The document provides information about real estate acquisition and leasing in Colombia. It discusses that the Colombian government protects private property and foreigners have equal rights to purchase real estate. It also notes that real estate transactions do not imply additional tax or legal burdens for foreign investors. The document then provides details about due diligence processes, registration procedures, landlord and tenant obligations, rent amounts, and contract renewal rights regarding leasing real estate in Colombia.
Five key points about government contracting in Colombia:
1. Selection processes aim to choose the most favorable offer for the public interest based on objective criteria.
2. Foreign bidders can participate under the same conditions as Colombians if their home country provides reciprocal treatment.
3. All bidders wishing to contract with the government, whether Colombian or foreign, must register in the bidders' registry (RUP).
4. Contractors must submit a performance bond to guarantee contract obligations, except in certain cases like loans.
5. Private initiatives are possible for public-private partnerships (APP), but public funds cannot exceed 30% of the project budget.
Legal guide to do business in Colombia 11ProColombia
This document provides a summary of key aspects of government procurement in Colombia in 12 points:
1. Government contracting requires objectivity and principles of transparency, free competition, and equality.
2. Foreign bidders can participate without restriction and may receive national treatment under certain trade agreements.
3. All bidders must register in the Unique Registry of Proponents, except foreign bidders without a Colombian branch.
4. Bidders must provide bid and performance bonds with some exemptions.
5. Private investors can submit private initiative projects for public-private partnerships.
It then discusses the scope of procurement laws, parties to contracts, grounds for impediment and incompatibilities
Legal guide to do business in Colombia 10ProColombia
This document provides a summary of key considerations for foreign investors regarding real estate investments in Colombia. It outlines that:
1. The Colombian government protects private property rights. Both Colombian nationals and foreigners have equal rights and obligations for purchasing real estate.
2. Funds from foreign investors who are non-tax residents must be channeled through an authorized foreign exchange agent and registered as foreign investment. Apart from this, transactions do not involve additional tax or legal burdens for foreign investors.
3. Real estate development must comply with applicable municipal zoning and urban regulations regarding permitted land uses.
The document then provides details on real estate due diligence considerations, the acquisition process for rural properties, and
Legal guide to do business in Colombia 02ProColombia
This document provides a summary of Colombia's foreign exchange regime and regulations for businesses looking to invest and operate in Colombia. Some key points covered include:
- Colombia has a flexible foreign exchange regime with no restrictions on currency negotiation. Certain foreign exchange operations like foreign investment, imports/exports, and loans must be "channeled" through the foreign exchange market.
- Registering foreign investment with the Central Bank grants rights like remitting funds abroad from sales/liquidations or reinvesting.
- The foreign exchange market consists of currencies that must be channeled through authorized brokers or clearing accounts, and currencies that are voluntarily channeled.
- International investments encompass foreign investment in Colombia and
This document discusses Brazil's national Logistics Investment Program (PIL) which aims to strengthen the Brazilian economy through private sector investment in infrastructure projects including roads, railroads, ports and airports. The program will deploy $65 billion across 20 states and 130 municipalities. It is expected to lower transportation costs and connect agricultural regions to global markets, benefiting various economic sectors. Private capital and financing from development banks will play a key role in funding the ambitious initiative.
Legal guide to do business in Colombia 01ProColombia
This document provides a summary of the key protections and considerations for foreign investment in Colombia according to its legal framework:
1. Colombia's constitution grants equal treatment to foreign and domestic investment, and its network of international investment agreements and free trade agreements guarantee fair treatment of foreign investment.
2. Foreign investment is permitted in all economic sectors with few exceptions, and generally does not require prior authorization beyond registration with the Central Bank for statistical purposes.
3. Colombia has over 60 bilateral investment treaties and free trade agreements that help protect foreign investors and provide access to other markets, as well as double taxation agreements that help reduce tax burdens.
This document provides a summary of the key protections and considerations for foreign investment in Colombia according to its legal framework:
1. Colombia's constitution grants equal treatment to foreign and domestic investment, and its network of international investment agreements and free trade agreements guarantee fair treatment of foreign investment.
2. Foreign investment is permitted in all economic sectors with few exceptions, and generally does not require prior authorization beyond registration with the Central Bank for statistical purposes.
