Residency through Real Estate in Colombia. Panama March 2016

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2 Residency through Real Estate in Colombia Panama March 2016

3 General Notions Colombia offers 17 different type of visas. Granting a visa is a sovereign act and depends on the Government s discretionary authority. Visas are renewable as long as their fundaments maintain.

4 SOME NATIONALITES DO NOT REQUIRE VISAS TO VISIT COLOMBIA EUROPE AMERICAS REST OF THE WORLD Germany Argentina Australia England Bolivia South Korea Denmark Brazil UAE Spain Canada Japan France Chile New Zealand Ireland Ecuador Italy USA Norway Mexico Netherland Peru Rusia Uruguay Note: Chinese and Indian citizens require visas to visit

5 If you are not required a visa: You can visit the country as a tourist for as long as 180 days per calendar year, continuously or discontinuously. Upon entrance, an immigration of\icer will stamp your passport with the number of days that you ll be allowed in the country. Average: 90 days. If you wish to stay more than 180 days you need a visa

6 Types and Categories Colombia offers 3 types and several visa categories VISA TYPE BUSINESS (NE) TEMPORAL (TP) RESIDENT (RE) CATEGORY BUSINESS ANALYSIS BUSINESS UNDER TREATY CEO PUBLIC ENTITY CEO PRIVATE ENTITY TOURISM TRAINING WORK SPOUSE RELIGIOUS STUDENT SPECIAL (7 sub- categories) REFUGEE FAMILY OF COLOMBIAN NATIONAL QUALIFIED INVESTMENT

7 Temporary Investment Visa Term: 1year, multiple entrances Real estate investment of 350 CMW (USD ) Capital contribution to a Colombian company for 100 CMW (USD )

8 VALIDITY Temporary visas lose validity if visa holder remains more than 180 consecutive days without entering Colombia

9 Resident Investment Visa Term: 5 years, multiple entrances Foreign Investment in Colombia for at least 650 CMW (USD ) No threshold distinction between real estate and corporations

10 Resident Visa for Temporary Visas holders Term: 5 years, multiple entrances Having held a temporary visa for at least 5 continuous and uninterrupted years

11 VALIDITY Resident visas lose validity if visa holder remains more than 2 consecutive years without entering Colombia

12 IMMIGRATION Am I eligible for citizenship?

13 CITIZENSHIP Hold a Resident Visa and complete 5 years of continuous domicile in Colombia If married to Colombian citizen or holder has Colombian children, term is reduced to 2 years

14 DOMICILE? A foreigner is considered to be domiciled in Colombia from the moment a Resident Visa is granted Domicile is interrupted if foreigner remains outside of Colombia for more than 1 continuous year

15 BeneEiciaries Except for a few visa types, a visa holder may request bene\iciary visas for the following individuals, as long as they economically depend on visa holder: Spouse Children under 25 Parents

16 Registration Visa holders and bene\iciaries must register their visas within 15 days after: Visa is issued Their entrance to Colombia If visa was issued in Colombia If visa was issued abroad

17 Registration and Colombian ID Registration is done upon any local migratory authority s of\ice (Migración Colombia) Registration triggers the delivery of a Colombian ID card (Cedula) with a term equal to the visa s term.

18 PROPERTY OWNERSHIP REAL ESTATE IN COLOMBIA ü Our Constitution guarantees protection to private property. ü Any foreigner can own property, no authorization required. ü No discriminatory/preferential treatments.

19 PROPERTY OWNERSHIP The purchase process Purchasing real estate in Colombia is easy, fast, safe and inexpensive. Typical multi- step process consisting in: 1. Title search 2. Promise of sale contract 3. Closing contract: Public document (deed) 4. Registration ü No need to be in Colombia to purchase ü If parties are ready to deliver, the transference can take place in 1 day and registration in around 15.

20 PROPERTY OWNERSHIP Costs Real Estate purchase implies the following of\icial fees: ü Notary fees: 0,5% of the property s \iscal value (deed value). Buyer and seller customarily pay them by half. ü Departmental Tax: 1.2% of the property s \iscal value. Parties also pay it by half. ü Registration fee: 0.5% of the property s \iscal value. Payable only by buyer. Overall estimate for buyer: 1.35% of property s deed value

21 PROPERTY OWNERSHIP Attention! In most cases there will be a problematic difference between a property s \iscally appraised and commercial value As a foreign investor it is in your best interest that at closing, the deed shows the property s commercial value. Why? High tax basis, avoiding a capital gains problem when selling and preventing a big headache with the Central Bank.

22 WHO WE ARE ü JDG LAW ADVISORS ü 9 years of experience in providing personalized and client- oriented services specialized in foreigners. ü 7 areas of business (one stop shop) ü Real Estate Corporate Bussines Immigration ü Over 700satis\ied foreign clients ü Correspondents in other Colombian cities ü Bilingual

23 Contact Us Address: Carrera 43 B No O\icina 903. Medellin, Colombia Phone: +57 (4)