Living The Dream In Medellín, Colombia
As the saying goes, "Time flies when you’re having fun..." I couldn’t agree more. It’s hard to believe… but it’s...
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Top Destinations:
Whether you’re looking for fun and sun, a peaceful retirement, or the chance to earn some extra income, you’ve got a real world of opportunity open to you… In short, we’ve done our best to narrow down your best options, but only you can decide the right country for you.Best For:
- Store
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Overseas Havens Reports
Conference Kits
Lahardan Books
Your passport to a life well-lived abroadSubscriptions
Our Customer Service team is here to assist with any questions or concerns CustomerService@LiveandInvestOverseas.com
Colombia Facts And Figures
Colombia Facts And Figures
Colombia is located in South America. This culture-rich country has a coastline on the Pacific Ocean and Caribbean Sea.
Bordered by Panama, Ecuador, Chile, Brazil, and Venezuela, Colombia is an integral part of the South American continent.
The total land area of Colombia is 401,044 square miles (1,038,699 square kilometers). Colombia is renowned for its beaches, natural landscapes, outdoor activities, and vibrant society.
Home to the second largest population in South America, surpassed only by Brazil, Colombia’s free market economy continues to draw investment attention the world over.
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Colombia Facts
| Information Type | Colombia Data |
|---|---|
| Population | 52,085,168 (2023 est.) |
| Gross Domestic Product PPP (GDP) | US$818.00 Billion (2023 est.) |
| GDP Per Capita | US$6,417 (2023. est.) |
| Inflation Rate | 9.3% (2023 est.) |
| Currency | Colombian Peso |
| Exchange Rate Versus U.S. Dollar | 3,940.68 pesos per U.S. dollar (March, 2024) |
| Language | Spanish (official) |
| Capital | Bogota |
| Population of Capital City | 11.66 million (metropolitan area) (2024 est.) |
| Time Zone | UTC/GMT – 5 hours |
| Seasons | There are alternating dry and wet seasons corresponding to summer and winter, respectively. |
| International Dialing Code | 57 |
| Electricity | 110-120 V – 220-240V appliances: Plug adapter + step-up transformer |
| System of Government | Republic. Executive branch dominates government structure. |
| Current Leader | President Gustavo Petro (since Aug. 2022) |
| Property Tax | The rates of the unified property tax on the aggregate value of the land and buildings range between 0.5% and 1.4%. |
| Capital Gains Tax | 0% to 10% |
| Inheritance Tax | Inheritance/ estate tax – Gifts are treated as capital gains and subject to tax as ordinary income. |
| Rental Income Tax | Income from leasing real property is considered as ordinary income and taxed at 33%. Rental income is subject to 3.5% withholding tax, which is considered as advance tax payment. |
| Sales Tax | 19% |
| Restrictions on Foreign Ownership of Property | None |
| Local Chamber of Commerce | |
| American Chamber of Commerce | |
| Primary Exports | Petroleum, coffee, spices, emeralds, coal, nickel, live trees, apparel, plastic, bananas. |
| Residency and Visa Requirements | The process for residency is fairly simple and straightforward, with low income and investment requirements. |
| Special Benefits for Foreign Residents or Retirees | A retirement visa, requires you to be receiving retirement benefits from the U.S. |
| National Airline | Avianca |
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What You Need To Know About Gun Laws In Central And South America
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