3. Colombia has over 60 bilateral investment treaties and free trade agreements that help avoid double taxation and ensure access to over 1.5 billion global consumers for foreign investors.
Legal guide to do business in Colombia 05ProColombia
This document provides a summary of Colombia's labor regime for foreign investors. Some key points covered include:
- Colombian labor laws establish standards that cannot be waived or negotiated. Employment contracts in Colombia are governed by Colombian law regardless of nationality.
- The minimum wage is set annually through negotiations between the government, employers and employees. Payment must be made in Colombian pesos within Colombia.
- Both foreign and local employees residing in Colombia must contribute to the country's social security system, with some exceptions for foreigners under certain conditions.
- Employment contracts can be indefinite, fixed-term, for the duration of a specific job or task, or occasional/temporary. Trial periods and their lengths vary based on contract
Five key points about government contracting in Colombia:
1. Selection processes aim to choose the most favorable offer for the public interest based on objective criteria.
2. Foreign bidders can participate under the same conditions as Colombians if their home country provides reciprocal treatment.
3. All bidders wishing to contract with the government, whether Colombian or foreign, must register in the bidders' registry (RUP).
4. Contractors must submit a performance bond to guarantee contract obligations, except in certain cases like loans.
5. Private initiatives are possible for public-private partnerships (APP), but public funds cannot exceed 30% of the project budget.
Legal guide to do business in Colombia 11ProColombia
This document provides a summary of key aspects of government procurement in Colombia in 12 points:
1. Government contracting requires objectivity and principles of transparency, free competition, and equality.
2. Foreign bidders can participate without restriction and may receive national treatment under certain trade agreements.
3. All bidders must register in the Unique Registry of Proponents, except foreign bidders without a Colombian branch.
4. Bidders must provide bid and performance bonds with some exemptions.
5. Private investors can submit private initiative projects for public-private partnerships.
It then discusses the scope of procurement laws, parties to contracts, grounds for impediment and incompatibilities
Legal guide to do business in Colombia 10ProColombia
This document provides a summary of key considerations for foreign investors regarding real estate investments in Colombia. It outlines that:
1. The Colombian government protects private property rights. Both Colombian nationals and foreigners have equal rights and obligations for purchasing real estate.
2. Funds from foreign investors who are non-tax residents must be channeled through an authorized foreign exchange agent and registered as foreign investment. Apart from this, transactions do not involve additional tax or legal burdens for foreign investors.
3. Real estate development must comply with applicable municipal zoning and urban regulations regarding permitted land uses.
The document then provides details on real estate due diligence considerations, the acquisition process for rural properties, and
Legal guide to do business in Colombia 02ProColombia
This document provides a summary of Colombia's foreign exchange regime and regulations for businesses looking to invest and operate in Colombia. Some key points covered include:
- Colombia has a flexible foreign exchange regime with no restrictions on currency negotiation. Certain foreign exchange operations like foreign investment, imports/exports, and loans must be "channeled" through the foreign exchange market.
- Registering foreign investment with the Central Bank grants rights like remitting funds abroad from sales/liquidations or reinvesting.
- The foreign exchange market consists of currencies that must be channeled through authorized brokers or clearing accounts, and currencies that are voluntarily channeled.
- International investments encompass foreign investment in Colombia and
This document discusses Brazil's national Logistics Investment Program (PIL) which aims to strengthen the Brazilian economy through private sector investment in infrastructure projects including roads, railroads, ports and airports. The program will deploy $65 billion across 20 states and 130 municipalities. It is expected to lower transportation costs and connect agricultural regions to global markets, benefiting various economic sectors. Private capital and financing from development banks will play a key role in funding the ambitious initiative.
Legal guide to do business in Colombia 01ProColombia
This document provides a summary of the key protections and considerations for foreign investment in Colombia according to its legal framework:
1. Colombia's constitution grants equal treatment to foreign and domestic investment, and its network of international investment agreements and free trade agreements guarantee fair treatment of foreign investment.
2. Foreign investment is permitted in all economic sectors with few exceptions, and generally does not require prior authorization beyond registration with the Central Bank for statistical purposes.
