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viewpoint comments on Tax on foreign income
AZTEC Wow I haven't posted on the website in many months and I was at my office today looking for things to do and pulled up PBH to see what was happening and saw my name (Viewpoint) posted by AZTEC.
I couldn't be happier with my decision to move to Panama City from Medellin. I still have my home in Medellin but only visit for a few days every quarter (3 months). Panama is light years ahead of Colombia in progressive policies inviting foreigners to invest and immigrate to their country. You can remain here in Panama continiously as a tourist exiting only for a few days at the end of each 90 day period and returning but it's so easy to obtain residency here in Panama requiring only a little effort and expense to apply.
My 21 year old son came here to live and work with me 8 months ago and in that time has became much more fluent in speaking spanish. He supervises his own crew of construction workers and has fallen in love with the local women. I see him during the workday but otherwise he never comes home to the house. He is off every weekend to the interior exploring Panama at it's best. My 19 year old son comes in the next few months. My daughter is even surrendering and sending here husband (arriving today) to explore Panama City as a place to live.
I my business I am seeing companies from all over the world and Latin America coming here to Panama City to locate their offices tapping into the local labor market for bilingual employees for their operations. They are choosing Panama City for it's "low cost" of labor and high percentage of bilingual "skilled" people for their international operations. You can find lower cost labor elsewhere but not bilingual to the extent Panama City is. Panama is a baby-step from the USA where Colombia is an ocean away. Panama wears and feels more like the USA than Puerto Rico.
Like AZTEC I continue to go through the exercises of Colombia's circus of economic oppression with a never ending stream of questions and investigations regarding money transfers and investments in Colombia. Everytime I think we have resolved the problem another agency steps into the picture and we start all over again. I file tax returns years in Colombia (because of real estate investments) which require significant tax payments and I don't even live there.
Panama is the extact opposite with free capital controls and a BIG green light welcoming investments and foreign people to their country. You would have to come here to Panama City and see the development to beleive it. They are beginning to experience a shortage of building materials and skilled labor just in the Panama City building boom without the canal expansion ever starting. There are about 150 new high rise condominium buildings being built here in various stages of construction.
Panama has upward mobility and you can make profits in business and with your investments much more than Colombia can offer. Colombia is well represented in Panama City both with their businesses located here and the Colombian people that have immigrated to Panama City. Many of our construction contractors and subcontractors orgiinally came from Colombia.
AZTEC I still have the apartment waiting for you and your wife.
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viewpoint comments on Colombian stock market collapse, dollar gain
COLOMBIA:
The local market continued to be under pressure yesterday driven by
the equity market, which dropped 10% intra-day, prompting the BVC exchange to suspend trading. The sharp correction in the stock market, which trades around US$40-50 million daily, continued on the back of position deleveraging, which has accelerated through May pushing another round of sell-off. Alongside the bearish tone in the equity market, nominal rates continue to drift higher,
with the 15-year TES benchmark rising 16bp to close at 9.93%.
Meanwhile the COP continued to weaken giving up part of last week's gains, reaching an intra-day high of USD/COP 2,549, although it closed a bit stronger at 2,543. In our view, it still early to call the end of market volatility and further downside due to position squaring in the TES rates and equity markets is likely.
The central bank announced yesterday it would postpone its policy
meeting from this Friday to next Tuesday (June 20). The explanation given by the central bank was that Finance Minister Carrasquilla could not attend the meeting scheduled for this week. Separately, the BanRep's monthly CPI inflation survey released yesterday showed 2006 year-end CPI inflation expectations remaining still well within this year's 4-5% inflation target, but one-year-ahead expectations still in the upper range of next year's 3-4.5% target range. Market
inflation expectation for end-2006 came down to 4.19%,and one-year-ahead inflation expectations down to 4.17%. XXXX expects the BanRep to hike rates by 25bp next week to 6.5%, as part of its preemptive rate normalization process in order to avoid inflation pressure build-up, which could compromise the central bank's long term 2-4% CPI inflation target range.
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viewpoint comments on INVESTING IN COLOMBIA - MY EXP....
calipro Two weeks ago I wired money to my BanColombia account and one week prior to that I sent another wire transfer. I also have two accounts at Conavi and I have to physically be in Colombia to receive those wire transfers but not with my BanColombia account. I know both banks have merged or Conavi was acquired by BC but I have send wire transfers for years to BC without being there to receive them.
