All Forum Posts by: Oscar Flroez

sorry, it is a holiday in Colombia, but I try to contribute with some information  to your question

While you may be able to buy real estate in Colombia with just a tourist visa, getting a loan or mortgage to finance a purchase is another matter. It has been extremely difficult for foreigners to get a mortgage from Colombian lenders. For this reason most property purchases by foreigners in Colombia are done with cash. It is even difficult for Colombian citizens to get mortgages.

To even be considered for a mortgage as a foreigner in Colombia, you will need to have residency and have lived in Colombia preferably for a few years. You also need to have a bank account in Colombia and a credit history in Colombia and may also be asked for proof that you pay taxes in Colombia. In other words, you need to be well established in Colombia before banks will even consider lending to you. I only have met one foreigner that was able to get a mortgage from a bank in Colombia and he is married to a Colombian, had banked in Colombia for several years and had paid taxes in Colombia plus was going to live in the property. He also had to provide a ton of paperwork to get the mortgage.

so to my own feeling, it is better to get it from the USA

thanks 

 After last August 7th, the date when our new president took office in Colombia, one part of his speech was clearly understood by real estate firms, the fact that most of the areas of law for investments have changed positively for a better adjustment. The only requirements for purchasing real estate in Colombia are foreign investment,  urban planning law, authorizations, land use, and environmental law. As for intellectual property rights, The SIC acts as the Colombian patent and trademark office which runs well and is the second fastest office in the world for  patent applications besides, Colombia ranked 53 out of 190 economies for ease of registering property, according to the 2017 Doing Business report, the same ranking it received in 2016. 

Well, mr Blake, thanks for the information presented, I m currently reading that article "property rights in Colombia which seems to be very substantial for my real estate business, I will get back to you as long as I finish reading it and can provide a written account of the situation 

Diverse Lifestyles in Colombia

Cities such as Medellin or its surroundings East of Antioquia offer something for everybody. There are towns and properties ( plot of lands with water reservoir, farmhouse, cabins ) to suit every income bracket, from rural slums to high end, gated communities and everything in between. This means that no matter what kind of property you invest in, you can be sure to have buyers waiting.

The wealthy come to experience the warm climate while lower-income immigrants come in search of a more affordable living. With such a broad range of buyers available, Colombia offers something for every kind of investor.

I m in Guatape, a very well known area by many travelers