3. Colombia has over 60 bilateral investment treaties and free trade agreements that help protect foreign investors and provide access to other markets, as well as double taxation agreements that help reduce tax burdens.
This document provides a summary of the key protections and considerations for foreign investment in Colombia according to its legal framework:
1. Colombia's constitution grants equal treatment to foreign and domestic investment, and its network of international investment agreements and free trade agreements guarantee fair treatment of foreign investment.
2. Foreign investment is permitted in all economic sectors with few exceptions, and generally does not require prior authorization beyond registration with the Central Bank for statistical purposes.
3. Colombia has over 60 bilateral investment treaties and free trade agreements that help avoid double taxation and ensure access to over 1.5 billion global consumers for foreign investors.
Legal guide to do business in Colombia 05ProColombia
This document provides a summary of Colombia's labor regime for foreign investors. Some key points covered include:
- Colombian labor laws establish standards that cannot be waived or negotiated. Employment contracts in Colombia are governed by Colombian law regardless of nationality.
- The minimum wage is set annually through negotiations between the government, employers and employees. Payment must be made in Colombian pesos within Colombia.
- Both foreign and local employees residing in Colombia must contribute to the country's social security system, with some exceptions for foreigners under certain conditions.
- Employment contracts can be indefinite, fixed-term, for the duration of a specific job or task, or occasional/temporary. Trial periods and their lengths vary based on contract
This document provides information on the Ecuador Residential & Commercial Property Fund (ERCP) A-Share Fund, including its investment objective, fees, and past performance. The fund aims to acquire residential and commercial properties in Ecuador for rental income and appreciation. It focuses on undervalued properties near future infrastructure in Quito, Guayaquil and Cuenca. The fund aims to achieve returns of 30-35% annually through rentals, sales, and capital growth. Fees include an initial entry fee up to 4%, annual management fee of 2%, and performance fee of 10% for outperformance of the benchmark. In the first six months of 2016, the fund achieved a return of 21.25% while its benchmark rose
Legal guide to do business in Colombia 06ProColombia
This document summarizes Colombia's immigration regime for foreign investors. It outlines that foreigners entering Colombia must show their passport or travel document and obtain the proper visa if required. It notes there are three main categories of visas granted depending on the nature and intent of the visit. The summary also provides an overview of the permits available, including for Venezuelan citizens, and highlights that Colombia's migration policy promotes the entry of foreigners who can contribute to the country's economic or skills development. It concludes with listing over 90 countries whose nationals do not require a visitor visa to enter Colombia.
Tourism in Colombia has become the country's largest non-extractive industry, surpassing other major exports like coffee, flowers, and bananas. According to Felipe Jaramillo, president of Procolombia, tourism now generates more foreign exchange for Colombia than any other industry besides mining and energy.
Legal guide to do business in Colombia 09ProColombia
This document is a 2021 legal guide for doing business in Colombia published by ProColombia. It provides an overview of Colombia's laws and regulations across various topics relevant for foreign investors, including intellectual property. The guide notes recent changes to Colombia's copyright laws and incentives for audiovisual productions. It also outlines five important things for investors to know about intellectual property protection in Colombia, such as trademarks requiring registration, patent requirements, and Colombia's participation in international intellectual property agreements.
Legal guide to do business in Colombia 03ProColombia
This document provides an overview of corporate regulations for doing business in Colombia. It discusses the most commonly used legal entities for foreign investment, which include commercial companies like simplified stock companies and branches of foreign companies. The key steps for incorporation include drafting a document of incorporation, registering with the local Chamber of Commerce, appointing directors and obtaining a National Tax Registry number. Foreign investors are not required to have a local partner to do business in Colombia. Incorporation of an entity is generally a simple process that does not require prior government approval except in special cases.
The Andean region of Colombia includes the departments of Cundinamarca, Boyaca, Santander and Norte de Santander. It has a total population of over 14 million people across these regions. Several free trade zones are located in the Andean region, near major cities like Bogota, Bucaramanga and Cucuta. The free trade zones benefit from the region's strategic location, infrastructure, and proximity to markets in Colombia and neighboring countries.
The document provides an overview of key labor regulations in Colombia. It discusses employment contracts, including types of contracts defined by duration. All employment contracts executed in Colombia are governed by Colombian law. The document also outlines minimum wage, social security contributions, types of compensation like salary and fringe benefits, and other labor considerations for foreign employees working in Colombia.
