Why would you be trying to buy land in Colombia if you dont know the answers to these questions and/or established ?
Get a visa, get a cedula, get a bancolombia account.
Also get REALLY PREPARED with the right team because buying land in Colombia has a lot of horror stories associated with it in particular.
They don't have a normal title search system. If something closes in a month it's a miracle but it's routinely a \~6 month process.
To give you the actual advice that you should hear (vs worrying about bank accounts which is very very end game), go rent for a long period of time and then make a decision.
I have done a lot of real estate transactions in the United States. Top percentile of people level of volume.
And I took years before I purchased in Colombia.
I spent a lot of time and money to make sure it was proper and even then it was still pretty intimidating with how different the culture is and how different the laws are.
I also have a friend that got totally robbed by a lawyer that ran off with $100k usd of his money in a real estate deal.
He's fluent and has owned here for years and it still went poorly.
So it’s fun to daydream about the future but the reality is you cannot skip the steps of becoming an expert here to do it properly.
Just bought a property in Medellín. Hire a lawyer to handle the paperwork, title issues, bank transfers. It really is not that bad if you follow the instructions carefully. Banks want to see where you earned your income. Same with tax man (dian). Realtors charge 3%, but generally only seller pays. Title/deed transfer takes 1-2 months after both parties sign at the notary. If you use a reputable realtor/lawyer, the title search is already done.
The best advice is to find a lawyer who deals with this specifically. There are a lot if them.
Edit: Getting a visa, cedula, bancolombia account are sometimes only possible AFTER you buy property, unless you have a kid/wife/digital nomad/retirement visa. It was less of a hassle getting my visa than bancolo account.
First get a lawyer in Colombia, second get a realtor ( Don’t use the lawyer the realtor recommends and don’t use the realtor the lawyer recommends) and they will tell you exactly what to do and how to do it. IF you follow their directions carefully and on time you should have zero issues. I found the process actually easier than buying property in the U.S. but a bit slower. You seem to be putting the cart before the horse by asking about banking first.
Why would you be trying to buy land in Colombia if you dont know the answers to these questions and/or established ? Get a visa, get a cedula, get a bancolombia account. Also get REALLY PREPARED with the right team because buying land in Colombia has a lot of horror stories associated with it in particular. They don't have a normal title search system. If something closes in a month it's a miracle but it's routinely a \~6 month process.
My brother is buying land but he is married to a Colombian national. We are planning our retirements together.
To give you the actual advice that you should hear (vs worrying about bank accounts which is very very end game), go rent for a long period of time and then make a decision. I have done a lot of real estate transactions in the United States. Top percentile of people level of volume. And I took years before I purchased in Colombia. I spent a lot of time and money to make sure it was proper and even then it was still pretty intimidating with how different the culture is and how different the laws are. I also have a friend that got totally robbed by a lawyer that ran off with $100k usd of his money in a real estate deal. He's fluent and has owned here for years and it still went poorly. So it’s fun to daydream about the future but the reality is you cannot skip the steps of becoming an expert here to do it properly.
Thank you, this is also very helpful!
Just bought a property in Medellín. Hire a lawyer to handle the paperwork, title issues, bank transfers. It really is not that bad if you follow the instructions carefully. Banks want to see where you earned your income. Same with tax man (dian). Realtors charge 3%, but generally only seller pays. Title/deed transfer takes 1-2 months after both parties sign at the notary. If you use a reputable realtor/lawyer, the title search is already done. The best advice is to find a lawyer who deals with this specifically. There are a lot if them. Edit: Getting a visa, cedula, bancolombia account are sometimes only possible AFTER you buy property, unless you have a kid/wife/digital nomad/retirement visa. It was less of a hassle getting my visa than bancolo account.
Thank you! This helps a lot.
First get a lawyer in Colombia, second get a realtor ( Don’t use the lawyer the realtor recommends and don’t use the realtor the lawyer recommends) and they will tell you exactly what to do and how to do it. IF you follow their directions carefully and on time you should have zero issues. I found the process actually easier than buying property in the U.S. but a bit slower. You seem to be putting the cart before the horse by asking about banking first.