Colombia Retirement Visa M-11

An introduction the retirement visa in Colombia

Welcome to our comprehensive guide on applying for a retirement visa in Colombia. This guide is your first step toward a hassle-free transition into retirement in Colombia. The Colombian retirement visa is tailored for those looking to enjoy their retirement years abroad, offering a straightforward application process and clear requirements. Our detailed guide will walk you through every aspect of the application, from understanding the eligibility criteria to navigating the required documentation and the application procedure. With our expert insights and tips, we aim to simplify the complexities of the visa process, enabling you to look forward to your retirement in Colombia with confidence and ease. Let's get started on this exciting new chapter of your life.

Colombian Retirement Visa Snapshot

• 1. You can apply for the retirement visa at any age, as long as you have a pension (private or public) amount of $3,900,000COP monthly.
• 2. You will be required to get a criminal background check from your home country.
• 3. You will be required to get certain documents apostilled and legalised before making the application.
• 4. You are able to apply for the retirement visa either while in Colombia on a tourist visa, or from outside of Colombia in your home or other country.

What are the benefits of retiring in Colombia?

Retiring in Colombia offers numerous benefits that appeal to many expatriates. Here are some of the key advantages:

Cost of Living

• Affordable Cost of Living: Colombia is known for its lower cost of living compared to many Western countries. This includes housing, groceries, healthcare, and entertainment, allowing retirees to maintain a high quality of life on a moderate budget.

Healthcare

• Quality Healthcare: Colombia boasts excellent healthcare facilities and services. Cities like Medellín and Bogotá have world-class hospitals and clinics with highly trained medical professionals. Healthcare is also more affordable compared to the United States and Europe.

Climate and Geography

• Diverse Climate Options: Colombia's geography offers a variety of climates, from the cool, spring-like weather in cities like Medellín and Bogotá to the warm, tropical climates on the coast. Retirees can choose the environment that best suits their preferences.

Culture and Lifestyle

• Rich Culture and Vibrant Lifestyle: Colombia has a rich cultural heritage, with diverse music, dance, festivals, and cuisine. The country offers a vibrant lifestyle with plenty of activities and events to enjoy.
• Friendly People: Colombians are known for their warmth and hospitality, making it easier for retirees to integrate into the local community and make new friends.

Natural Beauty and Recreation

• Stunning Natural Beauty: Colombia is home to breathtaking landscapes, including the Amazon rainforest, Andes mountains, Caribbean and Pacific coastlines, and coffee-growing regions. Outdoor enthusiasts can enjoy activities like hiking, bird-watching, and beach-going.
• Adventure and Leisure Activities: There are ample opportunities for both adventure and leisure, from exploring national parks to relaxing in thermal springs.

Accessibility

• Proximity to the U.S. and Canada: Colombia's location makes it relatively easy and affordable to travel back and forth to North America, which is beneficial for retirees who want to visit family and friends.

Economic Stability

• Economic Growth: Colombia has experienced significant economic growth and development, contributing to better infrastructure, services, and overall quality of life for residents.

Real Estate

• Real Estate Opportunities: The real estate market in Colombia is diverse and affordable, offering retirees a range of options from urban apartments to countryside homes.

What are the most popular places in Colombia for retirees?

Below are a list of the most popular destinations for retirees that we have spoken to since the opening of Colombia Law Connection:

Medellín

Medellín, known as the "City of Eternal Spring," boasts a mild, spring-like climate year-round, making it an ideal destination for retirees. The cost of living is affordable compared to many Western cities, and the city offers excellent healthcare facilities and services. Medellín has a vibrant cultural scene with numerous parks and recreational activities, and it hosts a strong and supportive expat community, making it easier for newcomers to settle in.

Bogotá

Bogotá, Colombia's capital, has a cooler, more temperate climate due to its high altitude. While the cost of living is higher than in other Colombian cities, it is still affordable. Bogotá is renowned for having some of the best healthcare facilities in Latin America. The city offers a cosmopolitan lifestyle with rich cultural, dining, and entertainment options. Additionally, Bogotá has a diverse and active expat community, providing ample opportunities for socializing and support.