Legal guide to do business in Colombia 12ProColombia
This document provides a summary of accounting regulations for companies in Colombia in 12 paragraphs. It outlines that companies must follow international accounting standards based on IFRS, and there are three frameworks - one for large companies, one for SMEs, and one for micro-businesses. Companies must prepare annual financial statements by December 31 and disclose them. For tax purposes, accounting bases determine taxable income and deductions. International auditing standards also apply. An oversight body called a Statutory Auditor exists for larger companies to certify documents and ensure asset protection.
The document summarizes Colombia's customs and foreign trade regulations and processes. It outlines Colombia's free trade agreements with over 15 countries, the customs regime which seeks to facilitate trade while ensuring security, and mechanisms like authorized economic operators and international logistic distribution centers which aim to streamline trade operations. It also describes import and export procedures, the risk management system used by customs authorities, and the role of the Foreign Trade Window as Colombia's main trade facilitation tool.
Accounting Regulations for companies in ColombiaProColombia
Colombia has the fourth largest economy in Latin America, larger than Venezuela's oil-based economy. Its GDP is expected to grow 2.2% this year, outpacing all of Latin America. Colombia adopted the International Financial Reporting Standards (IFRS) and classified companies into two groups, with Group I required to use full IFRS and Group II using IFRS for SMEs. While Colombia has adopted IFRS concepts for tax purposes, significant differences remain between accounting and tax rules.
Legal guide to do business in Colombia 04ProColombia
This document provides a summary of key aspects of foreign trade and customs regulations in Colombia. It notes that Colombia has signed 19 trade agreements expanding its potential export markets. It also outlines some of Colombia's main import duties and taxes. The document discusses Colombia's special import and export regimes that provide tax benefits and its system of free trade zones. It provides an overview of Colombia's foreign trade procedures, highlighting its online one-stop shop portal for facilitating trade.
International guidelines for compiling statistics on foreign direct investment allow for two different measurement principles to be used. This explainer highlights how these statistics are calculated for the stock of investment using illustrative survey responses.
Legal guide to do business in Colombia 07ProColombia
This document provides a summary of key aspects of Colombia's tax regime for foreign investors. It notes that the corporate income tax rate is currently 31% but will be reduced to 30% in 2022. It also outlines taxes on dividends, capital gains, VAT, debit transactions, consumption, carbon, and local industry/commerce taxes. The summary provides high-level information on tax rates and requirements in a concise manner.
Chapter 9: How to protect intellectual property in ColombiaTatiana Behar Russy
This document summarizes intellectual property rights in Colombia, including what is protected, rights granted, terms of protection, and how different types of intellectual property work. It covers industrial property such as inventions, trademarks, industrial designs; copyrights; and related rights for performers and producers. Key types of intellectual property discussed include brands, patents, commercial slogans, trade names, geographical indications, and copyright. The rights granted and terms of protection vary depending on the specific type of intellectual property.
Chapter 2: How to Invest and Exchange Foreign Currency in ColombiaTatiana Behar Russy
The document discusses foreign investment protections and registration procedures in Colombia. It provides details on four principles that protect foreign investments: equal treatment, universality, automaticity, and stability. It then outlines the process for registering direct foreign investments, which includes registering through an exchange market intermediary or compensation account and using various forms. The document also notes the exchange rights granted to foreign investors after proper registration of their investments.
The document discusses real estate regulation in Colombia. Key points include:
- The Colombian government protects private property and foreigners have equal rights to purchase real estate. Transactions do not impose additional taxes on foreign investors.
- Land use must comply with land use planning regulations set by municipalities in territorial zoning plans.
- Due diligence is recommended before real estate purchases to analyze title, permitted land uses, and compliance with regulations for rural land. Transactions require registration for title transfer.
- Leases and rentals are also common real estate activities, with obligations for landlords and tenants defined by law. Special protections apply to commercial tenants.
