Foreign investment has been steadily increasing in Colombia, and one sector that has garnered significant attention is the real estate market. With its diverse landscapes and growing economy, Colombia has become an attractive destination for foreigners looking to invest in property. In this article of OIKOS Constructora, we will explore the process and regulations involved in foreigners buying Colombia real estate, shedding light on the opportunities and challenges that come with this type of investment. Keep reading!
Requirements to buy a property in Colombia from abroad
Buying a property in Colombia as a foreigner is a relatively straightforward process, although the requirements can vary slightly depending on your employment status (employee, self-employed, or retired). Here are the main requirements:
- Active and valid passport: You will need a valid passport to identify yourself as a foreign buyer.
- Bank statements: You will need to provide bank statements for the last 3 months. If you are self-employed, you may be required to submit bank statements for the last 6 months.
- Tax declaration: You will need to provide a copy of your tax declaration for the last year. This helps demonstrate your financial standing and ability to afford the property.
- Employment documentation: If you are retired, you will need to provide a copy of your pension resolution. If you are self-employed, you will need to provide a certificate of the legal constitution of your company. If you are employed, you will need a certification letter from your employer.
Guide to buying Real State in Colombia as a foreigner
Investing in a new housing project in Colombia can be an exciting opportunity. To guide you through the process, here are the steps you can follow:
1. Establish a budget: Determine how much money you have available to invest in the housing project. This will help you set realistic expectations and narrow down your options.
2. Research the real estate market: Familiarize yourself with the real estate market in Colombia, particularly in the city where you intend to invest. Look for new housing projects and compare prices, locations, features, and amenities.
3. Verify the legality of the project: Ensure that the new housing project you are considering complies with all the legal requirements and has obtained the necessary permits. This will protect your investment and ensure a smooth transaction.
4. Visit the project: It is recommended to visit the housing project, either in person or through a virtual 360-degree tour provided by companies like OIKOS Constructora. This allows you to assess the property's features and make an informed decision.
5. Find a representative in the country: Engage an attorney or representative who will act on your behalf during the purchasing process. They will handle legal matters and liaise with the relevant parties. If you cannot find a representative, you can consider working with a broker affiliated with a financial institution.
6. Sign a purchase agreement: Once you have chosen a housing project, your representative will sign a purchase agreement with the construction company. Make sure to review the terms and conditions carefully before committing.
7. Secure financing: Take your time to analyze the different financial institutions offering mortgage loans and select the one that best suits your requirements. Consider interest rates, loan terms, and repayment options.
8. Nationalize your funds: To use your foreign funds to purchase a property in Colombia, you must nationalize them with the Banco de la República, Colombia's central bank. through an authorized agent, such as a banking institution. It's essential to note that you cannot transfer monetary assets to buy property in Colombia from abroad through currency exchange offices (casas de cambio). The nationalization process involves converting your foreign currency into Colombian pesos and ensuring that it is accounted for within the country's financial system.
9. Open a bank account in Colombia: After successfully nationalizing your funds, you'll need to open a bank account in Colombia from abroad. Several Colombian banks offer personalized services tailored to foreign buyers. These accounts will be used to handle financial transactions related to your property purchase, including the transfer of funds to the construction company, payment of taxes, and other associated expenses.
10. Make the payment: Follow the payment instructions provided by the construction company and make the agreed-upon payment as stated in the purchase agreement. Ensure that you keep track of all payment receipts for future reference.
11. Register the property: Your representative should register the property with the Office of Public Deeds in the city where the new housing project is. This step will legally establish your ownership and protect your investment.
Are you interested in purchasing property in Colombia? Look no further! Get in touch with OIKOS Constructora and make your dream a reality.
No need to hesitate! Take the plunge into the thrilling world of investing in Colombian real estate, with OIKOS Constructora by your side. Renowned for our excellence, extensive property portfolio, and unwavering dedication to client satisfaction, we guarantee that your investment in Colombian property will be both financially sound and personally fulfilling.
Reach out to us today to explore the wide array of properties we offer, and seize the opportunity to own a slice of Colombia's mesmerizing landscape. Don't miss out, contact OIKOS Constructora now and begin your journey towards owning property in this captivating country!
Article taken from: OIKOS Constructora
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