Tax liablities for letting Colombian Bank account go over 80 million pesos?

Corey3368 says on Mar 18, 2009, 17:59:

Was wondering if Colombia has a yearly tax dead-line similiar to April 15th in the United States?
Thanks

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durito2 says on Mar 18, 2009, 18:01:

Yes, I believe it's the end of april

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makopp5 (☼Travelguide writer) says on Mar 18, 2009, 18:01:

antiguru says on Mar 18, 2009, 18:05:

gringoloid, how can they tax you on the money you wire in? i mean they take the 4 per 1000 but after that??? most of the money i brought in/bring in will be registered with form 4s, so that is exempt, right?

your accountant sounds like a goody goody alarmist. take your house for investing here? that has to be inaccurate.

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durito2 says on Mar 18, 2009, 18:10:

hmm, you are right, i think i'm looking at something else

http://www.dian.gov.co/descargas/Servicios/publicaciones/CalendarioTri...

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pedro (☼Travelguide writer) says on Mar 18, 2009, 20:33:

Saltador says on Mar 19, 2009, 07:44:

NOW you tell me...DOH!

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poco says on Mar 19, 2009, 08:45:

Quote: Loid...Why would you say Colombia is an expensive place to live? Are you only referring to owning property?
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Ha,, lots of posters have said it was expensive,, but,, does anyone listen ?

Of course not,, after all,, beer is cheap,, heck,, that 16% national sales tax,, hard goods,, nookie, no tax.

Humm,, Wikipedia,, that can't be trusted but,, what the heck.

http://en.wikipedia.org/wiki/Taxation_in_Colombia

Get out the BenGay,, no, that's not correct,, get out the KY.

Colombian Chickens are crowing about the new President of the U.S. who will assure that From each according to their ability to each according to their need.

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Saltador says on Mar 19, 2009, 09:49:

Yes, do tell. I am about to enter this abyss myself, I'd like to know how big of a screwup I just made....

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La_Huella says on Mar 19, 2009, 10:01:

Here in Colombia you have to pay patrimony tax. That is not tax on revenue nor on income, it's tax on accumulated wealth. I've never gotten a straight answer on when it kicks in. Some say 60 million net worth, others say 300 million.

Anyways, I'm making pesos and making it here, sorry to burst your bubbles. I say fuck the USA, I'm doing MUCH better here, and I haven't even been here a year yet. Wait till this time next year!!

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poco says on Mar 19, 2009, 10:01:

Quote: Yes, do tell. I am about to enter this abyss myself, I'd like to know how big of a screwup I just made....
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If you pay cash, want somewhere to live long term, don't care if it goes up or down or inflation or deflation then who cares.

Rental,, who cares,, I've seen commercial rentals in rural towns go down 50 % or more in the last few years,,, but,, who cares,, I can promise you most were investments that will RETAIN their value against inflation. Colombians do not have the investment advantages available in the U.S.,, nor the potential to screwup big time if they don't know what they are doing.

Folks that bought something in Colombia 10 years ago,, gezzz,, I'd guess they have made 100, 200, 300 percent or more.

Remember when that was,, 1999 and it didn't look like Colombia would survive with a stable economy.

Colombian Chickens are crowing about the new President of the U.S. who will assure that From each according to their ability to each according to their need.

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bogotajim says on Mar 19, 2009, 12:27:

I have wired a lot of money into Colombia, most of it 10 or more years ago and have never paid any tax on this money. I am again wiring money here and I complete a form 4 an investment form and later a form 11 and this legalizes the money and no problems with the government.

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elk says on Mar 19, 2009, 12:35:

I received the following information from a local accountant here in Medellin. I'm not recommending anyone, just sharing my
information. According to Mr. Cardona the Patrimonial tax declaration is required if your combined assets exceed 93,000,000 COP during the tax year.


Leon Cardona Arenas
Cell: 313-748-3638
Office: 373-2586 (Itaquii)

1) You are required to pay tax on interest paid by Colombian banks and other institutions if the amount of earned interest exceeds 23,000 COP during the tax year.

2) The multa for failing to file the DIAN Patrimonial tax declaration is 220,000 COP

3) Mr. Cardona’s fee for filing the declaration is 200,000 COP.

4) The tax year runs from January through December and your declaration is filed in May.

5) The declaration is required for assets exceeding 93,000,000 COP. This includes bank accounts, furniture, vehicles, real estate etc. This amount has and can change from year to year.

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elk says on Mar 19, 2009, 13:00:

Cost of living in Colombia:

I've been living in the Medellin area for the last 33 months and spend 1,700,000 COP per month. ($711.00 USD)
I own my home and the above amount includes everything excluding my trips back to the U.S. on occasion. One could add another $300 for rent.

In my experience living in Colombia is a bargain compared to other countries in Central America or the U.S. and the
weather is a lot better. I have lived in Nicaragua, Costa Rica, and Panama and I'm happy to be in Medellin.

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Atrevido (☼Travelguide writer) says on Mar 19, 2009, 16:27:

pedro (☼Travelguide writer) says on Mar 19, 2009, 16:37:

More than you ever wanted to know about Colombian tax:
http://www.contabler.com.co/pastel/Rentaimp.htm

So the deadline for filing personal tax this year is sometime in August (not June as it was in previous years).

