Colombia Bank Accounts
This site is maintained by Colombia Legal & Accounting SAS, a team of dedicated Colombian accountants and lawyers in Medellín, Colombia, and is designed to explain how the Colombian banking system works for those who live and do business here. We aim to demystify some of the complexities that exist in the world of Colombian banking.
Setting up a bank account in Colombia is probably one of the most difficult and frustrating tasks a foreigner will undertake during his or her mission to get a visa and live, work, and/or invest in Colombia. When
it comes to your finances in this country, there are many aspects that are all related to one to another, and you'll find it hard to deal with one without some of the others. For example, most of us won't open a bank account without also completing a wire transfer (which will introduce you to some of Colombia's regulatory agencies), and opening most types of accounts is impossible, anyway, without a Colombian visa.
These are some of the most common topics of interest for foreigners and business people in Colombia:
There are three main types of bank accounts in Colombia that are of interest to a foreigner. Each has its own requirements. We can help you determine which type of account is best suited to your needs according to which visa you have (or which you intend to apply for).
Wire transfers are heavily regulated in Colombia. Each transfer requires proper documentation, and the funds must be used for the intended purpose. Failing to follow each step correctly and honestly could result in investigation, fines, or denial of the transfer. The transferred money is often investigated even years after the fact, to make sure it went where it was supposed to. It sounds like a hassle, but most foreigners in Colombia will have to wire money at some point to open a Colombian bank account, purchase property, or invest in a Colombian company.
Legalizing investments in Colombia is an important part of the investing process. Whether you're buying real estate in Colombia or investing in existing Colombian companies or even the Colombian stock market to then apply for an Colombian investor's visa, you need to take care that your investment was legalized correctly. This requires specific processes and documentation. Failing to do so can result in fines of up to 100% of your investment and lots of legal headaches down the road.
It's important to establish credit in Colombia if you intend to apply for a loan someday. Both loan and credit card applications can be tricky, but we can prepare the financial documents you will need and assist with the applications. Our Colombian accountants and attorneys are experts in this area.
As you become a cédula-carrying, tax-paying Colombian resident, you will become familiar with certain regulatory agencies. Perhaps you've heard of some of them already.
How we can help:
Colombia Legal & Accounting provides legal services for individuals who want to establish themselves in Colombia. Working with a professional, experienced agency like CL&A makes your immigration process much easier. We can help you select and apply for an appropriate visa, set up a Colombian corporation, purchase real estate in Colombia, draft contracts, plan taxes, and do your Colombian accounting. We also offer Spanish translation and apostille services.
Our goal is to make the process of immigrating to Colombia as smooth and simple as possible. Contact us for a consultation.
You might also be interested in:
- Colombian Business Visas
- Starting a Colombia Corporation
- Colombia Work Visas
- Tax Preparation and Planning
- Spanish Translations
- Colombian Residency