Property for Sale in Colombia, South America

Colombia launched an aggressive tourism drive backed by President Alvaro Uribe’s iron-hand command. The government wanted to show that Colombia is now a safe country for tourists to enjoy the beauty of the Andes and the Amazon basin.

Under Colombia Law, your right to: Buy, Own, Record, Sell, Rent, etc. real estate, and return the sale proceeds to your country of origin, is the same as if you were a Citizen of Colombia

The new law (Decree 241) has made the procurement procedures much simpler, firstly, by permitting foreign investment in real estate without limitation; and secondly, by repealing a constitutional provision that empowered the Colombian government to confiscate foreign-owned property without providing any compensation.

All transfers of title on real estate as well as all encumbrances must be done by public document. All taxes must be paid in order for a transfer to be legally effective. Any document of transfer or judicial decision pertaining to property must be recorded with the Real Property Registry.

House prices in Colombia now are still around 40% cheaper than 10 years ago.

The Colombian government requires foreigners to use “clean, non-laundered money”. Investors must deposit funds into the seller’s account by completing the Central Bank’s Form No. 4. This cash transfer is not subject to any taxes since it is a foreign investment. However, the buyer within 60 days must register (using Form 11) the foreign investment with the Central Bank and attach the property’s ownership history and no-lien certificate. This registration is mandatory if the buyer wants to exercise his foreign exchange rights, such as remitting the money abroad when he or she resells the property.