Once the funds are credited to my account at BanColombia I just go online and move what I need to the Conavi accounts to pay my bills. All three of my accounts are linked together so that I can move funds back and forth between accounts.
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viewpoint comments on INVESTING IN COLOMBIA - MY EXP....
I don't have to personally be in Colombia to have a wire transfered or credited into my BanColombia account. I just send the wire and it's credited usually the next day or two at the latest.
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viewpoint comments on Colombian stock market collapse, dollar gain
Yesterday I send to an electronics supply place in Panama City to buy some computer gear. I bought mouses, keyboards, splice cables, flat panel monitors. The mouses and keyboards were branded GE and while I was waiting to pay for them I looked at the packaging and all was made in China. Every item I purchased was made in China without exception.
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viewpoint comments on Colombian stock market collapse, dollar gain
COLOMBIA
Following the overall global weakness in markets and under the
environment of global risk aversion the IGBC stock index plunged 9.4%
yesterday, (the worst performer among markets). The bearishness in the stock market that started since early May, exacerbated further
yesterday with strong deleveraging of equity positions. With yesterday's move the stock market eroded completely this year's gains. The COP was also hit hard yesterday following other Latam currencies and closed 1% weaker -- USD/COP 2525.
We expect the COP to continue to see strong volatility near term,
hovering at USD/COP 2450-2550. Lingering risk aversion would be the main risk to our new USD/COP 2400-year end forecast. Given our forecast for a 1.7% of GDP current account deficit, a decline in commodity prices poses further weakness risk to the peso.
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viewpoint comments on Colombia to St. Martin: Possible?
You can check flying from Colombia to St. Martin via Aruba. That used to work. Before the USA did away with TWOV you could route through Puerto Rico but not anymore. Unless the immigration laws of St. Martin have recently changed anyone with a valid passport can enter St. Martin and no visa is required. They have more trouble with people from Haiti than Colombia.
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viewpoint comments on Colombia Phone Number in US, VOIP??? Is it possible?
Webmanco I have used it (Claroline) for about 9 months and it works great. I also have a four line ATA adapter in my office and it works great too. They have two residential plans one for $10.00/month and another for unlimited calling for $20.00/month.
http://www.clarocom.com/products.aspx?id=28&lang=es
Thanks for the info.
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viewpoint comments on Colombia Phone Number in US, VOIP??? Is it possible?
Webmanco Could you please give me the website address for the service provider of VOIP that can assign Colombian telephone numbers (Telefono rojo). I use a service in Panama called Clarocom.com that assigns Panamanian telephone numbers and I was unaware of a Colombian provider that can assign Colombian numbers. Your assistance is appreciated.
The original poster can use any VOIP provider combined with call bridging equipment and a local telephone line to accomplish his goal.
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viewpoint comments on Colombian stock market collapse, dollar gain
Platano As always I enjoy the information you share with us as it has always been on point and well thought out. The big difference between the peoples of Colombia and the USA is that for the most part the greater majority of Colombians are used to dealing with adversity and making the best of it on a daily basis (with no or little government assistance) but in the USA with its many federal "redistribution of wealth" programs there is a whole class of people that are able to avoid many of the adversities of an economy that doesn't touch (contribute to) their dining room table.
I still remember (over 25 years ago) Paul Volker stating that we was going to raise interest rates to combat inflation. Everyone thought maybe at maximum 2% but he raised them over time 12% (to 20%) and he killed inflation (and almost everything else). There are forces in motion now that will take interest rates higher for many reasons that are well beyond the control of governments to repair. The Jimmy Carter presidency almost took the USA to it's knees through incompetence and the Bush doctrine will be remember for taking the USA to it's knees fiscially.
You are right about the adjustable rate mortages and they are compounding the problem now by issuing interest only mortgages requiring no principal payments for 10-15 years. The (faceless) lenders will be the owners of the overpriced real estate in the overpriced areas of the USA. It won't take much of an increase in interest rates to bring the USA credit system into the "house of pain".
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viewpoint comments on Colombian stock market collapse, dollar gain
UC Emerging market securities and currency simply have been a little too overbought vs. the risks inherient in these countries. The swing to the left that started with Venezuela, then spread to Bolivia, then to Ecuador and showing up in the recent electrion results in Peru and Chile show south american countries moving more in the direction of the leftist governments of past years. This could well happen in Colombia in the next election after Uribe serves his next and final term.
