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Thread: Living in Colombia

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  1. #46

    Accountant checking in

    Quote Originally Posted by Nounce  [View Original Post]
    It depends on your income amount. There are a couple of ways that you won't be double taxed. Tax paid in Colombia can be deducted as a US tax credit is one. You need to check with your accountant.
    Very good Nounce! I was a CPA but never did taxes (other than my own) and I remembered that any foreign income taxes paid were a direct credit (not deduction) on your US tax return. I moved to Colombia as a resident in 2019 so paid taxes for 2020. I revisited the tax rules on foreign income taxes and the rule hasn't changed. So your comment is still true and accurate. Any taxes you pay on income here in Colombia will be a direct credit on your US tax return. In almost all cases that means it is a net nothing-burger.

  2. #45
    Quote Originally Posted by BigButtDetecto  [View Original Post]
    ... they will tax me on income for which I have already been taxed in the US.....
    It depends on your income amount. There are a couple of ways that you won't be double taxed. Tax paid in Colombia can be deducted as a US tax credit is one. You need to check with your accountant.

  3. #44
    Quote Originally Posted by BigButtDetecto  [View Original Post]
    I wanted to move to Colombia to retire next year but reading the internet, I stumbled on a big roadblock that nobody mentions in the rosy picture: the double taxation;.

    If I move to Colombia, they will tax me again on my social security income and 401 K at about 34%; they will tax me on income for which I have already been taxed in the US. On the top of it, you don't get a tax break for being married.

    So I changed my mind and will spend only 6 months so I will avoid the Colombian income tax.
    Doesn't work the way you think it does, your not doubled tax, but pay the difference between what you would owe in Colombia based on their tax formula for your income. So if you paid say $ 1,000 in the USA based on your reported income as shown on your 1040 and using Dian's formula based on your income in Colombia you would be paying $ 1,500 in Colombia you only pay the difference of $ 500 to the Colombian government which would be a write off on your USA tax return for the following year. And retirement accounts like a 401 K are not taxed. Albeit they have other things they look at and when you exceed a certain amount of wealth based on your assets another set of taxes come into play.

  4. #43
    Check with an accountant. Ask specifically about foreign tax credit. You can also look it up on it's. Gov. I have a feeling that is not where you stumbled upon your Internet discovery.

    Quote Originally Posted by BigButtDetecto  [View Original Post]
    I wanted to move to Colombia to retire next year but reading the internet, I stumbled on a big roadblock that nobody mentions in the rosy picture: the double taxation;.

    If I move to Colombia, they will tax me again on my social security income and 401 K at about 34%; they will tax me on income for which I have already been taxed in the US. On the top of it, you don't get a tax break for being married.

    So I changed my mind and will spend only 6 months so I will avoid the Colombian income tax.

  5. #42

    US Colombia taxes

    Quote Originally Posted by Routard  [View Original Post]
    True if coming from USA. But coming from Europe income tax in Colombia is lower. Important is to check also if Colombia has a double taxation agreement with your home country. If not, I would definitively not declare incomes from that country, you might end up paying tax in both countries. DIAN would anyway have no way to find out you have those incomes abroad. If there is a double taxation agreement, both countries are supposed to share information. then you definitively have to declare income from your home country but you can deduct in Colombia tax you had to pay in your home country.
    Wrong. DIAN can find out about your wealth; they don't have double taxation agreement with US but they share infos and you may end up paying a huge fine.

  6. #41

    Moving to Colombia

    Quote Originally Posted by LionBacker  [View Original Post]
    Hey guys,

    I want to quit my job and then move to Medellin for a year. I have enough money saved up so that's not a issues, and I've never been married, or have kids so nothing holding me back except that I am in a comfortable job that if I leave I may not be able to find a good job like that when I come back but if I don't leave I may regret not going in the first place.

