Paying for Real Estate in Colombia

ahoraquemister says on Jun 15, 2006, 20:36:

easy just follow the steps. If you are not Colombian and you try bring a considerable ammount of money the best way is trough a Bank. Almost any international or national bank can receive the check and pay the proceeds in Colombian pesos, once the check has cleared (10 - 20 days). Have in mind that you should open a Colombian account for this to happen and all the basic documents should be sumistered. Local laws will require you to:
1. Explain proceeds of money with no mayor detail.
2. Register the transaction to the central bank and do it correctly (this is done trough a Form that should be explained by a local expert as follows)
I work in a Bank, Banco de Credito - Helm Bank. And if you like you can call Edgar Ruiz or Mauricio Hernandez at 571-3394800. You should ask for local tax for the specific transaction specified.
If you oppen the local account and do not what to wait for the check to clear, the way to go is trough wire transfer. Once in the colombia´s bank USD account has been acredited, you can instruct the bank to acredit your local account with the resulting pesos. This only requieres document No 2. Anyway you must be present and pass all Know Your Costumer procedures and filters (no past suspicious activities allowed).
www.bancodecredito.com.co

ahoraquemister

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demarco says on Jun 15, 2006, 21:01:

Bank Acct Requirements But,.... I thought you had to be a resident with an extranjero Cedula to open an account. Plus, you have to have lived in Colombia for 6 months.

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calipro says on Jun 16, 2006, 00:38:

rdj2003 First you have to get yourself a visa that allows you to stay in Colombia more than six months.

Once you have such a visa and enter Colombia you have two weeks to apply for your cedula. Once you have your cedula you can try and go to the banks and open an account.

I got my cedula extranjeria about one week after I applied for it and then opened my bank account about a week later. I hear the bank policies have changed and some are requiring that you be in the country six months before opening an account.

I heard some banks were only opening accounts for foreigners that had been in the country a year when I got my in about a week. Everything is hit and miss in Colombia. It never hurts to try and try again.

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tomtom33 (☼Travelguide writer) says on Jun 16, 2006, 12:24:

Ctg Bound says on Jun 16, 2006, 14:04:

tomtom33 When you get back open the account with Davienda, it took me 20 mins, all you need do is go down with your cedula, they will fill the application form in and at the end of it you have your card and pin number and the account is open, but maybe you will want to take Juan with you to answer some of their questions that they ask.

You can check with me again over coffee when you return to Ctg at your favourite coffee shop.

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tomtom33 (☼Travelguide writer) says on Jun 16, 2006, 18:31:

aztec says on Jun 17, 2006, 04:45:

I have no idea what the problem is with the manager at the San M We discovered the local bank managers are frequently uninformed about foreigners and financial requirements. In fact at that level is where we received some of the most damaging advice. For example when and where to file Forms 4, 5 or 11.

Sounds as if you have encountered another unqualified manager. They will compound their ignorance by insisting they are correct and you don't know what you are talking about. There are well qualified professionals in the banking and legal profession in Colombia. The difficulty is knowing when you are working with one.

Either work your way further up in the organization or go to another bank manager. There are people in every bank that can help you if you can get to them.

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