How to buy Real Estate in Colombia, Webinar #1
Автор: HalloCasa
Загружено: 2016-01-20
Просмотров: 3275
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We will be talking about Colombia as an investment opportunity and give you an overview about how to buy real estate in Colombia
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Content:
1. About Colombia in general
1.1 Why invest in Colombia real estate?
1.2 How stable is the political situation in Colombia?
2. About the Colombian real estate marke
2.1 How liquid is the Colombian real estate market?
2.2 How has the Colombian real estate market developed in recent years?
2.3 Residing in Colombia
3. About the real estate buying process in Colombia
3.1 How much are the real estate transaction costs in Colombia (notary fee, taxes, register costs)?
3.2 Where can I find Colombian real estate financing?
4. Legal matters
4.1 Do I need to declare my rental income at the Colombian tax office (DIAN)?
4.2 Is there a limit of investments in quantity or price in Colombia?
4.3 What kinds of properties are foreigners allowed to buy in Colombia?
4.4 What immigration policies apply to foreigners in Colombia? In an emergency can I take my family?
4.5 Is there a reliable property manager on site in Colombia?
4.6 Can money be transferred from Colombia to my home country?
5. Detailed Buying Process in Colombia
5. 1. Finding the right property in Colombia
5.2 Contacting the owner / broker in Colombia
5.3 Transferring Information in Colombia
5.4 In case of contacting an appraiser in Colombia
5.5 You sign the promissory sales contract in Colombia
5.6 You transfer the money to a Colombian bank account
5.7 Option 1: You travel to Colombia
5.8 When signing the real estate contract in Colombia
5.9 Option 2: You buy from abroad
5.10 When signing the contract from abroad
5.11 Registration of your ownership
About Colombia in general
1.1 Why invest in Colombia?
Here are 3 reasons why you should consider invest in Colombia:
• Demographics
• GDP Expectations
• Infrastructure Development
Demographics
The CIA Report about Colombia states: “Colombia is in the midst of a demographic transition resulting from steady declines in its fertility, mortality, and population growth rates. The birth rate has fallen from more than 6 children per woman in the 1960s to just above replacement level today as a result of increased literacy, family planning services, and urbanization.”
Colombia’s GDP expectation
2. About the Colombian real estate market
2.1 How liquid is the market?
This depends on the property you buy. Urban real estate tends to be sold easier than rural property. The real estate sales volume in Colombia in 2014 amounted to USD 9.72 billion and grew in 2014 by 4.5% Check out the National Administrative Statistics Office (Colombia) or the BBVA Real Estate Outlook 2015. in our Research section.
2.2 How has the Colombian real estate market developed in recent years?
Within the last 10 years, the value of some properties in Colombia has doubled. Especially in Bogotá, property prices have risen. In regards to this topic read our interview with Mr. Edwin Schuh here. Additionally, you will find statistical documents in our Research section.
2.4 What is a "social stratum"?
In Colombia, areas and neighborhoods are separated into "Estratos" (social strata). The scale runs from 1 to 6, with 1 being the lowest and 6 being the highest. Estratos define the following things:
• The socio-economic stratification is the classification of residential real estate and determines how many subsidies for utilities are obtained. The aim is that residents with better financial stability pay more money for public services thus contributing to the fees of the lower classes.
The socio-economic strata are divided into six different segments:
• Very Low
• Low
• Medium-Low
• Average
• Medium-High
• High
Due to this classification the quality of life can vary significantly within one town. In our Research section you can find several links which redirect you to respective information.
3.2 Where can I find Colombian real estate financing?
Since you're probably not a customer of a Colombian bank, you need to handle all the financial matters with your bank in your home country. If you have a Colombian identity card ("Cedula") which, among other things, you get when you invest more than 210,000.00 US dollars, you can become a client of a Colombian bank. You can then make an appointment with your preferred bank.
4. Legal matters
4.1 Do I need to declare my rental income at the Colombian tax office (DIAN)?
This depends on various aspects. The decree 2974 Article 6 can help you learn more about taxes. In addition, see the Research link to the tax office. For further information consult a professional accountant.
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