Im considering to retire in Medellin next year. I visited the city this past February and enjoyed the city. i was very impressed. Im 61 years old from the USA.
I would be living on my pension from my job, Social Security benefits, and possibly monthly payments from my 401k. I have read that if you live in Colombia as an expat for more than five years, Colombia will require you to pay taxes on your income.
My questions are: Will I be dual taxed from Colombia and the USA? If so, Colombia will look at my retirement benefits as taxable income then? I see there is no tax treaty between the USA and Colombia.
I would keep all assets and income payments in a US bank.