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Don't Forget your Passport!

We don’t want to sound cocky or anything, but if you’re a foreigner who fell in love with #Medellin and wants to settle down here and buy real estate… trust us, you’re not alone!

Thankfully, foreigners are legally entitled to buying Colombian #property. You probably already know you can only fly with up to $10,000 USD in cash, which is far from what you need for purchasing. Fortunately, Colombian banks are now allowing foreigners to open bank accounts just with their #passport. A couple of bank formats need to be filled up by you though. Just pay a visit to your future Colombian bank at any nearby location of your preference and they’ll help you through them (they involve questions regarding your job back at your hometown and such). Mind you, the money must be registered with the Banco de La República, be sure they have it done for you before leaving the office. If that’s not the case or you just want to be sure about it, have this process done alongside a local realtor or consultant of your preference.

As your passport is the only document you actually need to purchase real estate in our country, we are totally qualified to put an end to this blog here, but there are a few extra things that might be of good use for you.

Once you have all your money sorted out, be aware that Colombian #realestate is actually quite different to what you're normally accustomed to back in your hometown. For instance, the process involving an escrow is not used around here, unless you're investing on a new real estate project. The aforementioned entails plenty of risks you might be willing to take in order for you to purchase a property you fancy. That’s why we say the following without stressing it enough: Always work with the help of a realtor.

Your realtor must help you verify an official document called Certificado de Tradición y Libertad which contains all of the property’s historical information, including mortgage history, previous owners, pending legal disputes and unpaid debts that you and your realtor must be knowledgeable about before considering making an offer. You can always download all the Certificados you want using the very same platform local legal bodies use by clicking here. Never trust a physical document!

If you want to get a Colombian residency #visa, buying real estate is the best way to go. By getting the visa, you can invest in other investment opportunities. In addition, you can leave Colombia as many times as you pleased without worrying about your status.


If you liked this post, do not forget to like it, or tell us what your opinion is or what experiences you have had with Colombian real estate, we hope hearing from you!

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