Although other (certainly not all) south american economies are currently enjoying fisical surpluses, Colombia isn't one of them.
The micro economics of Colombia really aren't all that good althought historically Colombia has an except credit history of meeting it's obligations. The Colombian government doesn't deliver well to the countries lower class masses and if organized by a popular leftist leader the balance of political power could swing further to the left. It should be no surprise to anyone to see a correction in the Colombian PESO and other foreign currencies, equity and fixed income markets.
Between now and the election the Colombian currency should stay in this same or a little wider range 2400-2700. If the Colombian currency gets much weaker (towards the higher end of this range) I would be a buyer of income producing Colombian assets (real property or fixed income (TES) bonds) because I think that the endangered currency in the world right now is the US dollar (over the longer term) unless the USA can stop the bleeding.
Any Colombian companies that are saddled with a lot of US dollar debt, the cost(s) of that debt service increased about 10% in PESO terms over the past few weeks. The largest privately owned telephone company in Colombia just issued US$170,000,000 of bonds less than 10 days ago and now the debt service for them since they were priced two weeks ago has increased 10% in PESO terms. If they had any equity it probably disappeared in two short weeks. If the PESO declines another 10% they will be in deep shit unless they are hedged. Everyone was lulled to sleep by the past two years of waking up to a stronger peso, lower interest rates, lower inflation but now the boat is rocking.
The interesting thing is that this correction has happened at a time when many SA countries have been refinancing their USA or other foreign currency debt (paying it off) by issuing their own local currency debt. This correction takes a little wind out of that sail.
I think interest rates in the USA are going up another 50 basis points maybe 100 basis points and that probability is taking it's toll on other currencies. How long it lasts before the USA dollar continues its retreat no one knows but probably not all that long.
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viewpoint comments on Living in Colombia y tax liability
AZTEC The offshore corporation or non-resident foreign ownship no longer works as a vehicle to avoid the patrimony tax because the Colombian goverment passed another law effective November of 2005 to remove that exemption. Now everyone (regardless of domicile) is taxed on their assets within Colombia that exceed the threshold. In other words there is no longer any structure than can avoid the partimony taxes.
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viewpoint comments on Living in Colombia y tax liability
RIC Hotel Marbella my favorite hotel in Panama City. $27.50 corporate rate inlcuding 10% tax. Order the San Cocho (Sopa de Pollo) for $3.00 (small bathtub size) and 1/2 bottle of Casillero del Diablo then you will have to waddle out of that restaurant. They have changed that menu and prices in the past ten years.
I am sure I will be in Panama City or Medellin.
I always think of the 180 days measure in terms of the days counts effecting taxation and not overstaying the tourist status of 180 days per year so we may both be right. I might have a parking place for you as I have 31 parking spaces at my apartment. jajajaja
You could access most Panama bank accounts through ATMs in Colombia. I checked with BanColombia in Panama City but you can't open an account in Panama City as they are not licensed to solicit business there but you can open a Panama account from Medellin if you are a resident there.
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viewpoint comments on Living in Colombia y tax liability
RIC I see from your earlier posts you have attempted to contact HUNTER and I would encorage you to continue to contact him as most of your inquiry (and the level of it) is information that he can share. He lives in the same area of Medellin that you are moving to. He knows the "basic" information you are seeking down to a minute detail.
In the last three weeks I have filed my 2004 (late) and 2005 returns with DIAN. I had to pay CP$9.000.000 for patrimony taxes for those two years but I am facing substanially more than that amount for 2006 and I am not even a resident of Colombia. These taxes arise solely from the ownership of real and personal property in Colombia and are in addition to the real estate and personal property taxes that I pay separately. These taxes function much like the "AMT" (alternative minimum tax) taxes in the USA.
Unfortuantly I don't know all the answers (just the basics) regarding this tax trap (patrimony taxes) except to know that I don't want to reside 180 days a year or invest any further in Colombia. Luckly, I had business friends in Colombia that intervened with my plans three years ago and explained the cold hard "facts of life" to me and this time I listened. They had pointed out some of the same things to me several years ago but the Colombian taxation laws had continued to change(and are contining to change) unfavorably against foreign (and domestic) investment in Colombia.
Panama (your current residence) has a much more inviting financial, business, immigration and reglatory envirnoment to invest and live. The wealthy people of Colombia have for the most part parked their wealth (and themselves) outside Colombia to the extent that they can.