Cartagena

Cartagena is famous for its tropical climate with warm temperatures year-round. While the cost of living is generally higher, especially in tourist areas, affordable options do exist. The city has good healthcare facilities, though they are fewer compared to larger cities. Cartagena offers a unique lifestyle with its colonial architecture, beautiful beaches, and vibrant nightlife. The expat community in Cartagena is growing, attracting many who are drawn to the coastal lifestyle.

Santa Marta

Santa Marta offers a tropical climate with warm temperatures throughout the year. It is more affordable than Cartagena, making it an attractive option for budget-conscious retirees. The healthcare facilities are adequate, and the city provides a beautiful lifestyle with its stunning beaches, proximity to the Sierra Nevada mountains, and access to Tayrona National Park. The expat community in Santa Marta is smaller but steadily growing.

Pereira

Pereira is located in Colombia's coffee region and enjoys a mild, pleasant climate. It is known for its affordability, making it a popular choice for retirees. The city has good healthcare facilities and offers a slower pace of life with beautiful landscapes. Pereira has a smaller expat community, ideal for those seeking a tranquil and peaceful retirement experience.

Manizales

Manizales, also in the coffee region, has a cool, spring-like climate due to its high altitude. The cost of living is affordable, and the city provides good healthcare facilities. Manizales is renowned for its coffee culture and stunning scenery, making it a picturesque place to retire. The expat community here is smaller but welcoming, offering a tight-knit community feel.

Bucaramanga

Bucaramanga features a warm climate, but it is not overly hot, with cooler evenings providing relief. The cost of living is very affordable, and the city boasts excellent healthcare facilities. Known for its cleanliness and safety, Bucaramanga is also famous for its parks and green spaces, making it a pleasant place to live. The expat community is growing, with more retirees discovering its charms.

Cali

Cali enjoys a warm, tropical climate and is known as the salsa capital of the world. The cost of living is affordable, and the city has good healthcare facilities. Cali offers a lively cultural scene with numerous festivals and events centered around dance and music. The expat community in Cali is active, particularly among those interested in the local dance and music culture.

What does it generally cost to retire in Colombia, as in the monthly cost of living?

Retiring in Colombia is generally affordable compared to many Western countries. The overall cost of retirement can vary depending on the city, lifestyle, and personal preferences. Here is a breakdown of the estimated monthly costs for a retiree in Colombia:

Housing

Housing costs in Colombia can range significantly based on location and type of accommodation. Rent for a one-bedroom apartment in the city center typically ranges from $300 to $700, while a similar apartment outside the city center costs between $200 and $500. Utilities, including electricity, heating, cooling, water, and garbage, usually add an additional $50 to $100 per month. High-speed internet service generally costs around $20 to $30 monthly.

Food

Food expenses are relatively low, with groceries typically costing between $150 and $300 per month. Dining out at moderate restaurants can add another $50 to $100 to your monthly expenses. Overall, food costs usually range from $200 to $400 per month.

Transportation

Transportation costs in Colombia are affordable, especially if you use public transport. A public transportation pass costs between $20 and $40 per month. If you occasionally use taxis or ride-sharing services, you can expect to spend an additional $30 to $110 monthly. Therefore, total transportation costs typically range from $50 to $150 per month.

Healthcare

Healthcare is both high-quality and affordable in Colombia. Health insurance usually costs between $40 and $100 per month, depending on the coverage. Out-of-pocket medical expenses can range from $10 to $100, depending on personal health conditions and needs. Overall, healthcare costs typically range from $50 to $200 per month.

Entertainment and Leisure

Entertainment and leisure activities are also reasonably priced. A gym membership generally costs around $20 to $40 per month. Other activities, such as going to the cinema, concerts, and other events, can add $50 to $150 to your monthly budget. Miscellaneous leisure activities might cost an additional $30 to $110, bringing total entertainment and leisure expenses to approximately $100 to $300 per month.

