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Payment of taxes in colombia

Last activity 23 September 2023 by lunamick

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ooleon68

I live in Cali about 9 mos out of the yr. do I have to pay taxes here on pension money I bring to my bank account in Colombia? Any info is appreciated. Thank you

uknwn0424

Living 9 months in Cali makes you a tax resident, but  whether you have to file or pay depends on whether you payouts exceed the minimum thresholds for declaring. Here's a reference to determine if you have to file: [link under review]. You can also contact the accountants from that page for more info and they'll verify for you. There are other expat accountants/lawyers I can link to if needed, but II haven't really used them before, but they seem reputable as well.


As for paying taxes, if you already pay taxes on those payouts in the U.S., then most likely you won't need to pay anything or would pay something minimal. I don't know how it works for things like Roth IRA's where all the money you've put in has already been taxed. I would guess it would be treated like an investment account and you'd be taxed, which sucks...however, that's just me guessing.

DerekCasanares

@uknwn0424 - Unfortunately your links were removed or I cannot see them.


If you could list the contact information that might be doable.

uknwn0424

If you look up "langon colombia" in google, go to their site, click "LATEST NEWS" at the top, and go to the article titled "Filing Personal Taxes in Colombia: A Comprehensive Guide [UPDATED 2023]", you'll get to the info I linked to. Their whatsapp and email are on the site.

nico peligro

@ooleon68

please read the dozen or so other previous  threads on the same subject


THis site is really starting to look like the ground hog day movie

lunamick

From their website langon

"Option 2: File and Pay Based on “Colombian-Only” Activity

As explained in our Filing Personal Taxes in Colombia series, some local accountants interpret local rules as allowing foreign tax payers the opportunity to calculate obligations based only on assets and income located/sourced in Colombia. In theory, this strategy should decrease any payment obligations for many foreigners given that most don’t have any significant assets located in Colombia nor earn any significant income in Colombia.


However, it should be noted that our Firm does not recommend this strategy. First, we interpret the rules as requiring tax payers to report assets and income on a worldwide basis. This means that if you were ever audited, you may be subject to local penalties and fees assessed by the DIAN, the local tax authority. Second, governments are now sharing a great deal of tax information via international tax treaties. This increases the chances that, at some point, any violations will be identified by the DIAN."



This is why for the past several years living outside of Colombia more than 183 days has been the smart thing to do.

Most people do the above or have a small pension and dont have to worry

I pay uncle Sam enough

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