The 180 days are measured on a calendar year basis (January 1 through December 31). Robi666 and Brians posts are not to different than my understanding of the tax. I have professional people handle this for me but from the signals they keep sending to me Colombia is not a welcome place for foreign people or their capital investment.
The only way that you can escape the patrimony tax is through registered arm length "qualifing" registered (with DIAN) loans from outside Colombia financing your ownership of properties within Colombia thereby reducing your equity to below the taxable threshold or produce enough income from your Colombian investments to exceed the 6% imputed income. Either way you are stuck paying the taxes but if you have the actual earned income the taxes become more palatable.
The greatest downside to the tax is if you own assets that are not income producing like undeveloped land or any other assets that produce less than the imputed 6% return. Almost all of the posters here (on PBH) are not effected by this tax so they shouldn't be concerned unless they are going to begin acquiring assets "within" Colombia such as cars, homes, bank accounts, other real property or investment securities (stocks or bonds).
In the beginning I had dreams of making Colombia my home and having permanent residency and citizenship but after seven years of chasing this dream I ran away to another country that welcomes my business, my investments and offers better rewards/returns and a quick path to residency and citizenship. Now I am just a tourist visting Colombia trying to enjoy my short vacations in between trips to DIAN, the accountants and attorneys trying to comply with all this bullshit.
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viewpoint comments on a bad insult...help!!
Oldgringo "the oldgringo is learning a lesson..
the worst thing you can call a costena...
..."nina"...(sorry no accent on keyboard)
man, since the oldgringo gave her a gentle reprimand,
she hasn't said a word for two days, and today is three".
I am going to try this immediately as I haven't had three days of silence in seven years. If it worked for you maybe it will work for me.
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viewpoint comments on being married to a colombian women
POCO you have already identified the best having lotion now just move on with your life and try the Gillette Fushion Five Blade Shaver (when it makes it's way to Latin America).
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viewpoint comments on being married to a colombian women
Shirley I know four months are not enough time as I have been living with my paisa girlfriend (or maybe just "girl friend") since March of 1999 (seven years) and are we are still trying to sort things out. We just work at it a "day at a time". When I met her she had a son that just turned 3 and now he's 7. I'm the only father he has ever known and I love him so much. He's the glue that keeps us stuck together.
In all the years of a up and down relationship with this woman including one separation she never had looked at another man as she has been too busy concentrating on driving me crazy.
I still have never met the Latin Woman who can manage multiple relationships with different men at the same time but I live a more sheltered life than some on this website.
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viewpoint comments on being married to a colombian women
January 7, 2006 to May 10, 2006 is no time at all to decide if a marriage is going to work or not. Four months is hardly a test of time. I am older than most and been through many relationships in my years. I can only say with few rare exceptions the first relationship I had with a woman was as good as all the others that followed. Sure they have different names and other features but in the end there all the same and so are all of us (men). We all have good and bad qualities and other features but all of us are mostly the same.
It sounds like you are having difficulties bridging the curtural divide more than making a marriage work. Well I better stop giving advice as I have never been successfull at making a marriage work well but I have been able to get over my own insecurity in my relationships with women and trust more.
I have to look no further than the mirror to locate the problems with most (not all) of my past relationships with women. In my later years I have been able to modify my own behavior and the results have improved my ability to sustain my relationship with other people (especially women).
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viewpoint comments on Buying a Car in Medellin
I am glad I didn't know all these negatives seven (7) years ago when I bought my cars in MEDELLIN (three of them). I keep asking my girlfriend (whose family had never owned a car) why I didn't have to get new tabs for the car every year and they told me that the license plates were issued for the life of the cars and no renewal tabs where necessary. Three years later I found about about the yearly tax that is paid on each automobile and by then i had a big bill for the tax, the penalty and the interest.
The yearly tax on your Land Cruiser is pricey because it's got a 4.5 liter engine (the tax in part is based upon engine size). I have a 99 that I bought new in 99 and I think I pay about CP$875.000 per year tax (if I remember right). I only buy the government mandated insurance (liability only) that I buy from the gas station near my house that services my cars.
My advice if you can find it is to buy a diesel powered car or truck. I have a 2006 SKODA 4 door Octavia in Panama City with a manual 5 speed with a turbocharged diesel engine that gets fantastic mileage (only cost $15,000 new including tax & license). There is a dealer in Medellin for SKODA on Ave. Poblado but I am not sure if he imports diesel powered SKODA cars.
