Dual citizenship?

CaliRay wrote:

According to what I've read online, I'm eligible to become a Colombian citizen....

Any negative reasons I might not want dual citizenship?

Although I'm not recommending that you renounce your USA citizenship, it's a fact that USA passport-holders are liable to the IRS in the USA for taxes on worldwide income.  Some have shed this obligation by obtaining citizenship in another country and then renouncing.

In fact, there has been a steep increase in the past decade in the number of high-income individuals renouncing USA citizenship in order to avoid having to file returns and pay tax to the IRS.

That said, Colombian citizens are theoretically required to pay tax to Colombia based on worldwide income.

However, there are enough loopholes, creative interpretations of COL tax law and creative accountants around .. that Expat residents and/or citizens in Colombia may find a way around the putative obligation to Colombia on USA income.  Ipso facto, sole citizenship in Colombia may ultimately be better for some.

Everybody with significant income should get a tax opinion on their situation .. before becoming a tax resident of Colombia (183-plus days a year) or a citizen.  The COL tax laws are too complicated for layman Expats on this forum to predict reliably .. the actual tax-obligations of any individual.

cccmedia in Medellín

CCC/Caliray I haven't regretted for a min my retirement in Colombia. Love it here, but I'd never give up my blue passport. And I pay my US taxes..just did as a matter of fact. And my retirement check/pension really not much. But living here as a pensionado is no big deal for me tax wise . My question because I took early retirement -still several years before I turn 60 - do we have to wait until 65 to get out of a Spanish literacy test? I'm learning more espanol all the time but it's still terrible. I thought I just needed to keep renewing my pensionado visa for 5 years then apply for duel citizenship. I never considered age until I saw Cali's post.
Thanks !!

Floridaray wrote:

still several years before I turn 60 - do we have to wait until 65 to get out of a Spanish literacy test? I'm learning more español all the time but it's still terrible. I thought I just needed to keep renewing my pensionado visa for 5 years then apply for duel citizenship. I never considered age until I saw Cali's post.

You misunderstand the five-year requirement, Florida Ray.

After five years on a  TP visa, you may apply for residency in Colombia.  It would be another several years before you could apply for citizenship.

Technically, the TP visas are (as the T indicates) temporary visas.

So, after five years on TP visa renewals, applying for Colombia citizenship will not yet be available to you.

Since you apparently will hit the golden 65 before logging enough total TP/residency time to apply for citizenship, the issue of an early age-waiver on language skills apparently is moot.

cccmedia in Medellín

Thanks CCC! May have mentioned it before but you're a wealth of info on this visa pathway!

Thanks, Ray.

I have been immersed in the TP-7 visa process .. which culminated in my obtaining and registering a TP-7 rentista visa last month.

I did not have to go to Bogotá at any point, as Langon Law group has an agent there to take care of that part.

Senior paralegal Marta Pasko and founder Alan Gongora of Langon Law know the visa process backwards and forwards.  agongora(at)langoncolombia.com

cccmedia in Medellín

cccmedia thanks for your reply. My experience has been that some routine things we take for granted in the U.S. would be less difficult in Colombia if I were a Colombian citizen.

What routine things would be easier in Colombia as a citizen compared to just having a cédula?

cccmedia

For one, opening a bank account. Some banks would not consider allowing me to open an account unless I were a citizen.

CaliRay wrote:

For one, opening a bank account. Some banks would not consider allowing me to open an account unless I were a citizen.

Thanks for answering my question, CaliRay.

Still, citizenship application seems like a lot of bother and expense just to have a wider choice of banks.

Have you got another example we can relate to?

cccmedia

Not sure what benefits would be having a Colombia citizenship?  Already i have access to good insurance, and the ability to purchase property.  My tax accountant back in the states advised me not to have a bank account in Colombia. 

I know that i have heard from others that they regret renouncing their citizenship back in the states just to save on paying taxes.

Texas Bred wrote:

Not sure what benefits would be having a Colombia citizenship.  Already I have access to good insurance, and the ability to purchase property.  My tax accountant back in the states advised me not to have a bank account in Colombia.

If an Expat was living in Colombia via a visa based on an investment such as a house or part of a business, gaining citizenship would enable him or her to cash out that investment.

----

So, Tex, why does your USA accountant think you should not have a bank account in Colombia?

cccmedia in Medellín