    Do you guys think it's worth leaving a nice comfortable job to travel and date, go to the gym and get back into shape, take salsa classes for a 12-18 months? I've been studying Spanish and getting better as time goes on.

    Anyone moved to Colombia and could give me their perspective on this and if it's worth it?
    I wanted to move to Colombia to retire next year but reading the internet, I stumbled on a big roadblock that nobody mentions in the rosy picture: the double taxation;.

    If I move to Colombia, they will tax me again on my social security income and 401 K at about 34%; they will tax me on income for which I have already been taxed in the US. On the top of it, you don't get a tax break for being married.

    So I changed my mind and will spend only 6 months so I will avoid the Colombian income tax.

  7. #40

    Go to Costa Rica

    Quote Originally Posted by EdwardQ  [View Original Post]
    Looking for a dentist in MDE. Any recommendations?
    I have it from a guy who lives in Medellin and had some face lift done in Medellin and a whole lot of new teeth, crowns and caps done but he went to Costa Rica for that. He said plastic surgery can't be beat in Colombia but dental work should be done in Costa Rica.

  8. #39
    Quote Originally Posted by EdwardQ  [View Original Post]
    Looking for a dentist in MDE. Any recommendations?
    In my experience, going to a dentist in MDE is like going to barber shop to get your hair cut. The office will be under one dentists name, but there are several chairs (leased? Rented?) by other dentists, and they get use of the facility / office. So, it is sort of random who you get or is available until you get the card of a particular dentist you like.

    I had a crown done and she did a mediocre job.

    A year later I needed a emergency root canal on a Friday evening in San Diego CA. Went to Tijuana, went to an office called I LOVE MY DENTIST and a Computer Modeled crown was made for me, and it was an absolute perfect fit on first try. The final fitting is the worst part and most crucial part when you been in the chair most of the day.

    The point I'm getting to is if you need a crown, search for a dentist that has this technology.

    Sorry can't be more help, I'm looking for a solid dentist in MDE myself.

  9. #38

    Dentist in MDE

    Looking for a dentist in MDE. Any recommendations?

  10. #37

    To be or not to be. This is the question.

    Quote Originally Posted by LionBacker  [View Original Post]
    Hey guys,

    I want to quit my job and then move to Medellin for a year. I have enough money saved up so that's not a issues, and I've never been married, or have kids so nothing holding me back except that I am in a comfortable job that if I leave I may not be able to find a good job like that when I come back but if I don't leave I may regret not going in the first place.

    Do you guys think it's worth leaving a nice comfortable job to travel and date, go to the gym and get back into shape, take salsa classes for a 12-18 months? I've been studying Spanish and getting better as time goes on.

    Anyone moved to Colombia and could give me their perspective on this and if it's worth it?
    You don't need salsa to see the girls, they don't need that. Bring the money. Gym is good. How old are you and what are you looking for? Are you looking for a wife or just to see the girls for money? Take a vacation for a month or two and try first. You will spend more money but. In this case you will keep your job and understand what you need. Don't think that Medellin will solve other problems just because you are there. And if you want to get a young wife there, keep in mind that as soon as you will bring her to your country (USA) she will be exactly the same as any chick in US in two months. You can't change a prostitute, soon or later she start to sell her pussy in your country. If she will dump you later, you will be responsible to support her.

  11. #36

    Does your work allow telecommuting?

    Quote Originally Posted by LionBacker  [View Original Post]
    Thanks bro, yea you are right, I can always have a job and save later in life. I won't be young forever. I think I just need that push to do it, for example if my boss were to fired me, then it would make the decision to go to Colombia so much easier.
    I have no idea what you do, but if you can work remotely you could ask your boss for a working sabbatical with a reduced pay. Your boss saves on labor, and you get to keep you comfortable job when you're ready to resume fulltime.

    If not, I agree with the others. When you get more luggage in life, travel tends to become a distant afterthought. Take a year and hopefully see places beyond mongering.

