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Retirement Residency Question

I am preparing to apply for a residency retirement visa in Colombia and will be living on my sailboat in Providencia, San Andres and Cartegena.

I currently meet the income requirements but they told me that the visa has to be renewed every year for five years, then you get a permanent cedula.

The question is, do they make you prove your income each year when you renew?

I am supplementing my Social Security with funds from an IRA to meet the income requirment, but by next year my IRA will have been depleted thus I will not be able to meet the minimum income requirement with Social Security alone. Am I therefore wasting my time and money to apply?

Thanks,
Jerry

By gpoore on Feb 18, 2005, 07:36 in Visa & paperwork.

poco says on Feb 18, 2005, 14:06:

Information:

Colombia Raises Minimum Wage by 7.8 Percent for Next Year
Dec. 26 (Bloomberg) -- Colombian President Alvaro Uribe signed a 7.8 percent minimum wage raise for private companies, the first time in three years the economy has been strong enough that business leaders agreed with labor leaders on the amount.

The basic monthly salary will be increased to 358,000 pesos ($119) from 332,000 pesos, said a statement on the presidential Web site. The transport subsidy to workers will increase 11 percent to 41,600 pesos. Most employees receive the equivalent of at least 13 monthly salaries a year.

Math:
358,000 / 2300 pesos (Feb. 18, 205) = $155 month.
Visa requirement 10 x min. wage = $1,550 month.

Minimum Social Security,, age 62 approx $1,500 month
You maybe slightly short if you are early retiree,, no matter what the law I'd finish the application (APPLY !),, who knows,, the peso could go down, laws stay the same,, maybe you could find an additional few dollars a month,, if they ask.

Not many people get the Visa Pensionado,, I'd also be interested to know if they check the income.

When the peso was 2900 per dollar,, no problem,, now it is lower and my guess may go to 2,000... or about where it was 5 years ago. The U.S. is trying to make our capital goods more affordable,, so,, buy a tractor cheap now and hope the price of your export goes up in the future. If you don't export,, then things are pretty rosy.

If all you have left in the world is S.S. then maybe you can...
Sell your home and quit dipping into your I.R.A.
Get a equity and/or some other type loan and fund the I.R.A.
Maybe a "reverse mortgate loan".
Doubt the goverment looks at a visa holders debt.

Last but not least,,, make sure the boat does not need any repairs,, and stick one of these to your forehead when renewing.

"When you men get home and face an anti-war protester, look him in the eyes and shake his hand. Then, wink at his girlfriend, because she knows she's dating a pussy." Quote - General Tommy Franks

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Atrevido says on Feb 18, 2005, 19:01:

Yes you do have to show proof of retirement income each time you renew which you must do in Bogota. My understanding is that after five one year visas/cedulas they give you subsequent ones good for five years. I don't how long that goes on untill you get permanent resident status. I've got one more year to go before I get my first five year visa.

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poco says on Apr 11, 2005, 21:50:

Social Security Estimates Link to on line calculator at the Social Security Administration.

Calculate your Estimated Social Security On Line

You may NOT get $1,500 at 62. You can enter your dates and "play" with the data. There are other more detailed calculators and a place to order your official SS benefits sheet. This sheet should be sent to you EVERY year. Probably age enters into the equation of when you get the sheets.

"When you men get home and face an anti-war protester, look him in the eyes and shake his hand. Then, wink at his girlfriend, because she knows she's dating a pussy." Quote - General Tommy Franks

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joeylove007 says on Apr 20, 2005, 18:39:

Residence in Colombia jo12208
I live in California and the consulate here in los angeles is as friendly as a pit bull. They are cold and indiferent to your needs. I have reservations about filing my visa pensionado with them. The other side is that if I file in the Miami office, will they accept it since I live in California? How much did Docurapid charge you? How long did it take to approve the your residence? Which papers did they require? And do I have to have my papers Apostille in my own state? The big one is " How much income (minimum) is required to show the Consulate" Any info you can give me I would appreciate.
Thanks, Joe

Trust no one...except God. Hope to retire in Colombia

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Gator says on Apr 20, 2005, 20:31:

It makes no difference... try Miami or Houston. You need ten times the annual mini,u wage in Colombia to qualify. That's about $1,600 USD a month +or- depending the excjange rate. Doc. must have the apostille from the state where theu were ORIGINALLY issued. Time, if your paper work is together and accepted, 3/5 days

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

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lpdiver says on Apr 21, 2005, 03:09:

I found the houston consulate friendly, helpful, and expedient.

T

"cook some rice!"

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