Buying property in Colombia, How do you trans

[Throw]

I am close to buying an apartment in Colombia and I am getting conflicting stories on how to transfer money into the country.  I know how to wire funds but I need to hear from others that have actually gone through the process. I need to know what exactly takes place if you are buying an apartment.  Do you wire the money directly to the owners bank account or is it sent to an intermedary.  If that is the case is there a fee involved and if so how much. I have heard it is best to open an account in Colombia and transfer the funds to my own account but let's assume I do not have a cedula or a bank account in Cali but my mother in law does.  Can I transfer the money to her account and then transfer it to the owner. If I do that can the property still be titled solely in my name even though it is coming from my mother in laws account?  I am hoping Jim C or others can help direct me step by step on what is the best coarse of action...

[jim c]

... in response to Buying property in Colombia, How do you ..., posted by Throw on Feb 26, 2005

Try keeping the money trail as transparent as possible.It should be relatively easy with an investment and a colombian wife to obtain a residency visa. Gator is correct with most of his info, but I checked with Citibank on thursday for you and they will not open an account with out a Cedula.
 A limited power of attorney will work on a purchase. I used it on the first apartment I purchased in Cartagena. The big problem is getting the money into the country.  When you bring the money into the country you declare it to the government by signing tax forms at the bank. You must be able to prove the source if you sell the property and wish to take the money out of the country. My advice is to not take shortcuts. You need to close at the notary office by presenting a cashiers check when the seller signs the escratura. The check should be writen on the account that received the money transfer from the states. The interesting note at this time is that I am making money here due to the devaluation of the dollar. At least while the dollar is low!! jimc

[Heat]

... in response to Buying property in Colombia, How do you ..., posted by Throw on Feb 26, 2005

I cannot for the life of me see why anyone whould buy real estate here in Colombia.

[Gator]

... in response to Buying property in Colombia, How do you ..., posted by Throw on Feb 26, 2005

Answer: Yes, no problem. Any non-colombian citizen can own real estate in Colombia and the Colombian Constitution protects private property. You can basically forget about terms

However, a cedula (colombian ID) is required to sign the scripture (deed) that formalizes the purchase. BUT you can avoid that problem by having someone with a Colombian cedula (ID  card) sign on your behalf as your agent.  This amounts to a limited power of attorny. You do need a valid passport. The property will be in your name, but if you wish to sell it, you will need a third party again with the Colombian ID card.

Colombian banks can open a checking or savings accounts for foreigners, but you will likely need need a Colombian cedula to do this.

If the the seller has an account in Colombia with a bank that receives international transfer of funds, a couple that come to mind are Citibank, Bancolombia, Banco de Occidente, et. al. you can use wire transfer to the sellers account or in your case to your mother-in-laws account.. If the seller does not want to get involved in receiving international funds you can transfer your money from your account in the US to a savings account, to open one of these a passport should be enough at a bank like Citibank in Colombia and then pay in pesos.

Basically you will need the following to open a Citibank savings account.
- Passport valid for at least six months
- One bank reference.  Best would be from a Citibank in the  US
- A letter from your employer or a description of what you do if you are independent ie. retired, self-employed, won the lottery, etc.
- Your last three bank statements

ALL banks charge a fee for a wire transfer but it not that much-have not done it in a while but I think the last time was like $25USD. Be sure and allow enough time for the money to arrive.  Like Dorothy said to Toto, "Toto, I have a feeling we're not in Kansas anymore.".

 BE SURE AND FIND AN ATTORNEY YOU TRUST.

LAST BUT NOT LEAST-FIND A GOOD WIFE THAT IS A COLOMBIANA LIKE I DID.  THEN SIT IN THE BACKGROUND AND LET HER AND THE ATTORNEY DEAL-SAVES THE GINGO TAX.

[Calipro]

... in response to Buying property in Colombia, How do you ..., posted by Throw on Feb 26, 2005

Are you buying from a private party or a developer?

If you are buying new some developers have bank accounts in the U.S. were you can just deposite the money.