Miscellaneous Expenses

Miscellaneous expenses, including personal care and household items, usually range from $50 to $100 per month.

Total Estimated Monthly Cost

Considering all the above expenses, the estimated monthly cost of retiring in Colombia ranges from approximately $700 to $1,200 on the low end to $1,600 to $2,150 on the high end. This range provides a good overview of the expected costs and can help you plan your retirement budget accordingly.

What is healthcare like in Colombia for foreign reitrees?

The healthcare situation for retirees in Colombia is generally very favorable, with many advantages for foreign retirees. Here are some key aspects to consider:

Quality of Healthcare

Colombia is renowned for its high-quality healthcare system. Major cities like Bogotá, Medellín, and Cali have state-of-the-art medical facilities and hospitals that meet international standards. Many of these hospitals are accredited by international organizations such as the Joint Commission International (JCI). The country boasts highly trained medical professionals, many of whom have studied or practiced in the United States or Europe.

Cost of Healthcare

Healthcare in Colombia is significantly more affordable than in the United States and many European countries. For example, consultations with specialists can cost between $30 and $50, while dental cleanings might cost around $40. Surgical procedures are also considerably cheaper. Prescription medications are usually much less expensive as well.

Health Insurance

Foreign retirees can opt for private health insurance, which is relatively affordable compared to Western countries. Private health insurance plans typically range from $40 to $100 per month, depending on the level of coverage. These plans often include access to private hospitals, specialist consultations, and various medical treatments.

Public Healthcare System

Foreign retirees with a Colombian residency visa, such as the Pensionado Visa, are eligible to enroll in the public healthcare system, known as EPS (Entidades Promotoras de Salud). The EPS system provides comprehensive healthcare coverage, including doctor's visits, hospital care, surgeries, and prescription medications. The cost to join EPS is based on a percentage of your declared income, usually around 12-15%. The quality of care can vary, with major cities generally offering better services than rural areas.

Access to Care

In major cities, access to healthcare services is excellent, with numerous hospitals, clinics, and specialist centers available. Many healthcare providers speak English, making it easier for foreign retirees to communicate their medical needs. In rural areas, access to high-quality care can be more limited, so retirees often prefer to live in or near larger cities.

Medical Tourism

Colombia is a popular destination for medical tourism, offering advanced treatments and surgeries at a fraction of the cost in the United States or Europe. This has led to the development of specialized medical tourism facilities that cater to foreigners, providing high-quality care and excellent patient services.

Pharmacies and Medication

Pharmacies are widely available throughout Colombia, and many medications that require a prescription in other countries can be purchased over-the-counter. Medications are generally affordable, and generic options are widely available.

Preventative Care and Wellness

Preventative care is an important aspect of healthcare in Colombia. Many health insurance plans include routine check-ups, vaccinations, and wellness programs. Additionally, Colombia's pleasant climate and opportunities for outdoor activities contribute to a healthy lifestyle.

Overall, the healthcare situation for foreign retirees in Colombia is highly favorable, offering high-quality, affordable care, and a range of options for both public and private health insurance.

What is the tax situation in Colombia for foreign retirees?

Tax Residency

Foreign retirees are considered tax residents in Colombia if they spend more than 183 days in the country within a calendar year, whether continuously or intermittently. Tax residency is determined based on physical presence, not on visa status.

Income Tax

As tax residents, foreign retirees are subject to Colombian income tax on their worldwide income, including pensions, investment income, rental income, and any other sources of income from abroad. Colombia uses a progressive tax rate system, with rates ranging from 0% to 39% depending on the level of income. Higher income levels result in higher tax rates applied to taxable income. Certain types of income, such as pensions from foreign governments, may be exempt from Colombian income tax. Additionally, retirees can benefit from deductions for dependents, health expenses, and other personal deductions.

