Investor Visa

Gator says on May 9, 2007, 07:34:

Much Depends On What... the invest is going to be: i.e. real estate counts but is treated differently than say manufacturing.

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

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usher127 says on May 9, 2007, 09:47:

I would love to know more
I would love to know more about this. In terms of buying residental property.

The Colombian Ministry of foregin affiars should be able to provide this information. But, they are quite useless in almost every respect.

Somebody must know?

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Paul Anthony says on May 9, 2007, 12:40:

I have just asked my Colombian lawyers to look into precisely whether residential property is considered a valid investment for this type of visa. I hope to have an answer from them in the next few days so will leep you posted.

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scott321 says on May 9, 2007, 13:06:

Investment Visa OK Paul thank you very much. Looking forward to the response from your Lawyers. I am trying to figure the best way to get Visas for myself wife and two children for a year.

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scotty says on May 9, 2007, 15:14:

investor I have a friend in Germany thats been wanting to move to the US, he applied for an investor visa and they told him he would need to invest one million dollars in a solid business.
last I heard he is investing in some sort of international travel agency.

Get Rhythm, when you got the blues. Johnny Cash

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judgeschmails says on May 9, 2007, 16:37:

A US citizen needs 100K to ge the visa. I bought an apartment there and the lawyer registered the money so that it would all go towards the visa. The problem was that while the amount it cost was over 100K, the seller would not budge on the recorded purchase price as it increased his tax liability. Therefore, and I had to register less than the purchase price, yet pay the full price in order to close the deal. It is a bit of Colombian tradition. Any good attorney can help you register the money. You also want to make sure you register it or when and if you bring it back to the US, they will tax you on all of it. The things you learn.... Believe me, I am still learning.


Papapa puesta, papapay partida

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scott321 says on May 9, 2007, 16:46:

Visa Judge did you than use the registration of your 100K investment to get a Investors Visa? If so what was the process?

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spigrimace says on May 9, 2007, 16:53:

I have one. As for form 4... Just fill out form 4 when you transfer the dollars down and insist 1) That you get TRM and 2) That the bank doing the exchange stamps the form 4 (almost all banks in Colombia are "agents" of Banco de la Republica. here are direct links to from 4 and 11 (11 in addition for real estate) https://quimbaya.banrep.gov.co/secinternet/formularios/f420031201.pdf

https://quimbaya.banrep.gov.co/secinternet/formularios/f1120031201.pdf

May be too late as it seems new rules are coming into effect where investors now have to leave a good portion of the investment with the central bank for a couple of months.

Remember, if anyone needs help, I have a Colombian Sociedad and a loan to a Colombian Sociedad IS an investment into Colombia.

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lawyer CO says on May 10, 2007, 14:32:

just to clarify If you are thinking about buying a property, first you should buy it and then make the registration or at least make a pre contract in order to be accepted the investment by the bank.

the forms are filled thorught a regular commercial bank but the final decision is made by the republic`bank.

About the taxes, it`s good to say that after 5 years you dont have to pay the fine for moving out the money from Colombia

Esteban R.
colombian lawyer
email: lawyerscolombia at yahoo.com

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aztec says on May 11, 2007, 07:52:

Are you sure about that? lawyer CO 'About the taxes, it`s good to say that after 5 years you dont have to pay the fine for moving out the money from Colombia"

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aztec says on May 11, 2007, 07:54:

spigrimace, I saw that. Has it become official? One year, Right? May be too late as it seems new rules are coming into effect where investors now have to leave a good portion of the investment with the central bank for a couple of months.

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arthur brode says on May 11, 2007, 21:40:

My Attorney/Realtor here in Cali helps foreigners with Visas for more info. contact arthurbrode at aol.com

http://www.calirentals.net/

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miamimike says on May 15, 2007, 07:43:

Scotty I personally know of a Person In Bogota who Received (bought is a better word)a US Investment Visa. He informed me the sum was $250,000 USD. He opened two small stores in the Miami Area. It was a rather fast process(2-3 months) at the time(4 years ago). If you have the $$$ you will get a US Investor Visa-where this person recieved his funds from, that may be another issue,,,

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.

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scott321 says on May 15, 2007, 10:22:

Mike the amount for an investor visa is a 100K or more investment in Colombia.

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Brians says on May 16, 2007, 11:59:

I am interested in what Esteban said and Aztec questioned. If I read the post he said after 5 years you don't have to pay a fine to move money out of the country. I never heard that before. Could you elaborate.

