moving money

Looking for WHERE wrote:

Please enlighten us......
My wife is a citizen of Colombia, we are planning to buy an apartment Soon! She has an account with Bancolombia, she has had it many years. We have wired money there but never have withdrawn any of it. Since we plan on buying said apartment before we are settled there, and I would have Cedula. How difficult is it to wire enough to buy the apartment to HER account ? What would be necessary. Between now and the I will wire as much as I can

Your above post is confusing.

1.  Your location is unclear.

2.  The phrase "we plan on buying said apartment before we are settled there" is confusing.

3.  The phrase "buy the apartment to HER account" is confusing.

cccmedia in La Zona Cafetera

If I was paying for the apartment, I would put ownership in my name .. and wire the money directly to the seller or through my Colombia attorney. 

In case of separation, divorce or marital problems, you could be risking the whole financial/real estate investment down the road .. if you don't have an attorney and a plan protecting your rights now.

Consider keeping the investment in your name and leaving it to your wife in your will.

cccmedia in La Zona

Thank you for your response. Good advice. We have a Pre-nup.....We plan on buying an apartment in Medellin, as I said she has an account at Bancolombia we have been wiring money there for 3 years. I now wish to wire enough additional to buy an apartment . I dont care whos name its in Our marrigae is recorded with Colombia/consulate as I understand Colombian law any property shared IS JUST THAT Property Shared. So my question is since I will not have a Cedula until I apply for a Visa TP7 I which requires me to physically be in Colombia I prefer to buy my appt now which requires getting to Bancolomia.  Thanks for your responses....

Looking for WHERE wrote:

I dont care whos name it's in.... my question is since I will not have a Cedula until I apply for a Visa TP7 I which requires me to physically be in Colombia I prefer to buy my appt now which requires getting to Bancolomia.

That's not actually a question, you're stating a preference.

I don't understand the rush to buy now before you have received the right to reside in Colombia.

Your 'understanding' that property is shared in Colombia does not preclude the loss of your rights if the property is recorded in wife's name.

"I don't care whose name it's in."  That could change if your marriage hits the rocks and you could lose all rights to the property.

Although I'm not an attorney, it's clear to me you need one before you wire a lot of money to buy property.

"Act in haste, repent at leisure."

cccmedia

You appear to be on the verge of violating the number 1 rule for new Expat arrivals in South America...

Do not buy property until you have lived in the target area for at least one year.

cccmedia

If you feel that way, and it is a long term 50/50 thing, put the name on the escritura in both your names.This is 100% independent of who wires the money to whos account. the names are registered on the escritura (deed) in the e local Notary.

I hope your wife has not wired that money in without a formalario 4 . If she has, keep it quite, spend the money separately , and handle the big transfer for the house separately. As CCC says talk to a competent lawyer  (in confidence) and make your decision based on advice.

You can also wire the money by Alianza Fiduceria

http://www.alianza.com.co/

As you are currently a non resident, you need to have a Formulario 4 completed. Very important. Otherwise DIAN could go after the property (could but likely wont- stll better to do the right paperwork)

As CCC says.- better to go through a competent lawyer, but BE SURE THE FORMULARIO 4 IS COMPLETED FOR THE TRANSFER:

I agree with CCCs comment on 1 year period.

But personally I would go further.

NEVER buy property in Colombia. There are much more stable places to park your money.

On a side note- people are so wrapped up in this owning property thing they become stupid.

Even more so the Colombians. I know a girl who paid 200 million for an apartment, got a hipoteca (mortgae) , paid 100 million cash, 100 million in the mortgage- but mortgage was a variable rate- now she is paying 3 percent per month with Davivienda- and the principle on the mortgage is INCREASING- can you believe it?

And this is with Davivienda- not some gota gota in the calle.

These stories like this go on and on and on. These people are like children when it comes to money, finances and mathematics.

What do you expect from a country where doctors, lawyers and other professionals believe in withches, duendes and the like?

And some expats are not much smarter.

The sooner you realize the banks, government and half the people in Colombia are crooks, the better off you will be.

Well said! Please Pay attention to all this advice. Rent an apartment in the area you think you might be interested in. There's so many factors to consider . On the other hand obviously you love Colombia as most of us do. Just take little steps at a time.
Feel free to contact me directly. I live in Sabaneta

I know this post is getting a bit long in the tooth now, but it is relevant to newcomers here.

I agree with the comment that you should come and live here first before buying, just to decide which area you want to settle in, I don't however totally agree with the insistence on using a formulario 4, you could also use formulario 5 as I did.

The difference between the two forms, Formulario 4, you import the funds specifically for the purchase of a specific property, that form is registered with the Bank of Colombia, and means that if you wish to sell up and take those funds out of the country, you can do so, without being attacked by DIAN.

However if as in my case, you want to bring your funds into the Country, to buy property, a car, another property to rent out or for a family member, general spending, then bring the funds in on a Form 5, the fund are liable to tax, but if you prove the money has been spent and where, then there is no problem with DIAN.

I moved here from Spain, I sold my Finca there, and then transferred the funds here, with the documents proving the sale, there was no problem with Bancolombia accepting the funds here, in fact DIAN told me that I had sold my house in Spain at a loss and could claim back, tax from the Spanish Hacienda, I didn't, but it goes to show DIAN doesn't have to be your enemy.

With regard to Prenups, putting property in your sole name etc. that's a personal decision, I believe that if you enter a relationship you do so on trust, and everything I have is 50/50, I've paid the price in the past, but I still believe that, besides the fact that a Colombian Abogado here, told me, it doesn't matter what pieces of paper you wave about, law in Colombia is about Family, and therefore if you do part, the court will divide your assets as they think fit, whether you like it or not, so paying for expensive bits of paper is no guarantee, you are going to walk away with everything.