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viewpoint comments on Online banking in Colombia?
As Gator already mentioned the combination of BanColombia and Conavi works great and has for me during the past 7 years. I pay all my utility bills, cell phone bill, country club bill, administration and transfers back and forth between mine and associated accounts between the two banks flawlessly with no problems online.
I use facturanet and the pagos a terceros both for automatic and manual payments and mosy everything else is setup for automatic withdraw from the accounts. I just keep the gas tank full and leave the rest on "autopilot".
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viewpoint comments on Property Tax Rates
bickerss I am not really familar with the Bogota apartment market as all my time has been spent for the most part in Medellin. My only construction contacts in Bogota are ConConcreto, S.A.
http://www.conconcreto.com/webNuevo/compania/english.asp?ID=4
You could call their office in Bogota listed on the above link. Aztec has some knowledge of other Bogota builders (more than me).
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viewpoint comments on Cellular Rates in Medellin
SCOTT Thanks Scott but I don't think I really deserve all that. I still have my home in Medellin but I am only there 4-7 days every 4 to 6 weeks. I have some construction work starting soon in Medellin so I will be spending much more time there until it's completed. I the meantime if you get to Panama City contact me and we can meet.
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viewpoint comments on Cellular Rates in Medellin
POCO On the contrary, I do understand the system and I know how it works and does not work for people on the receiving end of the central government's policies. I am not talking about opening bank accounts or establishing credit.
It's not the rich and spoiled that are suffering with 40% unemployment or underemployment that exists in Colombia. The rich and spoiled may be complaining but they are not suffering. You state that you and your immediate extended family have had "not a single problem". In other words everyone in your extended family (for the most part) is content with their status quo with low wages, lack of economic freedom and inadequate employment opportunities ? Colombia can deliver so much more to it's people than the current system and policies do.
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viewpoint comments on Cellular Rates in Medellin
Miguel Establish Colombian bank accounts, obtain Colombia creditcards through the Colombian banks you do business with and put all of your utility accounts in your personal name rather than another persons name when you have your Colombian cedula. Apartment and/or business office rentals in your own name will help.
Hunter could weigh in on this issue as he's had lots of experience.
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viewpoint comments on Cellular Rates in Medellin
Caslug It's not so much an issue of the red-tape hurdles that one has to circumvent but rather the form of government that Colombia delivers to it's people vs. what it could deliver. Colombia is one of the higher taxed government structures in South America (and probably Latin America).
As I have mentioned on a few other posts the telecommunications industry is a prime example of how the central government places the burden of heavy taxation (and costs) on the people least able to pay the costs (the less wealthy).
The central government promotes a telecommunications monopoly by restricting competition to three telecom companys (one owned and now being sold by the Colombian government). Each of these enties pay licensing fees to the central government which in turn restricts the competition.
The consumption based tax structure (IVA) and other forms of excessive income and wealth based forms of taxation are driving capital away from (or discorging it from entering) Colombia. Wealthy Colombians need to travel no further than Panama to find a more welcome form of government and lower taxation.
My guess is that there is probably close to a billion US dollars of Colombian capital at work in Panama City right down invested in the property development, construction industries and other investment businesses ventures. The Colombians are very good at what they do (inside and outside Colombia) as their skills have been honed in a very difficult business enviroment (Colombia).
Recently I was introduced to a large international company that was opening a call and servicing center for it's online business operations. They selected Panama City to build this facility and just the cost of the tenant buildout (not including the cost of the office building) including computer, telecommunications and office equipment totaled $1,000,000.
It is huge and Panama City was choosen because the Panamanian government has their welcome mat out and the availablity of bilingual employees to man the call center which will employ hundreds of people (almost one thousand) working around the clock (24 hrs a day).
Colombia wouldn't have even been a consideration. Colombia is capable of doing so much more for it's people but the politians are just responding to a choosen few rather than the people. Just my observation and thoughts but I am sure others may see things different than I do.
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viewpoint comments on Cellular Rates in Medellin
Miguel Well I first attempted to obtain a post-paid plan in 1999 with both providers and even after repeated attempts after I obtained my Colombian drivers license, Colombia cedula and Colombian business visa, two bank accounts and a fist full of USA creditcards I was even still turned down.
Finally (years ago) Exito started selling phone with their own private label plan and I was sure that I could qualify with them. NOT
My last attempt was again with Comcel showing them my USA tax returns for the prior two years and offering to pay one years service in advance and was still denied. They even sent a representative to my home who assured me that I would be approved.