Double Taxation Agreements

Colombia has double taxation agreements (DTAs) with several countries, including the United States, Canada, Spain, and the United Kingdom. These treaties are designed to prevent double taxation, ensuring that retirees do not pay tax on the same income in both Colombia and their home country. It is important for retirees to understand the specific provisions of these treaties and seek professional tax advice to optimize their tax situation.

Filing Requirements

Tax residents are required to file an annual income tax return in Colombia, typically due by late June or early July of the following year. The tax return must report all worldwide income, deductions, and applicable tax credits. Additionally, tax residents with foreign assets exceeding a certain threshold (COP 2,000 million, approximately USD 500,000) are required to report these assets to Colombian tax authorities. This includes bank accounts, investments, real estate, and other significant assets held abroad.

Value Added Tax (VAT)

The standard VAT rate in Colombia is 19%, applying to most goods and services, including some healthcare services, dining, and entertainment. Retirees should consider this when budgeting for living expenses.

Property Tax

If retirees own property in Colombia, they are subject to annual property taxes (impuesto predial). The rate varies depending on the location and value of the property, ranging from 0.3% to 3.3% of the cadastral value of the property.

Wealth Tax

Colombia imposes a wealth tax on individuals with a net worth exceeding COP 5,000 million (approximately USD 1.3 million). The wealth tax rate is 1% of the net worth exceeding the threshold. This tax is generally applicable to high-net-worth individuals and may not affect most retirees.

Social Security Contributions

Foreign retirees who enroll in the public healthcare system (EPS) are required to make contributions based on their declared income. The contribution rate is typically around 12-15% of the monthly declared income, providing access to comprehensive healthcare services under the EPS system.

Professional Advice

Given the complexity of international tax matters and the potential implications of worldwide income taxation, it is highly recommended that foreign retirees seek professional tax advice. A tax advisor familiar with both Colombian tax laws and the tax laws of the retiree's home country can provide tailored advice and help optimize the tax situation.

Overall, while Colombia offers an attractive and affordable lifestyle for retirees, understanding the tax implications and planning accordingly is essential for maximizing the benefits and ensuring compliance with Colombian tax laws.

Who is the retirement visa for?

The Colombian retirement visa, also known as the pensionado visa, is mainly designed for foreign nationals who have reached retirement age (although there is not official age requirement), and are seeking to spend their retirement years in Colombia. The typical applicants for this visa include:

• Retired Individuals or Couples: People who have ended their professional careers and are looking to enjoy their retirement in a new setting. This includes individuals or couples seeking a change of scenery, a new cultural experience, or a country with a lower cost of living.
• Expatriates Seeking a Slower Pace of Life: Those who have lived and worked abroad in various countries and are now looking for a place to settle down that offers a relaxed lifestyle and a warm climate.
• Financially Stable Retirees: Applicants must prove they have a steady pension or retirement income, sufficient to sustain their living expenses in Colombia. This group often includes former government or corporate employees who receive regular pension payments.
• Health-Conscious Retirees: Individuals who prefer living in a country with a favorable climate and access to good healthcare services, which Colombia is known for.
• Adventure-Seeking Retirees: Those who are interested in exploring new cultures, learning a new language, and experiencing different lifestyles. Colombia, with its diverse landscapes and rich cultural heritage, attracts retirees who are still active and eager for new experiences.
• Long-Term Travelers and Expats: Some applicants might be long-term travelers or expats who have fallen in love with Colombia during their travels and decide to make it their home during their retirement years.

These individuals are typically drawn to Colombia for its cultural richness, affordable cost of living, welcoming communities, and the relatively simple process of obtaining a retirement visa. It's an attractive option for retirees from around the world seeking a comfortable, adventurous, and cost-effective retirement.

How long does the retirement (or pensionado) visa last?

The visa is for 3 years, however the vast majority of first time applicants will receive 1 year, which they can easily renew after that period.