This document is a legal guide for doing business in Colombia that was prepared in March 2019. It provides an introduction to Colombia's economy and legal system. The guide contains 12 chapters that cover various aspects of Colombian law relevant for foreign investors, such as foreign investment, trade, taxes, intellectual property, real estate, and more. It emphasizes that Colombia protects private property and foreigners have equal rights regarding real estate transactions. It also provides guidance on performing due diligence when acquiring real estate in Colombia.
This document is a legal guide for doing business in Colombia that was prepared in March 2019. It provides an introduction to Colombia's economy and legal system. The guide is divided into 12 chapters that cover various legal topics relevant to foreign investment and business operations in Colombia, such as foreign investment protection, tax regulations, intellectual property laws, and government procurement. However, the guide notes that it is for informational purposes only and does not constitute legal advice. It advises readers to consult their own legal counsel regarding investment in Colombia.
This document is a legal guide for doing business in Colombia that was prepared in March 2019. It provides an overview of Colombia's foreign exchange regime and regulations. The key points covered include:
- Colombia has a flexible foreign exchange regime regulated by the Central Bank, with oversight from other agencies depending on the transaction type.
- There is a foreign exchange market for transactions like foreign investment, imports/exports, loans, and derivatives, which must be reported to the Central Bank. Other transactions occur in the non-regulated free market.
- Foreign investment includes direct investment like acquiring company shares/quotas and indirect investment like portfolio investments. Both entering and exiting investments must be registered.
- The guide outlines the forms
Three key points about real estate in Colombia:
1. Colombian and foreign nationals have equal rights to purchase property.
2. Real estate transactions do not impose additional taxes, legal, or financial burdens on foreign investors.
3. Land use must comply with municipal regulations and zoning laws.
Municipalities in Colombia have autonomy to establish regulations for land use and development through a Territorial Land Use Plan (POT). The POT guides physical development and classifies land as urban, rural, or expansion. Construction requires licenses that specify uses, sizes, and technical aspects in accordance with the POT. Real estate can be purchased by foreigners through the same process as Colombians, which involves due diligence, title review, purchase agreement, and registration.
This document provides information on the Ecuador Residential & Commercial Property Fund (ERCP) A-Share Fund, including its investment objective, fees, and past performance. The fund aims to acquire residential and commercial properties in Ecuador for rental income and appreciation. It focuses on undervalued properties near future infrastructure in Quito, Guayaquil and Cuenca. The fund aims to achieve returns of 30-35% annually through rentals, sales, and capital growth. Fees include an initial entry fee up to 4%, annual management fee of 2%, and performance fee of 10% for outperformance of the benchmark. In the first six months of 2016, the fund achieved a return of 21.25% while its benchmark rose
Legal guide to do business in Colombia 06ProColombia
This document summarizes Colombia's immigration regime for foreign investors. It outlines that foreigners entering Colombia must show their passport or travel document and obtain the proper visa if required. It notes there are three main categories of visas granted depending on the nature and intent of the visit. The summary also provides an overview of the permits available, including for Venezuelan citizens, and highlights that Colombia's migration policy promotes the entry of foreigners who can contribute to the country's economic or skills development. It concludes with listing over 90 countries whose nationals do not require a visitor visa to enter Colombia.
Tourism in Colombia has become the country's largest non-extractive industry, surpassing other major exports like coffee, flowers, and bananas. According to Felipe Jaramillo, president of Procolombia, tourism now generates more foreign exchange for Colombia than any other industry besides mining and energy.
Legal guide to do business in Colombia 09ProColombia
This document is a 2021 legal guide for doing business in Colombia published by ProColombia. It provides an overview of Colombia's laws and regulations across various topics relevant for foreign investors, including intellectual property. The guide notes recent changes to Colombia's copyright laws and incentives for audiovisual productions. It also outlines five important things for investors to know about intellectual property protection in Colombia, such as trademarks requiring registration, patent requirements, and Colombia's participation in international intellectual property agreements.
Legal guide to do business in Colombia 03ProColombia
This document provides an overview of corporate regulations for doing business in Colombia. It discusses the most commonly used legal entities for foreign investment, which include commercial companies like simplified stock companies and branches of foreign companies. The key steps for incorporation include drafting a document of incorporation, registering with the local Chamber of Commerce, appointing directors and obtaining a National Tax Registry number. Foreign investors are not required to have a local partner to do business in Colombia. Incorporation of an entity is generally a simple process that does not require prior government approval except in special cases.