  12. #35

    Thank you

    Quote Originally Posted by Roger1286  [View Original Post]
    I am at that stage in life where I am in my winter years and finding myself looking back wondering where spring, summer and autumn went; if I could relive my life what would I have done differently. The number one thing by far is that I wish I had traveled more. But alas, my reality is that I am 74 years old and have been married over 50 years. But if I was single I would do what ever it took to be the world's most interesting man! Having a boss that would allow for taking a year off would be wonderful IMO.

    So how did I come across this post. I still monger, albeit, very carefully and if the variants allow I will visit Cartagena at the end of the year and my monger mind wonders how to do a short-time event if the opportunity allows for some time away from the spouse. Anyway, good luck with your decision!
    Thank you! This post really made me think about the issue from a different perspective! I'm the type of person that when I am in a comfortable position, I do not want to leave and put myself in a position that I am not as comfortable in, even if it meant that I had alot to gain. But yes, I really do think I won't be regretting traveling too much in my winter days, now I think I'm just going to plan a exit strategy at work, then place all my furniture in storage, look for a furnished apartment in Medellin. I have friends who live there right now that can help me with that. I think in the next 12 months I'm going to make this happen.

  13. #34

    My tombstone would read: I wish I traveled more!

    Quote Originally Posted by LionBacker  [View Original Post]
    Hey guys,

    I want to quit my job and then move to Medellin for a year. I have enough money saved up so that's not a issues, and I've never been married, or have kids so nothing holding me back except that I am in a comfortable job that if I leave I may not be able to find a good job like that when I come back but if I don't leave I may regret not going in the first place.

    Do you guys think it's worth leaving a nice comfortable job to travel and date, go to the gym and get back into shape, take salsa classes for a 12-18 months? I've been studying Spanish and getting better as time goes on.

    Anyone moved to Colombia and could give me their perspective on this and if it's worth it?
    I am at that stage in life where I am in my winter years and finding myself looking back wondering where spring, summer and autumn went; if I could relive my life what would I have done differently. The number one thing by far is that I wish I had traveled more. But alas, my reality is that I am 74 years old and have been married over 50 years. But if I was single I would do what ever it took to be the world's most interesting man! Having a boss that would allow for taking a year off would be wonderful IMO.

    So how did I come across this post. I still monger, albeit, very carefully and if the variants allow I will visit Cartagena at the end of the year and my monger mind wonders how to do a short-time event if the opportunity allows for some time away from the spouse. Anyway, good luck with your decision!

  14. #33

    Try for a leave first

    Quote Originally Posted by LionBacker  [View Original Post]
    Thanks bro, yea you are right, I can always have a job and save later in life. I won't be young forever. I think I just need that push to do it, for example if my boss were to fired me, then it would make the decision to go to Colombia so much easier.
    You won't be young forever, you're right but remember this, getting a well paying rewarding job is harder when you are older and especially with a break in your work record.

    Try and get a leave of absence and even a remote job with same company. Maybe it won't pay as much but you will have continuity and maybe your old job or better when you get back.

    Living somewhere is not the same as being on vacation And you may find that you don't like living there and spending all your savings as much as you thought you would.

    I totally understand that enjoying life is more fun and easier when you are young so maybe you will be lucky but try first for a leave and don't burn any bridges.

    And don't forget what you have been told about visas.

    Good luck!

  15. #32

    Thanks man

    Quote Originally Posted by Lefeu  [View Original Post]
    I have not moved to Colombia or any other country, but I would do it in flash if I were in your shoes. As Peter Lynch said (or maybe someone else said it): nobody will say from their death bed: I wish I spent more time at the office.

    You will have plenty of time to make up the lost income, but the memory of experience will be with you forever.
    Thanks bro, yea you are right, I can always have a job and save later in life. I won't be young forever. I think I just need that push to do it, for example if my boss were to fired me, then it would make the decision to go to Colombia so much easier.

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