At expatgroup.co our services are designed with you in mind. That is why we have the best experts in the field for your peace of mind in the processes. We guarantee a quality service and efficiency, because we are the No. 1 agency in Colombia.
Frequently Asked Questions (FAQs)
What taxes do I need to pay when making the money transfer?
Commission fee: You need to pay the commission fee for the broker agency after converting the money to Colombian Pesos.
4X1000 tax: You need to pay this Colombian tax at the moment of making the money transfer to the vendor. it's 4 pesos for every 1000 pesos transferred.
Does the broker charge a commission?
Yes, the commission fee will depend on the broker agency, they often charge a percentage at the moment of converting the money or an established fee per dollar changed.
Can I keep using the broker account after transferring the money to the broker?
Yes, you can keep using the broker account after the process of purchasing property is over, anytime you need to transfer funds you will have the broker account ready to be used.
Why open a broker account instead of a regular bank account?
The broker account is a safe process, you will have complete control of the registration of the funds as foreign direct investment and better conversion rates. This broker account also gurantees that if the money transferred is not converted into COP in 30 days, the money will go back to your local bank account and the origin of he funds is also established as legal and transparent.
What documents do I need to open a broker account?
Generally, the documents needed are:
a. Certificate showing the origin of the funds (Letter for employer, inheritance, dividends certificate, savings, dispute settlement, etc).
b. An introduction letter in which you describe the motivation behind opening the broker account or moving to Colombia, the companies you have worked at, etc.
c. Las available income tax declaration.
How long does it take to open a broker account?
The process can take about 2-3 weeks while you are gathering the required documents, but it takes about 1 week after you hand in all the documents.
How long do transactions take?
Transactions ordered during the morning will be reflected on the account of the vendor between 4-7 pm and wiring the money in USD the broker account and converting the money to COP are processes that take 1 working day each.
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