Expat Community > Colombia

masterita
Joined 2012
Posts: 379

Permanent Residency in Colombia Pros and Cons

11 years ago

I am in the process of researching the pros and cons of becoming a Permanent Resident in Colombia. I am sure becoming a legal resident grants me more rights in Colombia but also gives me more obligations as well.

If anyone can help shed some light with the pros and cons and clear up some of the muddled facts, I would greatly appreciate it.

From my understanding:

Pros:
1. You no longer need to renew your visa.
2. You still need to renew your cédula every 5 years (as appose to every 3 years).
3. Your cédula will state "Resident" and not "Temporal". Making it easier to find employment, get cell phone contracts, renting, etc.
4. Your credit score improves and it will become easier to get a loan.
5. It is more difficult for Colombia to kick you out (not renew your visa), if you complain about the poor customer service.
6. It becomes easier to speak Spanish without your gringo accent.

Cons:
1. You must pay Colombian income tax on your worldwide income which was deducted from your home country tax (ie; if you can write off $25,000 USD for living expenses abroad, then you have to pay this part to Colombia) This tax is a muddled fact.
2. It becomes a little more complicated for your home country to protect you in case of legal problems (arrest). Because the local laws become "more" enforceable on you.
3. You have to play music loudly at night at least once per month to annoy your neighbors.

The problem is (as we all know) is that information is always sketchy and tends to change with each person you ask. So any insight would be greatly appreciated.

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SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

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Permanent Residency in Colombia Pros and Cons

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