Opening an Investment Account
You’ve already fallen in love with Colombia, but you’re not ready to move here full time just yet. It’s still a good idea to start establishing your presence in this country, and you can do that by opening an investment account at the bank.
This is your best option if you are not yet a resident or cédula holder. You can open an investment account with a passport, and you do not even need to be physically present in Colombia.
No Cédula? No Problem
This is your best option if you are not yet a resident or cédula holder. You can open an investment account with a passport, and you do not even need to be physically present in Colombia
Related Topics of Interest for You:
Take Care with Wire Transfers
As with any wire transfer in Colombia, you’ll have to classify this money when you bring it into the country, but there are many ways to classify it. It’s a good idea to have a consultation with a law firm experienced in handling wire transfers. Not all lawyers are created equal in this regard, as there are a lot of regulations surrounding wire transfers. It is possible for your transfer to get rejected–not something you want to happen after you’ve paid a lawyer to help you get your money to Colombia.
Is Colombia the Best Place for Your Money?
Colombia is a secure home for your money. Foreign investments are well-protected, and you can make investments on your own without having a Colombian citizen on the paperwork. With your investment account, you’ll get a personal banker, better exchange rates, the opportunity to invest on the Colombian stock exchange, and the ability to manage your investments internationally.
That said, even though Colombia is “offshore” from the US, it is not an easy offshore tax solution. Banks here are very strict, preventing Colombia from being considered a tax haven. If that is what you’re after, you might want to look elsewhere.
Fortunately, there are many other good reasons to choose Colombia as a place to eventually live and as a place to keep your money until you get here. Your new investment account will help you build a relationship with the bank and establish yourself in this country.