All you need to buy property in Colombia is a passport; you do not need to be a resident or have a cédula. However, getting a car or home loan in Colombia is not be as simple as it likely is in your home country. In fact, even Colombian nationals rarely take loans, and most real estate transactions are done in cash.
However, getting a home loan in Colombia is not impossible, even if you're not married to a Colombian.
Build a Relationship
The first step is building a relationship with a bank, and you can do that before you even move to Colombia by opening an investment account. All you need is a passport; you do not need to be physically present in this country. After you arrive in Colombia and have a cédula, you can open a personal bank account or a corporate bank account, if applicable.
Establish Yourself in Colombia
To be considered for a loan, you will need to be fairly well-established in Colombia, having lived in the country for at least six months (the more time, the better) with a cédula. It's also helpful if you plan to live in the home you're buying rather than use it as a rental property.
Be Prepared for a Down Payment
If you are accepted for the loan, you will likely be expected to give a 30% down payment for a 5-15 year mortgage term. That would be, of course, after lots and lots of paperwork.
How We Can Help:
Our Colombian accountants and bilingual assistants can help you prepare financial statements and outline a strategy to build credit in Colombia, which may include tax planning. Colombia Legal & Accounting SAS offers a variety of services for individuals who are ready to start a life in Colombia.
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