"this may seem a strange post but it is not...when in colombia men need to be aware that colombia women may try to be seductive and entice a travelling gringo to have sex with them..to be forewarned is to be forearmed..." -- pow wow

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antiguru says on Mar 19, 2009, 17:04:

thanks for the link PEDRO

found the following for Tax on Patrimonio

this tax is applicable to people/companies/partnerships, income tax payers, etc., who on January 1st, 2007 had total liquid patrimonio assets of $3,000,000,000.00 or more. that's well over a million bucks!

also read the first $220,000,000 million of your home value is exempt. doesn't look like too many of us will be hit by the patrimonio tax.

Por los años gravables 2007, 2008, 2009 y 2010, se creó el impuesto al patrimonio a cargo de las personas jurídicas, naturales y sociedades de hecho, contribuyentes declarantes del impuesto sobre la renta, que a 1º de enero del año 2007 posean un patrimonio líquido igual o superior a $3.000.000.000.

Este impuesto no será deducible o descontable en el impuesto sobre la renta ni podrá ser compensado con otros impuestos.

Se podrá imputar dicho gravamen contra la cuenta de revalorización del patrimonio, sin afectar los resultados del ejercicio

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antiguru says on Mar 19, 2009, 17:27:

REGARDING TAXES ON MONEY YOU WIRED TO COLOMBIA FROM OVERSEAS
first, looking thru the website that Pedro referred to, i didn't see any tax for just having money in the bank. money wired from overseas must go thru authorized currency institutions (including banks, finance companies, FEN - BANCOLDEX, Casas de Cambio, commercial finance companies, financial cooperatives, Sociedades Comisionistas de Bolsa). as long as you go thru one of these types of institutions, you have met your currency exchange obligations and i don't believe there are additional taxes. Not sure about money you get from ATMs.

REGARDING INCOME TAX

i translated the section on Income Tax from Pedro's link as follows (spanish below English):

People Who Don't Have to Declare Income Tax

(and at least 80% of their income comes from an employer, and they are not responsible for IVA)

for tax year 2008 for tax year 2009
gross income less than 3300 UVT (tax value units) $72.778.000 $78.418.000
gross Patrimonio (net worth/net assets?) less than 4500 UVT $99.243.000 $106.934.000

Note: income from enajenacion de activos fijos, from lotteries, raffles, gambling is not included. Income from pensions for retirement, old age, disability, and death, are included.


RENTA

adaadaRenta • Retención • IVA • Timbre • Ganancias ocasionales • Cambiario • Precios transferencia • Vigilancia •Deberes de Información • Indices • Cifras Laborales • Impuesto al patrimonio • Industria y comercio • Vehículos • Pagos al exterior • GMF • Certificados • Sanciones

Versión para imprimir



PERSONAS NO OBLIGADAS A DECLARAR

Asalariados cuyos ingresos provengan en un 80% o más de una relación laboral y no sean responsables de IVA
Año Gravable 2008 Año gravable 2009
INGRESOS BRUTOS inferiores a 3.300 UVT: $ 72.778.000 $78.418.000
PATRIMONIO BRUTO inferior a 4.500 UVT: $ 99.243.000 $106.934.000
Nota: No se incluyen ingresos por enajenación de activos fijos ni los provenientes de loterías, rifas, apuestas o similares. Se entienden incorporadas las pensiones de jubilación, vejez, invalidez y muerte.

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La_Huella says on Mar 20, 2009, 13:45:

Thanks for clearing that up. You wouldn't believe how many educated Colombians get that wrong it seems!

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billyb says on Mar 20, 2009, 19:36:

"i'd look at colombia as a place for recreation...only"

Lot of truth in this Franko. Maybe just passive investments also.

"All I want to know is where I'm going to die, so I never go there" Unkown (at least to me) wise man.

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durito2 says on Mar 20, 2009, 20:51:

damn g-loid

i really hope i'm filing the proper paperwork

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billyb says on Mar 20, 2009, 21:13:

True frank, it's just that what I make in Colombia stays in Colombia and what I make in the US stays here, that way I never get indigestion over the exchange rate, it is basically neutral to me ;) I might have a need for that later this year, I was going to buy another place when I there this month, but decided to wait towards the end of the year to see how things shake out. Maybe if San Antonio drops a bit, I would really like to refurb one of those big old house with the great court yards. So you did find the bodega you were looking for? I looked around a bit when I was there, but saw nothing that fit the bill for you.

"All I want to know is where I'm going to die, so I never go there" Unkown (at least to me) wise man.

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baggyd23 says on Mar 21, 2009, 08:58:

hey, have a question about this subject...

What do the banks insure up to for account here? Like the FDIC equivalent in the states.

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antiguru says on Mar 25, 2009, 04:47:

Gringoloid ... agreed, my post was a bit misleading/naive.... and thanks for the tip on the importance of filing the correct forms. and clearly one has to declare interest on bank accounts/CDs, etc.

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