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  1. #45270
    Quote Originally Posted by Luminous  [View Original Post]
    Multiple times I have considered buying an apartment in Colombia but the numbers never make sense. The ROI is no better than in US, plus there is double taxation issue. The biggest issue is the currency depreciation risk you are taking. The prices for these apartments tend to go up as the peso depreciates but that gets you to net neutral at best instead of any gains. As most of the members suggested, best to rent unless you are planning to live there permanently. I have a real estate broker that is trying hard to sell me an apartment but when I ask him how the numbers make sense. He has no answer.

    Learn from all the American's that have bought properties overseas and can't wait to get rid of them.
    Yes there are taxation issues depending on whether your considered a "tax resident" meaning your in the Country more than six months a year. If you did own an apartment in Colombia, and were not in the Country more than six months a year, and did not rent or have any rental income form the apartment, there would be no "double taxation issues", however if you had rental income, and were in the Country less than six months you would have to pay approximately 20% of the net income in taxes to DIAN the Colombian IRS but these taxes would be deductible on your USA tax return. And if your in the Country more than six months a year whether you have Colombian rental income or not you would need to file taxes in Colombia, and may have to pay taxes to DIAN depending on your wealth and income. For this reason, most foreigners of wealth do not reside in the Country more than six months a year.

  2. #45269

    Avenida de Greiff

    Here is a map.

    Have Fun.

    Quote Originally Posted by Combo  [View Original Post]
    I've never been clear on what are the boundaries of Raudal. I've walked down on DeGrief many times a few blocks further than Conejitas. Down by where Bar Hilton is. Is that DeGrief?
    Attached Thumbnails Attached Thumbnails Avenida de Greiff.JPG‎  

  3. #45268

    Colombian Real Estate Primer

    Quote Originally Posted by MojoBandit  [View Original Post]
    I heard a guy say he bought his apartment from a Colombian but they wanted the purchase to be done in US dollars and with a US bank, therefor the money never even entered Colombia, he said this prevented him from getting the residency visa that would have normally been possible but due to the transaction of the money happening outside of the country it could not be verified so now it sounds also as if he will have the same problem you guys are describing if he wants to sell and get the money out of the country.
    There are strict guidelines and procedures required to obtain a residency visa in Colombia, let alone all the pitfalls of buying property as there are no "escrow companies" so hence you have to utilize attorneys to do your due diligence, and finding a competent and trustworthy Colombian attorney is difficult, and anyone can be an attorney in Colombia, all they need is a degree, and there is no bar exam which at least is a benchmark, but doesn't mean the attorney will be any good.

    If this individual you mentioned did actually buy the property and paid for it in US dollars from a US Bank, he may have an issue even selling the property to begin with, let alone getting his money out of the Country. When properties are sold and bought in Colombia, they use notarys, almost like para-legals to facilitate the recording of ownership, and with no trackable / verifiable purchase information which is used as a basis for taxation, this may preclude someone from buying the property.

    The selling and buying of real estate in Colombia is not regulated in the sense like in most States in the USA, like in Callifornia where there is a stack of disclosures required for transactions. It's basically like the "wild west" with so many pitfalls, hence gringos getting burned is the "norm". And there are no "exclusive listings" there will be multiple agents representing sellers and different prices as well.

  4. #45267

    Apartment

    Multiple times I have considered buying an apartment in Colombia but the numbers never make sense. The ROI is no better than in US, plus there is double taxation issue. The biggest issue is the currency depreciation risk you are taking. The prices for these apartments tend to go up as the peso depreciates but that gets you to net neutral at best instead of any gains. As most of the members suggested, best to rent unless you are planning to live there permanently. I have a real estate broker that is trying hard to sell me an apartment but when I ask him how the numbers make sense. He has no answer.

    Learn from all the American's that have bought properties overseas and can't wait to get rid of them.

    Quote Originally Posted by ColombiaLover  [View Original Post]
    True. That's why I would never spend what I could not afford to lose (or at least not be able to access). I am not looking for rental income. If I died, I'd just give it to my ex-wife and daughter, who are both Colombian and USA Citizens.

  5. #45266

    Currency

    Or just save it for the next trip.

    Quote Originally Posted by HappyShiva  [View Original Post]
    Very true, most of these countries currency is not fully convertible. Which means that Major world currencies can be exchanged to their currency, but you cannot exchange their currency with Major world currency. When I was leaving Rio for USA, I had approx. 200 dollar worth of local Brazilian currency, but the exchange place at the airport could not exchange for USD. I have to spend all the money at the airport buying things unnecessary. Surprisingly Dominican Republic and Mexico currency is convertible but not India or Brazil whose economy is much better.

    You can always bring your money back to USA and there are currency brokers who will charge you a handsome fees. Or maybe you will be lucky to find US, Canadian or European buyer for your apartment.

  6. #45265

    Apt

    Quote Originally Posted by RacShack  [View Original Post]
    Thanks, now that makes sense, me like you. Likes to buy income property in USA and spend my money on Colombia, I almost fell for it once when Panama was booming thank god it got to difficult and I backed out!
    Agreed. A good friend of mine advised me of the same thing. I also agree with Mr. E, just rent that way you can move around it you don't like and area. Or want to live in different area of the country. The best advice ever is to rent. At least for us older folk.

  7. #45264

    Paying Before Or After Sex

    Hey guys,

    this is my first post. I really tried to look for the answer in previous reports but I got so many different answers. I have been silently following your discussions on ISG since December / January I believe. Now:

    1. Let's pretend I go to El Centro and I speak to a girl on the street and she says 30 K Pesos. I know the word prepago so: Do I pay her before or after the sex?

