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Bringing money in to Colombia to buy house

any ideas that one has actually used????? I have been living in Cartagena for over four years, about six months per year. I have a visa of residensia. I had an account at Citibank for over three years and bought two apts here bringin the money thur the bank. No problem at all. Worked great. Unfortunately I closed this account about three months ago thinking I did not need it anymore. Now, I have decided to buy an apt in Medellin. When I went to Citibank here in Cartagena where I had had a good relationship before but I found nothing but resistance to reopen my account again. At first they said they would ask for an exception with the bogota office and thought it could be done. I gave them all the stuff they needed. They had my old account on the computer. They told me the other day it was all set and all I needed to do is fly in from Medellin and finish up with a couple of documents. Got here and it was like they did not remember who I was. Anyway, I know this shit happens all the time here. But right now I am trying to figure out what to do. As much as I love Colombia I am seriously thinking of going to Panama just to avoid all these continuing hassles. As a last effort thought I would ask if anyone has any ideas. I do not want to bring the money in with my ATM card. I also do not want to pay for it with sending the money to their account in the US. I know this can be done. But I want to be able to take my money out of the country legally when I sell it. Especially in Medellin it would be alot more difficult to find a buyer with an account in the US. In Cartagena it would be alot easier. Anyway, any ideas. Also, I think things have gotten alot stricter than four years ago when I bought my first apt. I know one person sent money to buy an apt into his Colombians wife bank aacount and he had a hell of a time getting it out, even though she is his wife!!! Anyway, any ideas???? I tried asking Banco Republlico in Medellin and got absolutely nowhere. They just gave me the number in Bogota to call. Any ideas would be appreciated. Thanks in advance.

By adventuro03 on Jul 8, 2008, 10:40 in Friendly Talkzone.

aztec says on Jul 8, 2008, 10:49:

Shouldn't be difficult for you. There is much discussion on this subject on PBH. Search the site.

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tejasmarcos says on Jul 8, 2008, 10:58:

the process is no easier in panama and a whole different set of buying issues.

trying to walk a straight line on sour mash and cheap wine...

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Wylde says on Jul 8, 2008, 13:37:

Colombia does not really want foreigners buying houses and apartments. They deliberately make the system impossible to use to prevent too many gringos here. Do not think something could be *this* screwed up my accident.

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gimmedub says on Jul 8, 2008, 14:41:

jejejejejejeje - 100% correct wylde! what a screwed up system!

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viajero123 says on Jul 8, 2008, 14:58:

adventuro03, When you had Citibank, did you get free transfers between Citibank Colombia and Citibank USA? Were the exhange rates good? was that on regular or some kind of premium accounts?

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jonny305 says on Jul 8, 2008, 18:17:

why wouldnt they foreigners buying i would think they dont care

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Gator says on Jul 8, 2008, 20:36:

Our Citibank account is international- it is a Citigold account. With a Citigold wire transfer there is a $20.00 fee The is NO $$ limit with this account. We maintain a balance (pretty high) that waves just about all fees including use of the Citigold Credit/ATM card. If the the bank is not a Citibank any card fees are reimbursed and deposited into you Citygold account. Exchange rate is the TRM rate-same as and ATM. We also have a working relationship with Citibank Colombia in Chapinero.

You can do international wires to a non-Citybank account provided you know the following:

The name of the person to whom you're wiring funds.
The name and location of the beneficiary's bank.
The beneficiary's account number

While a SWIFT address (Society for Worldwide Interbank Financial Telecommunications) and the CHIPS UID # (Clearing House Interbank Payment System) are not always required, they can be helpful when sending international wires.

Do NOT try to establish a Citygold for international use at a local branch-call Citibank international in NYC

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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Frank Rizzo says on Jul 8, 2008, 22:32:

Gator's right. The only thing you'll have to get used to is...ha the beneficiary bank has is own addy. and account number....that account number is for the bank (specific bank) in colombia....you jus have to fill out the forms correctly........there are gringos with funds in cop in colombia that will do the transfers for small fees.......for full purchases.....of homes/businesses..

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bickerss says on Jul 8, 2008, 22:38:

Bought in Panama and it was easy to do and negotiate - the whole system is set up for foreigners. Colombia is a pain in the %^& from what I have seen, although I have heard that they are looking at introducing a scheme similar to Panama (you will be able to find the link on this site).

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Peter (Moderator) (☼Travelguide writer) says on Jul 8, 2008, 22:50:

You need to talk to a good accountant who knows the regulations. In order to get your money out, you'll need specific paperwork when you get it in.

I think the hassle in Colombia isn't caused so much by trying to make life hard for foreigners buying houses, but for drug smugglers getting dirty money in.

Poor but snappy

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