What are the eligibility requirements for the retirement visa?

To be eligible for the retirement visa, you must fulfill several specific requirements:

• Proof of Pension Income: Applicants must demonstrate that they receive a regular pension or retirement income from a government or private pension fund, social security, or a recognized retirement account. The income must be stable and ongoing.
• Minimum Income Threshold: The pension income must be at least three times the minimum monthly legal salary in Colombia. As at 2024, the minimum monthly salary in Colombia (or salario minimo) is 1,300,000COP. So, you need to have an income of 3,900,000COP monthly. This threshold is set to ensure that the applicant can support themselves financially while living in Colombia. The exact amount may vary in the future as the requirements or minimum salary amount in Colombia may change.
• Valid Passport: A current passport with validity extending beyond the duration of the intended stay in Colombia.
• Application Form and Fee: Completion of the necessary visa application form and payment of the applicable visa fee. These fees include a $55.00 dollar visa study fee, a $50.00 fee if your identification is from outside of Colombia, and approximately $271.00 for the actual retirement fee when you are approved. This is true as at 2024, so its possible these amount can vary in the future.
• Clean Criminal Record: A clean criminal background, often verified through a criminal record check from the applicant's home country or any country where they have lived in recent years.
• Health Insurance: Proof of health insurance coverage that is valid in Colombia. Some applicants may need to purchase Colombian health insurance or show that their existing health insurance is valid in Colombia.
• Visa Application Interview: Depending on the consulate or embassy, a visa interview may be required as part of the application process.
• Additional Documentation: Some additional documents, such as passport photos, may be required. Specific requirements can vary by consulate.

It's crucial for applicants to ensure that all documents, especially those from abroad, are properly legalized and translated into Spanish if they are not already in this language. Also, immigration policies can change, so it's always advisable to consult the latest information from the Colombian consulate or our visa team at Colombia Law Connection.

Is there an age requirement for the retirement visa?

There is no specific age requirement for the retirement (pensionado) visa in Colombia. The primary criterion is not the age of the applicant, but rather their ability to prove a regular income from a pension or retirement benefit. This means that if an individual, regardless of their age, is receiving a pension or regular retirement income that meets the minimum financial requirements set by the Colombian government, they can apply for the retirement visa.

Can my family join me in Colombia under my Retirement Visa?

Yes, your family can obtain dependent visas under your retirement visa in Colombia. The dependent visa allows spouses, permanent partners, and dependent children to live in Colombia with the primary visa holder. Here are the circumstances and requirements for family members to be eligible for a dependent visa:

Eligible Dependents

• Spouse or Permanent Partner: Your legally recognized spouse or permanent partner can apply for a dependent visa.
• Dependent Children: Children who are financially dependent on you, including those who are under 25 years old, are unmarried, and are enrolled in higher education institutions, can qualify. Children with disabilities who are dependent regardless of their age can also qualify.

Required Documentation

• Proof of Relationship: You must provide official documents such as a marriage certificate for a spouse or birth certificates for children, proving the relationship to the primary visa holder. These documents may need to be apostilled or legalized and translated into Spanish.
• Economic Dependence: Evidence must be provided to show that the family members are economically dependent on the primary visa holder. This typically involves showing that the primary visa holder's income supports the entire family.
• Valid Passports: Each dependent must have a valid passport.
• Additional Photos and Forms: Passport-size photographs and completed application forms for each dependent.

Application Process

Dependents can apply for their visas simultaneously with the primary applicant or after the primary visa has been granted. The application process is similar to that of the primary applicant, involving the submission of required documents, possibly attending an interview, and paying applicable visa fees.

Health Insurance

All dependents must have health insurance coverage that is valid in Colombia.

Visa Duration and Renewal

The duration of the dependent visa is tied to that of the primary holder's visa. If the primary visa is renewed, the dependent visas must also be renewed following the same process.

