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Buying Property

What are the restrictions, risks, and rules for a foreign national buying property in Colombia?

Thanks folks

By CascadeBob on Aug 22, 2008, 10:07 in Friendly Talkzone.

judgeschmails says on Aug 22, 2008, 12:02:

Can you be more specific?

the restrictions:
you can do it
the risks:
you may lose money, or perhaps, you can make it
the rules:
too many to list

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jmbone says on Aug 22, 2008, 14:35:

Hola CascadeBob,

Check out http://Cartagenarealty.com

Paul' website has lots of info., rules, and tips regarding buying real estate in Colombia

Enjoy,
Jim

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CascadeBob says on Aug 22, 2008, 16:03:

GringoSpy, Thanks, good advice.

What I found from searching was (at medellininfo.com): Under Colombia Law, your right to own real estate, including buying, selling, or renting, is the same as if you were a Colombian citizen and you may return sale proceeds to your country of origin.

So, what I get from that is, for a foreign national to buy real estate in Colombia there is no residency requirement, any particular visa status, etc.

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TioJoe says on Aug 22, 2008, 21:30:

It does help if your wife is from Colombia -- I recently bought a home for retirement -- unless you have someone there to help you with all the Colombian paperwork I would not reccomend it unless you want to be stressed out and can afford to fly a lot back and forth.

Residency is not a requirement -- wait for the dollar to strengthen against the peso -- pray fpr a Democrat to be president :)

If it is your personal residence it might be worth the effort and risk -- if it is an investment -- keep your money at home and learn how to capitalize on a weak American economy.

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pedro (☼Travelguide writer) says on Aug 23, 2008, 06:48:

Sure, you can buy directly in your own name with no restrictions.

Owning a property doesn't guarantee you the right to come and go as you please (residency). You still need to qualify for a visa of some sort.

The main complication is probably doing the search for a property, and getting the money into the country to pay.

"this may seem a strange post but it is not...when in colombia men need to be aware that colombia women may try to be seductive and entice a travelling gringo to have sex with them..to be forewarned is to be forearmed..." -- pow wow

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nbenjamin says on Aug 24, 2008, 21:28:

If you are considering Colombia - I found this website helpful:

http://www.miactivo.com/propiedad_raiz.aspx

As for the dollar. We should expect a strengthening dollar over the course of the next 6 months, regardless of who win president. Specially, given the weakness in the eurozone, the fact that although meager the U.S. economy is remaining just outside of a recession, the fact that all of the weakness in the U.S. economy trade deficit etc is calculaated into the dollar at the moment, and the fact the fed seems sure to raise interest rates at years end (not the next meeting). So we can expect the dollar to raise.

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