Colombia is a beautiful but somewhat underrated county in South America. It borders Brazil, Peru, Panama, and Venezuela. It has a population of 50 million people. Almost 7 million of them live in the capital city, Bogota.
There are several ways to get residency in Colombia. Permanent residency is best as it leads to citizenship. To get permanent residency your best way is to invest $170,000 in real estate. Or set up a Colombian business and invest the same amount. You’re also entitled to permanent residency if you have a relationship with a Colombian citizen.
Colombia is not a territorial tax country, so foreign income is taxed. The rates can be pretty high at up to 39% But there is an exception. For your first 5 years as a Colombian resident, there is no income tax. That makes tax planning easy. After your move to Colombia, you have a full 5 years to plan your tax minimization structure. With careful planning, you can ensure your tax rate is exceptionally low forever.
After you get residency in Colombia you will want to work towards citizenship. The Colombian passport is high quality. It offers visa free access to 129 countries including the EU and the UK.
When you’ve been a permanent resident of Colombia for 5 years you can apply for citizenship. If you marry a Colombian citizen, you can apply in as little as 2 years. Having a child in Colombia also shortens the length of time you have to wait for citizenship to 2 years.
The process is straightforward. If you have permanent residency you’re entitled to Colombian citizenship after 5 years. There is no need to renounce your current citizenship.
After you get residency in Colombia, keeping it is easy. You only have to show up in Colombia once every 2 years. You’ll have to spend much more time there to get Colombian citizenship though. When you have permanent residency, you keep it for life.
The cost of living in Colombia is cheap. You can live well there for $1500 per month. There’s no need to spend 6 months a year there to work towards citizenship if that’s your goal.
Colombia is a developing South American country. Consequently, there are many opportunities there. Lots of American and European ex-pats live in the city of Medellin. It has a near-perfect year-round spring climate.
Colombia compares favorably to other ex-pat havens like Panama and Costa Rica.
Residency in Colombia will give you access to a country with more going on.
If you want to start a business or start a new life in a new, exotic location residency in Colombia could be perfect for you.
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