Some help please!

rca_rodrigo says on Apr 8, 2007, 09:09:

Minimal paperwork I think there will be not much documentation required to do all that.
The money you are gonna send, send it though the bank of your trust,and if you're gonna use internet, use a secure connection.

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aztec says on Apr 10, 2007, 05:23:

rca_rodrigo, are you sure about that? Remember he is a foreign investor interested in bringing in funds and also desiring to later remit funds to his home country.

If my calculations are correct that is about $232,000 U.S. dollars roomwithaview is bringing into Colombia. It is my opinion he better find adequate legal and financial advice as soon as possible.

roomwithaview, please do some research. A search of this site will provide some information, especially comments provided by viewpoint and Gator.

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Cerealkiller says on Apr 10, 2007, 05:44:

I think the UK allows people to bring in and take out unlimited amounts of money but I am almost positive this is not the case in Colombia. You will have to check this with Dian www.dian.gov.co because I am sure its not just that easy. Regarding sending money back to the UK, banks will give you crap rates, waaay below market prices and charge you high comissions on top of it. I tried it once through Bancolombia and i thought it was an absolute rip off. But you can always wire money through money gram or western union, though expensive, are cheap compared to banks.

Conservatives are not necessarily stupid, but most stupid people are conservatives -John Stuart Mill

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Gator says on Apr 10, 2007, 07:35:

I think the UK allows people to bring in and take out unlimited Your problem will not be with UK policy-it will rest with Colombian decrees. One place to start would be the Banco de la Republica de Colombia (Central Bank of Colombia) site.

Lots of pitfalls along the way especially if you do not file the proper paperwork in a timely manner. http://www.banrep.gov.co/
Formulario 4 and 11 (forms 4 and 11). at a Cartagena Bank. Once you register the Deed (form 11) it is your proof of an investment in Colombia. The Bancolombia will issue an official document confirming the registration of your investment. Compliance with both Forms 4 and 11, entitles Buyer's to take the cost(s) of their original investment(s) out of Colombia, tax free, with no hassle.

Make SURE you get a certificado de tradición y libertad (like a title search)no more than 30 days old. This provide the property’s ownership history and a no-lien certificate (certificado de tradición y libertad) from the seller.

It i s ABSOLUTLY necessary you retain the services of an attorney WHO IS KNOWLEDGEABLE IN REAL ESTATE TRANSACTIONS and find a good Contado Publico (CPA.)

What I do not understand if you have done it before why do you anticipate a problem? The amount of purchased will not matter. BTW a transaction of that size will make you eligible for a resident visa (RESIDENT INVESTOR: This visa can by requested by a foreigner that invest on his name, as established by statutes and regulations of the international investments. The amount of the investment could not be less than $100,000 (one hundred thousand dollars) and it must be registered in the Banc of the Republic.) With this you can obtain a Cédula de Extranjería (foreigner's ID) which will solve about 90% of the problems,

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

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

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aztec says on Apr 10, 2007, 08:06:

Gator is providing you ... ...with some good advice.

These transitions can be done with little or no head ache. But, if you fail to follow the Colombian law and regulation regarding foreign investments you will experience no end to your problems.

The questions usually show up about two years after your purchases so save copies of all documents! Remember that the different bureaucracy's in Colombia don't necessarily communicate with each other. Just like in the States and the UK.

I believe the regulations are in a constant state of flux so many hard working professionals there can't keep up with the changes.

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Gator says on Apr 10, 2007, 11:03:

BTW we do use Citibank in Colombia for out international banking (Conavi locally) and their executives, especially at the one up in Rosalas/Chicó (Carrera 15 No.91-70), are very aware of what you need to do and are most helpful.

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

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

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elmodefoque says on Apr 10, 2007, 11:39:

hey rubi, let's get together with roci and morph at roci's favorite bar on mid town, somtime next week. They got pretty illegal colombiana grillas .
I wanna hear all about the morph notorious stabbin cabin.

I'll get there, when I get there!

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elmodefoque says on Apr 10, 2007, 12:08:

sounds good to me, i get drunk any day of the week

I'll get there, when I get there!

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roomwithaview says on Apr 11, 2007, 09:11:

Gator and others Thanks for the help.

This is my first property purchase. However I have had a Cedula Extranjera for three years and I also have a propietario visa because I have a small business. This should make things easier. I also have had a bank account with Bancolombia for six years.

I am not to concerned about using this property purchase to get a residents visa because I am well on my way to that with my propietario visa. Two more years and I will be able to apply for the residents visa for having had the propietario visa for five years.

Thanks for the help

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