Transfer of money

For the purpose of this post, I will ignore the title of the thread, Transfer of Money and what it may mean, and address your question as a standalone question just as it is stated.  "Do I have to pay taxes on my money in Colombia?"

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Colombia taxes the worldwide incomes of Expats who live in the country for 183 or more days out of any 365 day period.

Colombia uses a marginal-income chart that tops out at 33 to 35 percent for top earners.  Lowest earners pay zero to ten percent tax.

If one pays taxes to his/her own country, such (paid) taxes can normally be deducted from Colombia tax obligations during the same calendar year.  Colombia collects taxes on income in August and September of the year after the income is received.

Some types of income such as inheritance income may be paid at the capital gains rate of ten percent.

In some recent years, Colombia has been taxing the worldwide assets of wealthier tax residents.

Due to the complexity of the tax law, the fact that the law has been changing almost annually and the creativity/knowledge of certain accountants, some Expats legally pay far, far less than 33 percent, or may even legally pay zero taxes in a given tax year despite receiving impressive amounts of foreign income.

Consult multiple tax professionals before deciding on moving to Colombia on a long-term basis or even 183 consecutive days.  Expect their opinions on your situation to vary.  Consider using the accountant or tax professional who presents the most favorable scenario for your tax obligation.

Please follow up on this thread with any additional questions you may have.

cccmedia

Great information.

I was just trying to transfer 70k

1. Check with your USA bank to learn the limits and rules.   When opening a USA brokerage account this year from Colombia, my initial funding wire to the brokerage was limited by my bank to X-thousands of dollars.

2.  Check with your South American bank to learn the wire instructions and any limits they impose.

3.  In this era of Internet hacking, I wouldn't go tossing around numbers
like 70,000 dollars too freely.

cccmedia

Can you recommend me a attorney in Medellin for transfer of money

An attorney in Medellin for transfer of money ??

This is Colombia , not the USA. We don't call an attorney just to wipe our bums here.

If the poster doesn't have a bank account and needs money wired to South America, an attorney escrow-type account is not necessarily a bad idea for a one-time infusion.

Long-term, wiring Social Security direct to a bank account might be better.  Talking automatic monthly transfers.  Social Security bank-depositigcan be facilitated by an Embassy in many cases.

cccmedia

Just get a Bank card and use an ATM to get money from our home account like everyone does for crissakes.
Why do.people have to make things so complicated.?

Its like  people have never been anywhere   other than.living in their parents basement their whole life.

For 70k use these guys

http://www.alianza.com.co

Make sure they complete formulario 4 or 5 as aplicable.

I have used them
Previously with sucess.

For a guy asking such naive qiuestions I would be very wary of bringing that much money in to.the country and reason why

Though you could be one of them" money is no object" kinda guys

Also you can do interbank tramsfers if you have a bank account here.

There are lots of other way to transfer money.
Do  a search on some of the other more Active  colombia expat forums on this subject there is a lot of informatión out there.

Then do a comparison of the methods and determine which is the most economical or otherwise suitable andmost confortable  method  for you.

That the way I would do.it. I think.like an engineer because I am.one.

Tubes is right.You dont need an Attorney.

Maybe tubes can  help you. I believe he is a property owner and has been through the process.

I have given you all.my personal.input with the Alianza contact info.

Good luck

Make sure you complete formalario 4 or 5 as applicable.Very important.

One is for residente and other for non residente. I cant remember which is which

Check with whoever is doing your transfer (Bank or agent) which is aplicables and get them to help you fill it in and submit it.

See i dont just post cynical sarcastic comments

Tubes how did you transfer the money

Hkumar00:
The last time that I did a big transfer I simply went to the bank, showed them a few documents to explain the costs and did one big transfer from my overseas account.

No problems and no surprise charges.

Quechimba wrote:

See i dont just post cynical sarcastic comments

Some of your remarks above  appeared condescending, no matter how much information you eventually provided.

New members or members trying to learn the ropes .. can be scared off if they encounter attitude.  They simply will go instead to different sites, not this one, next time they need to learn something.

Let's welcome folks , encourage them   and remember that we all had to learn the ropes once, usually with a little help from friendly souls.

Best not to hit 'em over the head just because they're newbies.

cccmedia

Even like the guy who wanted to send the iPhone to his Lady friend in Bogota because she "desperately needed it" even though he could of just.sent her the money
.(maybe he did  it this way because he didnt trust her because he hardly know her) and he was gonna apply for  a  visa to  UK for her,even though it is the hardest country for a Colombiana to get a visitors visa, and why did she urgently need an iPhone if she had a Bank account and enough  assets to get a UK visitors visa.?

Sometimes people need a good knock on the head before they take the "Red Pill"

He told me to F*** O**, but  maybe some of my snarky remarks will.make him think with his big head.

It was pretty easy to see at léast 3 red flags about her in just 2 of his posts.

Hopefully he is reading  this and will wake  Up and smell the coffee.