Finally in November of 2003 when OLA introduced service I got two pre-paid phones and one post-paid phone which was approved almost immediately (within a few days). Because of a programing error the pre-paid OLA phones operated for free for one year.
The key was always that my credit was established in the USA and not Colombia. The fact that I had no established credit in Colombia was a deal killer.
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viewpoint comments on Cellular Rates in Medellin
The 256/128 service through EPM only delivers (on average) 128/64 or 50% of the advertised bandwidth during peak periods of usage. Vonage will still work on this mickey-mouse system if set to the low bandwidth setting. You need to go to EPMs main office (the Intelligent building) to make application for the service and then wait. They promised me 1 week hookup and it took another visit, threats to talk to the president of EPM for them to complete the hookup in 6 weeks. Investiage ADSL through EPM as I have both in my apartment for redundancy.
It only took me almost 4 years to be able to qualify for a post paid cell phone. I even offered to prepay one years service and furnished copies of my US tax returns because I had no credit in Colombia and I was turned down on all counts.
I found the answers to all my seven years of frustration in Colombia and now nothing is a problem but only after moving to Panama City where opening bank accounts or businesses, renting or buying apartments, visas, employment, local/long distance phone service, internet providers are all in abundance and speak the same language (common sense) that I understand.
The greatest problem in Colombia is the central government who delivers the form of governance that the wealthy people want. The wealthy line the politicans pockets and they deliver to the rich and not to the poor. Actually it's the same form of democracy as the USA without the huge re-distribution of wealth that exists in the USA.
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viewpoint comments on
COLOMBIA IS WEAKENING VERY FAST... COP TRADING AT 2362/2367
RATES HIGHER BY AS MUCH AS 22BPS AND THE CURVE STEEPENING AGRESSIVELY.
LIQUIDITY IS VERY POOR!
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viewpoint comments on Vonage VoIP Service over CableModem @ 128K/64K
Christian, just go to Ebay type in the search menu "VOIP" and run the search then select telephones from the sub menu. You will find a listing from Dealhaus for a USB port phone for $35 as a but-it-now item.
http://cgi.ebay.com/iPHONE-i300-IP-VoIP-USB-INTERNET-PHONE-WITH-SERVICE_W0QQitemZ9704512090QQcategoryZ1503QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
Later he will add the same phone with a minimum bid of $26. Just wait for that or send him an email and propose buying 4 phones for $26 each and you will save on the frieght as he will only charge about $12 for shipping 4 phones. I usually order 8-10 phone at a time. The phones come pre-programmed with the numbers and a $2.00 phone credit. All calls between these IP phones are free. As I mentioned they take very little bandwidth and work well. The quality of the service is not as good as the ATA phones but close.
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viewpoint comments on Vonage VoIP Service over CableModem @ 128K/64K
Remember to buy a USB port phone setup for iphonecenter.net (or .com) which doesn't require a router as it just plugs into the USB port of your computer.
It will even work on a dialup connection and only uses about 20 KBPS of bandwidth. There is no monthly fee and just a few cents a minute for outgoing offnet calls. Incoming calls routed through local access lines are free.
Don't use it as your primary VOIP device but just a backup device for when you have trouble connecting with your primary carrier.
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viewpoint comments on Im going to get married in Bucaramanga any advice?
jickster2255 Your first mistake was asking for advice or information regarding the subject of marriage on PBH. Having said that I can only say DON'T DO IT !!! Trying to bridge the cultural differences between a Colombian woman and yourself is about as difficult a challenge as Evil Knivel failed attempt to jump the Snake River Canyon with his rocket powered motorcycle.
I have tried for seven years (to understand the complicated Colombian woman)and failed but good luck to you. In the end we resolved our differences by me living my dream in Colombia and her living her dream in the USA. Luckly I have more than one house. jaja
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viewpoint comments on Transferring funds for a house ?Help
Brian & Moon I will ask AZTEC to post a response here regarding the issue of taking title in the name of your Colombian wife(s). He can explain this issue as artfully as any attorney could and he researched well with one of the best corporate attorneys in Colombia that I know well personally. My recollection is that the only way his wife could be on the title was ownership of a foreign corporation or trust that would hold title directly. There was a way to skirt around the problem. AZTEC made posts on this subject on PBH. I will try and pull them up.
http://www.poorbuthappy.com/colombia/node/7992
http://www.poorbuthappy.com/colombia/node/16453 pay attention to ZUANs post and the links included in his post. AZTECs advice came from one of the major lawfirms in Colombia listed on page 11 of the first link.
