how to bring ligal more than 10000 dollares to colombia

podborski says on Nov 4, 2007, 03:56:

I'm pretty sure you cannot bring traveller's checks, as they count towards the $10,000 USD limit, and if you go over they can be confiscated.

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Gator says on Nov 4, 2007, 07:22:

The problem arises if you DO NOT report the access over 10.000 USD The traveler who enters the country with more than ten thousand ($10.000) United States dollars, or the equivalent in other currencies, including Colombian currency in cash in excess of this amount, are required by Colombian law to declare the funds on the Declaration of Baggage and Currency Form you get on the airplane before landing.

You may NOT(and I am not real positive on this) bring in more than $25.000 USD on you person. You can use:
Foreign currency in cash
Foreign currency in securities or bonds
Negotiable instruments in foreign currency.

If you do not make the required declaration of foreign currency or make a false, incomplete, disfigured or erroneous declaration, the authorities may retain the cash, securities and impose penalties. It's really not that big of a deal deal, and now days, almost all countries require this procedute.

Just make sure you know what to do before hand. If its property perhaps the seller has a US Account. I would consult a Contadores Públicos (CPA) to make sure the right forms a file with the central bank-big tax problems if you fail to do this.

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

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jacobglobo says on Nov 4, 2007, 10:27:

how can i open bank acc with a tourist visa , no bank in colombia will open me the accunt

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Lowell says on Nov 4, 2007, 10:56:

Do you plan to ever take the money back out of Colombia?

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

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miamimike says on Nov 4, 2007, 12:17:

Prepaid Credit Cards,easily purchased and loaded here in the USA.

Avatar Legend: Bush "If any of you Reporters are wondering, it was a Size 10"

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Lowell says on Nov 4, 2007, 12:36:

If not use an ATM. Or are you in a rush?

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

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Gator says on Nov 4, 2007, 15:29:

If your real estate agent or attorney in Cartagena can't do this find one that can.

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

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Robert Jorge says on Nov 4, 2007, 17:56:

Miamimike beat me to it ... I was going to say try prepaid credit cards. Call up Amex or Mastercard, get 5 cards with prepaid balances of $10,000 USD, problem solved. I have been nothing but discouraged at the process of transferring funds into Colombia via banks. It just doesn't seem worth the trouble. Google it here, and you will find 50 posts on the topic probably in the past year. When it comes time for me to buy, I will bring $10,000 USD, the wife will bring $10,000 USD, and we will each have as many prepaid credit cards as necessary to complete a purchase. Screw the banks until they make it easier for everybody.

He who farts in church, sits in his own pew.

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estephen says on Nov 4, 2007, 18:18:

The banks are not so difficult I just did it and bought two properties.
you need a representative in Colombia who can accept the money or open your own account.
collect accurate documentation to show where the money came from/Letter from the bank
mortgag company credit card receipts...have the authentication translated into spanish then have the documents stamped by the colombian consul.When you have the stamped letters in colombia go to the govt office in Bogota that authenticates the consul signature and then go to the bank.This stuff will take one day at this end and one day in Bogota.
We did this and got verification the bank would accept the funds....and then transferred them
Cost of sending $80000 was about $100.
Make sure you get the sending bank to specify the exchange rate on the day they send the money or the colombian bank will try and screw you.
follow these steps exactly and you will be fine.
only one way all others are fakes
the reason the banks are precise is that they are under strict regulations by the govt to prevent money laundering from drugs
prepaid cards are a simple way to launder money

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Robert Jorge says on Nov 4, 2007, 20:09:

Good post estephan. It totally supports my point of "screw the banks". I know it is government red tape ... so when I say "screw the banks", I am really directing that at the laws. Actually, the way you wrote everything out, the process doesn't seem too bad at all. But there are about 20 other things that I have read here on PBH, about what can happen during the transfer process that are potential nightmares. It just seems a lot easier to sidestep it all and take cash and secured credit to make the purchase. For example, when I am ready to pull the trigger on a deal in Colombia, I don't want to wait 4 weeks for my money to be finally "found" by the receiving bank. When I want to buy, and a seller is in agreement with the deal, I want it done pronto. The 2, 3, 4 week process of just getting my hard earned cash from point a to b to close a deal is not acceptable to me. I know it is reality, but if I can get around that crapola, I'll give it a shot. Taking cash and secured credit seems like the logical, LEGAL, easy way to bypass the red-tape nightmare.

