Wiring money to Colombia isn’t as simple as in some other countries. The banks here are cautious and protective, and will need to know where the money is coming from and what you intend to use it for. It’s important to file the correct forms–and file them thoroughly and honestly–associated with your wire transfers to avoid investigation and fines. Read about how to wire money to Colombia.
Legalize Your Wire Transfer in Colombia
Correct registration of money entering Colombia is referred to as legalizing your wire transfer. Careful and correct legalization of your wire transfer in Colombia protects your investment and makes it easier for you to take money out of the country in the future. It also protects against ugly audits and surprise fines from Colombian regulatory agencies.
Incorrect registration of wire transfers may be seen as income and not merely a transfer of personal assets.
A correct investment starts before you do a wire transfer to Colombia. Certifying from whom the money comes and supplying the proper supporting documents, such as purchase agreements, are only half the puzzle when registering wire transfers in Colombia. Many first-time investors get wires turned back or classified incorrectly. This results in fines, delays and unnecessary stress when you are getting your life started in Colombia.
Colombian Regulatory Agencies
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. Click here for more information.
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.