It's important to note that each family member needs an individual visa, and the dependent visa's validity relies on the status of the primary visa holder's status. If the primary visa is revoked or expires without renewal, the dependent visas are also affected. Always ensure you check the latest regulations or consult with a legal expert specializing in Colombian immigration law to ensure compliance with current policies and procedures.

How long does it take to apply for and obtain the retirement visa?

At Colombia Law Connection, our time frames have been between 20 and 40 days from start to finish. However the processing time for a retirement visa in Colombia can vary depending on the factors mentioned below:

• Completeness and Accuracy of Application: If your application and all supporting documents are correctly filled out and submitted, this can speed up the process. Incomplete or incorrect applications can lead to delays.
• Method of Application: Applying online through Colombia's electronic visa system (known as "SITAC") is generally faster. Applications made at consulates or embassies abroad might take longer due to varying processing times at different locations.
• Time of Year: Application processing times can be longer during peak periods, such as holiday seasons or when there are changes in immigration policies.
• Response Times for Additional Requests: If the Colombian visa authorities request additional information or documents, the speed of your response can also impact the overall processing time.

As a rule of thumb, it's advisable to apply well in advance of your planned relocation date to account for any unforeseen delays. It's also beneficial to regularly check the status of your application and stay in contact with the visa office or consulate where you applied.

What is the step by step process for applying for the Colombian retirement visa?

Applying for a retirement visa in Colombia, known as the "pensionado" visa, involves a detailed process. Here's a step-by-step guide to help you understand what's involved:

Gather Required Documents:

• Proof of Pension: Obtain an official document from the government or private company providing your pension. This document must prove that you receive a regular pension income at least three times the minimum wage in Colombia.
• Valid Passport: Ensure your passport is valid for the duration of your intended stay.
• Passport-Size Photographs: Usually, you'll need a couple of passport-sized photographs.
• Health Insurance: Acquire health insurance that is valid in Colombia. You might need to purchase Colombian health insurance or provide proof that your existing plan covers you there.
• Criminal Record Check: Provide a document certifying you do not have a criminal record. This typically comes from the police or a relevant government authority in your home country or any country where you've lived in recent years.

Translate and Legalize Documents:

• If your documents are not in Spanish, get them professionally translated.
• Depending on your country, you may need to get these documents apostilled or legalized by the Colombian consulate.

Complete the Online Application:

• Click here to visit the site for Colombian Ministry of Foreign Affairs website and fill out the electronic visa application form (known as "SITAC").
• Upload the required documents digitally in the format specified.

Pay the Visa Application Fee:

After completing the online form, you'll need to pay the visa application fee. This can usually be done online through the application portal.

Attend a Visa Interview (if required):

Some applicants might be required to attend an interview at the nearest Colombian consulate. This is not always mandatory and depends on individual circumstances.

Wait for Application Processing:

The processing time can vary, but generally, it takes a few days to a couple of weeks.

Visa Approval and Issuance:

Once your visa is approved, you will either receive a digital visa via email or be required to have a visa sticker placed in your passport, depending on your application method.

Arrival in Colombia:

Upon arrival in Colombia, you may need to register with Migración Colombia and apply for a foreigner ID card (known as a "cedula de extranjeria") if you plan to stay longer than 180 days.

Maintaining Visa Status:

Remember to adhere to the terms of your visa, including the requirement to prove pension income periodically.

Renewal:

If you wish to stay longer, start the renewal process a few months before your visa expires. The renewal process typically involves proving continued pension income and maintaining a clean legal record.

Since requirements and processes can change, it's always wise to consult the Colombian consulate or an immigration lawyer for the most current information and personalized advice.

How much does Colombia Law Connection charge to do the retirement visa application on my behalf?

Our fee for reviewing the documentation, ensuring everything is correct, submitting the application and taking care of all communication with the Cancilleria is $1,150.00 dollars. This also includes the initial visa review and application fee.

Once you are approved, you will still be required to pay the actual visa fee of approximately $271.00.