You need to get advice on this issue and I think that AZTEC is the man that can provide the information. There is a bilingual real estate woman in Medellin that I use to handle things for me but she is only experienced in the forms 4 & 11 filings. She is very good and dependable.
Regarding the 6% issue that's not a tax but rather imputed income from which you pay about 38% tax. There's a sliding scale with the maximum bracket being 38%. What little I have learned has been by trial and error the hard way.
Activities from your accounts at banks, fiduciaras, security broker/dealers, registered vehicles and recorded interests in real property all come to the attention of DIAN. If you are more than an ant they want to tax you. Stay low profile or DIAN will be visiting you and it's DIAN not DIANA.jajajaja
As I have posted before the best enviroment for investing beyond your residential needs is outside of Colombia. Take a look at Panama City where about 150,000 Colombians have migrated to.
I am not down on Colombia as i have lived part time in Medellin for the past seven years (and continue to) but I have given up trying to make sense out of the nonsense there regarding their laws and regulations that discourage foreign investment.
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viewpoint comments on Transferring funds for a house ?Help
JMOON If your wife is Colombian and the funds are yours her name can't appear on the title of the home without being subject to paying an income tax on her equity value of the home (like a gift tax or unreported income tax).
AZTEC (a regular poster) can fill you in on the details as he had the best legal advice money could buy. He was purchasing a home in Bogota for his Colombian wife but found she couldn't take title in her own name for tax purposes. You can place the title in a corporation or trust (foreign or domestic) and she can own the shares but otherwise it triggers taxation.
Colombia laws and regulations are not a friendly enviroment to navigate as compared to other countries more friendly to foreign investment. The patrimony tax shouldn't effect a residence whose value or equity doesn't exceed CP$80.000.000. The patrimony tax simply inputs the 6% income much like AMT tax does in the USA but much more brutal and lethal.
If you invest $1,000,000 in Colombia you pay Colombian income tax on $60,000 income regardless if the investment is producing any income. You are taxed at the GREATER of your actual income or the patrimony calulation of 6% return on your assets.
Structuring the investments through registered qualifing loans can help to mitigate the taxes by reducing your equity that the PAT tax is applied against. In November of 05 they changed the law to inlcude non-resident foreign people, foreign enties and I beleive even non-resident Colombians so that everyone is taxed. The exemption of foreign non-residents and foreign enties was completely deleted. If anyone sees the laws and regulation different than I do I would appreciate hearing from them. DIAN has been furthering my education the past several months and it's not good news.
Now they take no "prisioneros" as they kill everyone.
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viewpoint comments on Transferring funds for a house ?Help
JMOON Yes I couldn't agree more with the GOB statements as I was once targeted years ago and the GAULA saved my ass at the last minute.
The new Colombian patrimony tax laws and DIAN are every bit as bad as the the criminal element for anyone that considers a serious investment in Colombia. Attached below is a news release detailing the increased tax collections coming from DIAN. Please note the 17% increase in domestic tax collections. Some of that money was mine. jajaja
Colombia Update (Ba2/BB): Year So Far Shows Impressive Growth in Tax Collection; No Deficit in 2006?
The DIAN (the Colombian national tax agency) announced on Wednesday that tax revenues for the first two months of the year suggested that, among other things, the economy was growing faster than expected. Specifically, total tax revenues increased by 21% year over year in the first two months of 2006, significantly overshooting the established targets (by more than Cop$280 billion, according to the DIAN). The approved 2006 Budget assumes that tax revenues inch up 9% year over year in 2006. Tax revenues increased by 16.5% year over year in 2005.
The official information available for the two first months of the year shows combined growth of 45% in external VAT receipts and import duties and an expansion of 17% in domestic tax receipts. Total tax revenues for the two months amounted to Cop$7.95 trillion (US$3.18 billion). Of increased relevance, our forecasting models (based on monthly tax revenue data dating from 1996) indicate that if the current velocity of tax revenue growth does in fact continue, total tax revenues will show nominal growth of somewhere between 18% and 22% year over year in 2006—this implies real growth of 15.2% year over year. In peso terms, total tax revenues will reach Cop$51.4 trillion by year-end 2006 (17% of expected 2006 GDP), up from 43.6 trillion (15.6% of GDP) in 2005. Of those revenues, Cop$20.6 trillion (6.8% of GDP) will be coming from income taxes, and Cop$15.3 trillion (5.1% of GDP) from value-added taxes. “Other” taxes (such as the financial transaction tax) will account for an additional Cop$3.7 trillion in revenues. Those other tax revenues are likely to show an expansion of 20% year over year this year, if one assumes that performance over the next few months matches that of the first two months of 2006.
