Hi all,
I will be working in Colombia for 1 to 2 years.
Do you think it is better to get paid in Colombian pesos or US dollars (assuming the amount is equivalent) ?
Thanks!
Income currency
LilaFerr
01 February 2018 19:03:53
2
OsageArcher
01 February 2018 19:17:55
1524
Personally I would opt for US Dollars. The USD to COP goes up and down but overall I think you'll come out ahead with USD.
I don't know what the tax implications are, if any - you will be a tax resident and so will be subject to the higher taxes of Colombia, either way.
LilaFerr
03 February 2018 18:28:49
2
Many thanks for your answer!
Then if I need to open a bank account in Colombia, would it help to have a "proper" Colombian salary in pesos rather than USD or it wouldn't matter?
OsageArcher
03 February 2018 19:33:31
1524
Once you get a cédula de extranjería you should be able to open a Colombian bank account. I'd then deposit some money in it because that can be handy to set up bill pay for utilities and other expenses. But I would not deposit all my paycheck in it - I'd still take my salary in USD and change to COP as needed, while also putting some into the Colombian bank account. It should not make any difference whether you have a "proper" Colombian salary in COP or not.
Depending on where you live and what your spending habits are you may not spend even as much as 3 million COP/month, or a bit more than $1000 USD at today's exchange rate, for all your needs including housing, clothing, food, entertainment, etc.
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