You DON'T have to PAY taxes in Colombia 🚫💰... Unless you meet these conditions
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- čas přidán 6. 07. 2023
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Are you unsure about your tax obligations in Colombia? In this video, we will explore the topic of tax eligibility, helping you determine whether you need to declare taxes. Our goal is to provide you with a clear understanding of your compliance requirements and equip you with the knowledge you need to make informed financial decisions. Don't miss out on this valuable information.
You can access to the DIAN'S TAX CALENDAR for 2023 here: www.dian.gov.co/Calendarios/C...
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Does Social Security income from the United States count towards your income threshold for tax liability in Colombia?
Pensions of less than 1,000 UVT monthly ($42,412,000 COP = $9,950 USD for 2023) are exempt from Colombian taxes. If your pension exceeds this threshold, it becomes taxable, and the tax rate depends on the pension amount.
Completely confused by the Colombian Income tax rules - I can not find any information on
1) Is there a different tax rate for married filing jointly (as in USA) vs single?
2) If all our income is from USA including over 50K in pensions and 5K in Soc sec and 20K in investment income - which if any is exempt from tax?
3) It seems there is no tax exempt income just that the lowest tax rate is 0% on income up to 59,376,8 00 (or US$ 15,625) - is this a correct statement.
4) What is the process of filing - do I file US taxes first and then claim a credit for taxes paid on the Colombian return or vice versa?
5) IS there a good link to get these answers - I could not fid much on the DIAN website?
6) Why is there such a large misinformation among the ex-pats many insisting that ALL pensions are exempt; if you pay taxes in USA - you do not have to pay takes on that income/pension in Colombia regardless of the amount?
7) Where are you located (do you have an office in Barranquilla or Medellin for face-to-face meetings)?
Thanks for any information that you can provide.
Hi Mateo, thanks for the very informed video! Just to clarify....even if i make income from my Colombian property (airbnb) that meets the criteria for filing taxes, but i am physically LESS than 183 days in Colombia in any 1 year period, I do NOT have to file my taxes in Colombia, is that correct ?
If you are not a tax resident but receive income from Colombia, you'll have to present a tax income declaration and pay taxes exclusively on the income generated here.
Do colombian citizens, born in Colombia but living abroad, have to declare taxes. Are there any ramifications for moving back to Colombia?
If I become a Permanent Resident or even a citizen in Colombia do I have to pay taxes in Colombia for my VA disability? It is 4000 usd monthly.
If you become a tax resident, you must file a tax income declaration. However, it doesn't necessarily mean that you have to pay taxes, as pensions of less than 1,000 UVT monthly (equivalent to $47,065,000 COP = $12.037 USD for 2024 at today's rate) are exempt from Colombian taxes. You will not have to pay taxes on your pension.
Does Social Security and annuity income generated from the US count towards tax liability in Colombia?
Pensions of less than 1,000 UVT monthly ($42,412,000 COP = $9,950 USD for 2023) are exempt from Colombian taxes. If your pension exceeds this threshold, it becomes taxable, and the tax rate depends on the pension amount.
Regarding your income, if you become a tax resident in Colombia, you'll have to declare your global income. You must take into account that there are deductions that can be applied to your tax income declaration, such as the taxes paid abroad.
If I am able to retire to Colombia in 2024 my entire income will be in the form of about 1/2 pension and 1/2 interest on bank CDs. I will no longer have any employment income. Both together would still be less than the amount you stated in the comments that is exempt from pension taxation. But I am not clear if the interest portion will be taxable, or if that is still considered "earned" income.
Also both will be taxed in the United States but at a tax rate probably lower than that of Colombia.
Also about half of that interest income is actually coming in the form of distributions from my IRA accounts. Are IRA distributions treated like pension income for like earnings
As your pension does not exceed the specified amount, it will be exempted. Regarding the interest, it will count as income since it is interest income for your financial product.
So if I have a $ 500,000 house in Colombia and $400,000 in other assets I have to pay Colombian assets?
If you have a Roth IRA, real estate and employment income over the limit 39k. Is it better just to stay a tourist under the 183 days?
In order to determine whether it is better to stay as a tourist for under 183 days, it is necessary to perform a tax estimation based on your specific situation. Here are some key considerations:
-If you become a tax resident in Colombia, you must declare the Roth IRA and real estate. However, these two will not increase the amount you owe in taxes. Employment income, on the other hand, will likely increase your tax liability.
-There are various deductions that can be applied when filing taxes in Colombia, including taxes you may have paid in your home country, among others. We can discuss these deductions in more detail based on your specific circumstances.
-Keep in mind that when you start receiving your pension, pensions of less than 1,000 UVT monthly ($42,412,000 COP = $9,950 USD for 2023) are exempt from Colombian taxes. If your pension exceeds this threshold, it becomes taxable, and the tax rate depends on the pension amount.
Pensions of less than 1,000 UVT monthly ($42,412,000 COP = $9,950 USD for 2023) are exempt from Colombian taxes. Does this statement mean $9,950 USD per month or yearly??
It means $9,950 USD per month.
Reay, monthly?
@@brucesydenham9260 That's correct, monthly.
I am Colombian living in the United States. Received a letter from Dian.. saying I didn't fallow my taxes. Don't know what to do
To determine your tax residence, we must verify, the amount of your income received in Colombia, the value of assets you own in the country, and whether your spouse and children are tax residents in Colombia.
If you meet any of the following criteria, you are required to declare taxes in Colombia:
-Your spouse or minor children were considered tax residents in the corresponding fiscal year.
-At least 50% of your income was sourced from Colombia.
-At least 50% of your assets were managed in Colombia.
-At least 50% of your assets were held in Colombia.
-You have been requested by the tax authorities to provide evidence of tax residence in another country, but you did not provide such evidence.
-You are a tax resident in a jurisdiction that the Colombian government designates as a tax haven.
Do not hesitate to contact us. Our team is ready to assist you in understanding your current situation and guiding you through the next steps. wa.link/cxajxh
Do you own a property in Colombia?. Because if you are not leaving there, you are not obligated to pay taxes there, the law said only in you stay longer than 6 months. Do you know why Shakira had to pay a lot of money in Spain? Last year, because she used to leave there for more than a few months, she claimed she was there temporary but it this the same for us. I only pay our taxes property there.
Hola Nexo. Thank u for the video, i just found u . I'm a retired Swiss, living in Thailand now again. In between i lived in Ecuador and Colombia, where i hade in both countries Cedula and Drivers License. 2014-16 Ecuador and 2016-17 Colombia. I get my Retired Pension income from Switzerland, about 4000 USD. R u sure it's 9'950 USD per months income exempt from COL Taxes ? There is so much miss info out there. Very confusing. R u located in Medellin or Quito ? U also do Visas ? Muchas gracias.🙏
Hello! I'm glad you find this information helpful. That's correct, based on the information you provided us your pension is exempt from taxes here in Colombia.
We are located in Medellín.
Yes sir, we facilitate a seamless immigration process, providing expertise on how to get a Colombian visa, whether you are looking for a short-stay visa or obtaining residency in Colombia.
@@_nexolegal. Thank U sir. I think i will move back to Medellin in about 6 moths and then will make an appointment with u. Take care.
@@zimben8 It's always a pleasure to help. We'll remain attentive to your message.