas!

"Huevos Rancheros en Medellin, No Quiero Taco Bell." - www.medellintraveler.com

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Chelesupercono says on Nov 18, 2007, 08:06:

MT.....there are always exceptions and you lucked out ,but I know of many situations like I described.....absolute horror stories....Peace Bro

never go to bed with someone crazier then you are, you will do it and you will regret it.......

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Robert Jorge says on Nov 18, 2007, 10:25:

Medellin Traveler. Those are great pictures. Those are exactly the types of houses I would want to live in. $300K for a house in Costa Rica - no way Jose - not for this gringo.

--"I believe in making the world safe for our children. But not for our children's children, because I don't think that children should be having sex." - Jack Handy

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Lowell says on Nov 18, 2007, 14:05:

Yes, One has to be VERY careful. I bought the place next to my motherinlaw. That was risky. But also an instant baby sitter and my wife spends a great deal of time there. I get all the alone time I need/like. The neighbors on our other side don't party at all. They own their house so, no changes expected. Frontside neighbors old and don't party. Owners too. Backside is vacant land, probably never to be developed. Our place is near the dead end of our street. No passing traffic. House layout baffles most sounds. Especially the master bedroom, it's in the back. All rooms have solid wood doors. Unless a door was to be left open, it'd be real hard to break in. In addition my motherinlaw or someone is always in the house to take care of grandma and our other neighbors wife almost never leaves. Both have patio dogs that are real good at allerting to strangers. It's a barrio 2-3 strata.

Alfred E. Newman. "What. Me Worry?"

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lawyer CO says on Nov 19, 2007, 06:18:

yes, what the document shows is a project to get some benefits for the generation of baby boomers but this papers has not been adapted into a law so it doesnt have any effect at the moment.

Let´s wait until the congress aproves it

Esteban
Lawyer Co
email: lawyerscolombia at yahoo.com

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lampltr says on Nov 19, 2007, 06:19:

Great post & slideshow Medellin Traveler....I agree with all of you and is exactly what my wife and I are currently doing in both Panama y Colombia. You average foreigner would rather desire to shell out $300k, live in a gated community and live high on the hog inviting unwelcome guests. Many of here are of the minority and that is great! We are looking at the average Strata 3 to 4 as a happy medium.

Lowell, you have a nice new condo complex going in there somewhere in town, wife knows where...suppose to take a peek and negotiate on as the builder is a friend of the family's. Looking at a relocation for the parents, more people in the complex the better due to their age.

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Lowell says on Nov 19, 2007, 15:45:

Same guy that gave me an estimate? Now wish I'd used him. Lots of construction going on in Cartago. This town is changing fast. When the airport in Pereira moves here, look out. Where's the project?

Alfred E. Newman. "What. Me Worry?"

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aztec says on Nov 20, 2007, 07:42:

"Medellin Traveler says on Sunday November 18th, 2007 7:26:

You don't have to live in El Poblado to enjoy life in Medellin, Colombia.

Here are pictures of Estrato 3 barrios..."

I would like to see photo's referenced but they don't show up on my system. I am using Ubuntu (Linux) with both Firefox and Opera browsers. Can you direct me to another site where I might see them.

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lampltr says on Nov 21, 2007, 05:25:

Hi Lowell, no not Carlos, this guy is a super close friend you could say relative as he is that close but not in blood. I can ask the wife to see where there. I have seen the print layout and they look very nice. Wife said strat 6 if that is any indication...will ask her and get back with you.

Sorry for the delay, is difficult to remember what we post and then go back to it later on looking for comments (Maybe it is me and my old age).

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Lowell says on Nov 21, 2007, 08:19:

CRS = Can't remember shit. I'm seriously infected with it. Also IDGAS = I don't give a shit.

Figures S-6. Probably on the flats with no view and less air circulation. What's the price? 150 million?

Alfred E. Newman. "What. Me Worry?"

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bickerss says on Feb 12, 2008, 12:26:

does anyone know if this has been approved yet?

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aztec says on Feb 16, 2008, 16:40:

Congressmen refused to discuss housing law 'tion' that would encourage money laundering.
(Translation done with firefox browser!) URL is in Spanish.

The Finance Minister said that the rule, which promotes the purchase of a second home in the country by foreigners and pensioners, is not only illegal and seeks to encourage sales of housing.

The initiative has already been approved in the first two debates in the last six months intended to be evacuated in the extra sessions.

But the discovery of this' ment 'well-qualified by their own congressmen-led different benches his arrest pending in the extras and refuse to discuss it until the Government, author of the initiative, did not change.

The bill settled by Finance Minister Oscar Ivan Zuluaga, promotes the creation of special zones for housing construction in high-impact tourism, with tax benefits.

But Article 7 of the initiative is a "special treatment" in terms of tax breaks for those who buy these houses.

They are exempt from the requirement to submit statement of income and pay tariffs for imports of vehicles, aircraft, yachts and other messages that require them to live in the houses.

The article points out that this whole household for the personal use of those who buy housing "are excluded from income and presumptive are not required to submit statement of income and complementary in Colombia in connection with them. Nor are taxable persons Tax Heritage ".

The issue was reported to the minister Zuluaga in a meeting with members of the economic commissions of the Congress and spokesmen for the parties, who warned that the article opened the door to money-laundering

"This is a mico large, much larger for those who sometimes cooked in Congress," said the senator, Efrain Cepeda, who alerted on the subject.

"It puts at risk the security of the country they enter ill-gotten fortunes and that these aircraft arriving without registration will also pay for the drug," said Cepeda.

The Finance Minister said that there are irregularities in any way the norm. "What this is going to be a 'ment' if it was presented well from the first day. The project is quite clear," he said.
For him, there is no excessive tax benefits in that it applied only to foreigners and non-resident pensioners in Colombia, they decide to invest in a second home for tourism.

On fears that the project opens the door to money-laundering, said it is already in discussions with the Ministry of Defense and the Bureau of Narcotics to impose controls on planes and yachts entering the country.

In any case, Zuluaga had a meeting on Wednesday with members of Congress to try to reach an agreement.


http://www.eltiempo.com/politica/2008-02-16/ARTICULO-WEB-NOTA_INTERIOR...

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