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viewpoint comments on Transferring funds for a house ?Help
JMOON The forms 4 & 11 will register the funds as a foreign investment allowing you to repatriate the funds when you sell the real estate.
Failure to file the forms subject you to a fine of up to 250% of the amount of money transfered. If for some reason you manage to transfer the funds without filing the forms you would still be subject to an assessment of at approximate 40% tax upon the sale of the property if you attempt to repatriate the funds through the central bank. Any investment of CP$80.000.000 or more other than your primary residence will subject you to patrimony tax. Non-resident foreign people or enties where not subject to this tax until November of 2005 when the law changed and now everyone is subject to the patrimony tax which imputs taxable income of 6% on your equity in Colombia other than a residence.
You need good legal advice to cross all these hurtles. If you are buying in Medellin I can direct you to a person that will oversee the filing of forms 4 & 11. The law has recently changed Nov of 2005 and you need to be aware of the impact on your investments.
Under the current laws I would not recommend investing any money in Colombia other than a residence and even then very carefully.
Learn about the patrimony tax before you commit any funds to Colombia as it makes the AMT in the USA look like a sunday school pinic.
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viewpoint comments on Finding management jobs in Colombia?
Well I know the president of DEAR JOHN LETTER
Well I know the president of a large "public" company in Colombia that employs 1000s of people in several countries (primarily Colombia) that is US educated with a masters degree in business adminstration receiving a salary including year end bonus totaling $135,000 anually.
The chances of you finding employment anywhere beyond $25,000 per year are slim.
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viewpoint comments on Business Idea For Colombia
Storage Colombia WasteLandlive advice is correct. Your quality retirement would be interrupted by this type of business in Colombia. Most of the Colombian population lacks the financial resources to pay for storage and doesn't possess the excess material goods to store. Further, most homes and apartments have their own storages (deposits) allowing them to store their excess things on their own premises where they would be more secure.
For a storage project to be really profitable it has to be 150,000 sf. ft. (14,000 mt2) plus the land. It can be built in phases (2 or 3) but it takes a project of scale to pencil out otherwise it simply becomes a "low paid" job creation project.
Can you imagine being a defendant in Colombia from litigation where a tenants possessions where stolen. Any foreign person that wants to be in business needs to seek help and counseling. The deck is stacked against you.
Under the current tax structure in Colombia I wouldn't invest nor recommend anyone invest any sizable capital investment in that country other than a home to live in.
Study their patrimony tax code before you even consider investing in Colombia other than a residence. Previously a foreign investor or foreign entity could escape this taxation but no more. A 6% income is imputed on your investment regardless if it makes money or not. In other words if you invested $500,000 acquiring a peice of unimproved land and held it you would have to pay income taxes on $30,000 of income plus your real estate taxes even though the "vacant" land produced no income at all.
I used to enjoy coming to Colombia to relax but now I come just to solve taxation or other business related issues all of which are just marginally profitable at best.
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viewpoint comments on The New Refugees: Americans who give up citizenship to save on taxes
Adrimm Acually the Canadian citizenship is ranked as one of the best for expats as non-resident Canadians are not taxed (by Canada) on income outside Canada while residing full time in another country whereas, a USA citizen is taxed on global income regardless of the origin of its source less of course the exemption that was discussed by Mr. Hollywood.
Colombia has some of the most dragonian tax laws I have every seen although currently some are not enforced. For instance, Colombia has the same global taxation laws as the USA but doesn't enforce them.
Any foreign investor that even considers making a major investment in Colombia needs physological counseling as the new laws are even worse than they were before. I would never invest another $ dollar beyond the necessities of living with the current patrimony taxation laws of Colombia.
DIAN inputs the greater of your actual income or a 6% return on your assets in Colombia other than your residence. It's called Patrimony tax. They simply apply the return regardless of the actual income (if any). It's simply a net worth tax.
Your don't have to worry about contacting DIAN because if you are doing business in Colombia (in size) they will find you.
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