He who farts in church, sits in his own pew.

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jacobglobo says on Nov 4, 2007, 23:50:

thanks alot for all the informtion , what heapend if i sell the apt in 1 or 2 years and i weont to take the money out side colombia , as i am europian citezen

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jacobglobo says on Nov 5, 2007, 03:11:

hello robert jorge, you are rigrt what you wrote , but even with my credit card some bank give me to take 3000000 pessos a day in 1 branch , you must to go 4 to 5 days to take all this money with the credit card , or you know some bank in colombia that give you big ammunt in 1 time

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aztec says on Nov 5, 2007, 05:50:

Upon my wife's return from Bogotá to the States last week she was pulled over and directly asked if she had on her person $10,000 or more. She was certainly surprised and responded that she wished she had $10,000. They then laughed and waved her back into the line.

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Lowell says on Nov 5, 2007, 09:37:

If you are going to be here for just a few years, RENT! I wonder what the procedure is to get the money back out of Colombia. Maybe worse!

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

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Robert Jorge says on Nov 5, 2007, 21:59:

jacobglobo, I do not have the answers to your last questions. I do know Davienda bank ATMs disperse 500.000 pesos per withdrawal. But I imagine, and I hope, that an equivalent of a title company or escrow agent in Colombia would be set up to receive funds by credit card. Again, I don't know the answers myself yet, but hopefully somebody here does. Miamimike?

He who farts in church, sits in his own pew.

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aztec says on Nov 6, 2007, 09:12:

"I wonder what the procedure is to get the money back out of Colombia." Lowell.

It is rather easy if you have followed the rules and procedures of the Banco de la República de Colombia. The real difficulty is finding agents, lawyers and bankers who are sufficiently trained or educated with regard to these requirements. One must beware of those professionals in Colombia who profess their expertise. Thoroughly check out their credentials!

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Gator says on Nov 6, 2007, 10:06:

As Aztez said, there is almost no problems if you have filed the proper forms with Banco de la República. Find a good contadora pública.

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

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mitchy3k says on Nov 9, 2007, 22:04:

Citibank has a branch in Cartagena. Open up a Citibank account in the U.S. and you should have access to it from Colombia. Once there make a wire transfer to the sellers bank account.

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RAAAY says on Nov 9, 2007, 22:05:

mitchy3k......................cop yourself on.........................you obviously don't know how things work down here................please...........give advise when you know it is correct...

.........Its useless to argue with ignorance

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aztec says on Nov 16, 2007, 06:45:

"DIRECT FOREIGN INVESTMENT

Direct foreign investment includes:

*
All forms of contributions to, and participation in, a company’s capital.
*
Direct investment in autonomous patrimony managed by a trust to create or develop a company or to purchase, sell or manage holdings in companies not registered with the National Registry of Securities and Brokers.
*
The acquisition of real estate, investment in real estate securitizations or investment in real estate funds.
*
Contributions in kind to company’s capital, consisting of intangible assets such as technology transfer, collaboration, concessions, management and licensed services contracts, provided there is no participation in the capital stock of the enterprise and the revenues of the investment depend on the profits of the enterprise.
*
Initial or additional investment in the assigned capital of a branch of a foreign company.

FOREIGN INVESTMENT REGISTRATION

All investment from abroad, regardless it´s type or form, must be registered with the Central Bank before the foreign investor can exercise foreign exchange rights.

Once investment is registered, the registration holder is entitled to:

* Remit abroad proven net profits that an investment periodically generates.
* Reinvest profits or retain them as surplus undistributed profits.
* Capitalize amounts with remittance rights.
* Remit abroad income received from the selling of an investment in the country, from liquidating the company or portfolio, or from reducing capital."

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TonyMattei says on Nov 17, 2007, 02:41:

wire the money from your account to sellers account or into a title company in colombia.....citibank...but you need an account first and they will do it for 40 bucks (wire transfer fee).

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