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Gator says on May 16, 2007, 16:52:

It Is My Understanding
foreign investors are required to keep funds in the country for at least one year but you can repatriate profits made on funds invested in Colombia with no restrictions. The only condition is that foreign investment into Colombia must be registered with the Central Bank, Banco de Republica, within three months of the transaction date. This involves filing forms 4 when the $$$ comes in and form ll when the sales is finalized..

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

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Paul Anthony says on May 26, 2007, 08:50:

Investment Visa Legal Advice Hi Scott, sorry I've taken so long to get back to you (and anyone else that's interested) on this subject. I have now received the advice from my Colombian lawyers on the matter. Please find below a direct quote from the letter I received them which I have copied and pasted for your information:

"As you mentioned in your e-mail and pursuant to Colombian migratory law, if a foreigner makes a direct foreign investment in his/her own name, in a minimum amount of USD $ 100,000, in accordance with the rules of the International Investment Statute, he/she may obtain a resident investor visa.

The International Investment Statute sets forth that the purchase of an apartment is deemed a direct foreign investment, provided the foreigner meets the following requirements:

- The money must be assigned to the authorized investment, in our case it would be the purchase of the apartment.

- The money must be sent to a local bank, and a exchange declaration form must be filed (No. 4), in order to negotiate the currency (dollars) and obtain Colombian pesos from the local bank in order to purchase the apartment. This local bank will inform the Central Bank for purposes of recording the exchange operation and the investment.

- The foreign investor must have the qualification of non resident in Colombia.

In this sense, Decree 1735 of 1993 states that the individual who does not live in the Colombian territory, and the foreigner who has not stayed in Colombia for more than 6 continuous or discontinuous months in a 12-month period, are deemed non resident for investment purposes.

Colombian migratory law requires the following documents:

- Original passport, which must be valid for at least three (3) months, in good condition, with blank pages and photocopy of the used pages of same document.

- Application form duly completed, which is provided by the Ministry of Foreign Affairs here in Bogotá.

- Three (3) recent color photographs, with front pose and light background, size: 3x3 cm.

- Certificate issued by the Central Bank, stating the registry of the investment as a direct foreign investment in the name of the foreigner.

As we mentioned before, this visa would give you the status of Colombian resident, and it is granted indefinitely, unless you leave the country for more than two (2) continuous years, case in which the visa will be cancelled by the Ministry of Foreign Affairs.

Said entity has informed us that such visa could be requested here in Bogotá. However, we recommend you to confirm this information by the time the visa is be requested."

I hope this is helpfull to everyone who is complating doing the same thing. In my case it's exactly what I wanted to hear and it means in short that I can benefit in two ways; firstly I can buy an apartment instead of renting and secondly I can use that money to obtain permanent residency. Since I plan to settle here in Colombia indefinitely it's excellent news for me.

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elk says on May 26, 2007, 09:00:

Paul: Tax The $100,000 investment will convert to around 200,000,000 COP and require you to pay tax on anything above 80,000,000 COP each year. This is something to be aware of before making your decision.

To me it makes more sense to go the "Rentista Visa" which only requires 24,000 USD in stocks/CD's etc. (help in a U.S. Bank)

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Ctg Bound says on May 27, 2007, 12:32:

Paul Elk is only part correct.

If you own assets of 80,000,000 pesos or more you need to put a tax decleration into Dian each year.

So it depends on what you invest the money in really, even then you may not pay much or any tax, an acountant can do the tax decleration for you, the normal charge by the acountant is 1.5 times minimum salary.

With an investment visa you should get a five year visa, which saves messing around every year or so with other visas.

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tomtom33 says on May 31, 2007, 07:28:

Correct. I filed returns with DIAN the last 2 years showing a value of around 150 million pesos. I owed nothing.

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jazzmonkey says on Jun 11, 2007, 17:27:

Any help on this would be so appreciated -

I own a property worth more than $100k, purchased in Feb 2006. I knew nothing of any forms to complete, however have since discovered (after a couple of visits to Banco de la Republica) that form 5 and not form 4 was completed. This, according to the bank, is irreversible and appears to end my hopes of obtaining an investor visa.

I cant believe that something so small as the completion of the wrong form scuppers my chances so I am desperate for help...

Thanks in advance

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biene001 says on Dec 19, 2007, 09:41:

Hey Jazzmonkey ;
That happent to me two!
i both a place it was under construction i pay two times when i was in a other country , the builder used form 5, the last term hapely by then i new that i have to use form 4& 11 end it was more than $ 100k
there is not to match you can do now, my lawyer try to change the old situation bud no succes
It just went wel, they aprovel of banco de la republiek is on his way.


Colombia is beautifull bud the laws end rules are complicated!

Rene

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