    2. I read many times from different people that you should never pay in advance. I am now confused.

    Please go easy on me.

  8. #45263
    Quote Originally Posted by SavePros321  [View Original Post]
    Moving a bit fast there Speedy Gonzalez.

    Some of you guys get a taste of foreign chocha and lose your damns minds!

    Not trying to tell you how to live your life amigo, just try not to end up like this guy (who was also moving a bit fast):

    Horrifying end for man seeking love in Brazil

    https://www.seattletimes.com/nation-world/horrifying-end-for-man-seeking-love-in-brazil/
    I'm sure this time it will be a happily ever after fairy tale ending.

    One thing I learned is that if you still have other girlfriends you aren't going to stop seeing and she still has other boyfriends and or girlfriends she's not going to stop seeing, it's not time to settle down.

    About the time he finishes paying for that house being built, he's going to discover that it wasn't being built for him and her and that he has no claim on it.

  9. #45262
    Quote Originally Posted by ColombiaLover  [View Original Post]
    True. That's why I would never spend what I could not afford to lose (or at least not be able to access). I am not looking for rental income. If I died, I'd just give it to my ex-wife and daughter, who are both Colombian and USA Citizens.
    That is why it is smarter to rent, especially for older people. How do you look at 60 years old talking about buying some shit. There is too much uncertainty buying things overseas. With this pandemic, regular foreign visitors have not been able to enter the Philippines in 1 year. Imagine if you had bought something over there that you could not even get to. All the shit that I have in Thailand, if I never went back I have no problem losing it. My $1500 6 year old scooter is the most expensive thing I have. $300 TV. $50 microwave. Clothes from Goodwill. If I had a $60,000 crib over there that I could not get to for whatever reason, I would be stressed as fuck.

  10. #45261
    True. That's why I would never spend what I could not afford to lose (or at least not be able to access). I am not looking for rental income. If I died, I'd just give it to my ex-wife and daughter, who are both Colombian and USA Citizens.

    Quote Originally Posted by Nounce  [View Original Post]
    Maybe not lose money in COP term but it is difficult to say when the money is converted back to USD. I looked it up and COP has depreciated more than 40% in the last 10 years.

    Personally, I prefer to buy income property in US and spend the income in Colombia.

  11. #45260

  12. #45259
    Quote Originally Posted by Surfer500  [View Original Post]
    Selling the apartment if priced properly will not be the issue, the issue will be if you want to get the money from the sale of the apartment out of the Country, and back into the USA.

    If so, you will have had to properly brought the money into the Country to begin with, meaning the moneys used to purchase the property were properly identified and recorded, or you will never get your money out of the Country.
    I heard a guy say he bought his apartment from a Colombian but they wanted the purchase to be done in US dollars and with a US bank, therefor the money never even entered Colombia, he said this prevented him from getting the residency visa that would have normally been possible but due to the transaction of the money happening outside of the country it could not be verified so now it sounds also as if he will have the same problem you guys are describing if he wants to sell and get the money out of the country.

  13. #45258
    Quote Originally Posted by Osteoknot  [View Original Post]
    I had a great three months but it was time to leave.

    I accomplished most of my goals, went to the mountaintop and saw the casa being built for Catgirl and I by her family. That was a great cross cultural experience that I will never forget, staying with her family in a small pueblo barely accessible by 4 WD that sustained itself by growing coffee on the mountainside.

    That is mi novia Catgirl and her novia, Haz.

    Medellin is where my heart is and I am back in the states taking all the necessary steps to move there permanently
    Moving a bit fast there Speedy Gonzalez.

    Some of you guys get a taste of foreign chocha and lose your damns minds!

    Not trying to tell you how to live your life amigo, just try not to end up like this guy (who was also moving a bit fast):

    Horrifying end for man seeking love in Brazil

    https://www.seattletimes.com/nation-...ove-in-brazil/

  14. #45257
    Regarding #3, trying to impress the girls is really not a good idea. Best to get that mindset out of your system when pursuing this hobby.

    Quote Originally Posted by JjBee62  [View Original Post]
    No! Absolutely not! Never! I would rather just give the girl my ATM card and tell her to go withdraw how much she wants.

    1. It doesn't matter how pleased she will be, because you pay her after she's finished and ready to leave.

    2. The exchange rate is always changing. The price of pussy is fairly stable. Are you planning on checking the current rate each time, doing the math and pulling out your small change? Or were you thinking a $100 bill would make her happy? It should, because you'll be overpaying by 80-350%.

    3. It sounds like you're wanting to impress the girls. If you want to impress them, give them a handful of gummi worms or other cheap candy and eat their pussy. You'll save a lot of money and you're more likely to succeed.

    Having a bunch of girls lined up before you get to Medellin is like having a bunch of birdies lined up before you get on the first tee. You're not going to hit all the holes you think you will.

    Your enthusiasm is great and will probably be expensive.

    You'll be in Colombia. Pay in Colombian pesos.

  15. #45256
    Quote Originally Posted by Gbaby32  [View Original Post]
    Appreciate all the insight and jabs on being a newbie COP it is now to read back and see what a standard price is I've read 150-200 mil.
    Yes, and as you read back, note the conversations where chicas will try to pull the "150" or "200" without adding the "k" or "mil".

    If a chica tries to tell you she means (150) USD, she's not expecting you to pull out a Benjamin, two Jacksons, and a Hamilton: she's saying she wants COP 548, 562 k, which is beyond absurd.

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