The Andean region of Colombia includes the departments of Cundinamarca, Boyaca, Santander and Norte de Santander. It has a total population of over 14 million people across these regions. Several free trade zones are located in the Andean region, near major cities like Bogota, Bucaramanga and Cucuta. The free trade zones benefit from the region's strategic location, infrastructure, and proximity to markets in Colombia and neighboring countries.
The document provides an overview of key labor regulations in Colombia. It discusses employment contracts, including types of contracts defined by duration. All employment contracts executed in Colombia are governed by Colombian law. The document also outlines minimum wage, social security contributions, types of compensation like salary and fringe benefits, and other labor considerations for foreign employees working in Colombia.
Legal guide to do business in Colombia 12ProColombia
This document provides a summary of accounting regulations for companies in Colombia in 12 paragraphs. It outlines that companies must follow international accounting standards based on IFRS, and there are three frameworks - one for large companies, one for SMEs, and one for micro-businesses. Companies must prepare annual financial statements by December 31 and disclose them. For tax purposes, accounting bases determine taxable income and deductions. International auditing standards also apply. An oversight body called a Statutory Auditor exists for larger companies to certify documents and ensure asset protection.
The document summarizes Colombia's customs and foreign trade regulations and processes. It outlines Colombia's free trade agreements with over 15 countries, the customs regime which seeks to facilitate trade while ensuring security, and mechanisms like authorized economic operators and international logistic distribution centers which aim to streamline trade operations. It also describes import and export procedures, the risk management system used by customs authorities, and the role of the Foreign Trade Window as Colombia's main trade facilitation tool.
Accounting Regulations for companies in ColombiaProColombia
Colombia has the fourth largest economy in Latin America, larger than Venezuela's oil-based economy. Its GDP is expected to grow 2.2% this year, outpacing all of Latin America. Colombia adopted the International Financial Reporting Standards (IFRS) and classified companies into two groups, with Group I required to use full IFRS and Group II using IFRS for SMEs. While Colombia has adopted IFRS concepts for tax purposes, significant differences remain between accounting and tax rules.
Legal guide to do business in Colombia 04ProColombia
This document provides a summary of key aspects of foreign trade and customs regulations in Colombia. It notes that Colombia has signed 19 trade agreements expanding its potential export markets. It also outlines some of Colombia's main import duties and taxes. The document discusses Colombia's special import and export regimes that provide tax benefits and its system of free trade zones. It provides an overview of Colombia's foreign trade procedures, highlighting its online one-stop shop portal for facilitating trade.
International guidelines for compiling statistics on foreign direct investment allow for two different measurement principles to be used. This explainer highlights how these statistics are calculated for the stock of investment using illustrative survey responses.
Legal guide to do business in Colombia 07ProColombia
This document provides a summary of key aspects of Colombia's tax regime for foreign investors. It notes that the corporate income tax rate is currently 31% but will be reduced to 30% in 2022. It also outlines taxes on dividends, capital gains, VAT, debit transactions, consumption, carbon, and local industry/commerce taxes. The summary provides high-level information on tax rates and requirements in a concise manner.
Chapter 9: How to protect intellectual property in ColombiaTatiana Behar Russy
This document summarizes intellectual property rights in Colombia, including what is protected, rights granted, terms of protection, and how different types of intellectual property work. It covers industrial property such as inventions, trademarks, industrial designs; copyrights; and related rights for performers and producers. Key types of intellectual property discussed include brands, patents, commercial slogans, trade names, geographical indications, and copyright. The rights granted and terms of protection vary depending on the specific type of intellectual property.
Chapter 2: How to Invest and Exchange Foreign Currency in ColombiaTatiana Behar Russy
The document discusses foreign investment protections and registration procedures in Colombia. It provides details on four principles that protect foreign investments: equal treatment, universality, automaticity, and stability. It then outlines the process for registering direct foreign investments, which includes registering through an exchange market intermediary or compensation account and using various forms. The document also notes the exchange rights granted to foreign investors after proper registration of their investments.
The document discusses real estate regulation in Colombia. Key points include:
- The Colombian government protects private property and foreigners have equal rights to purchase real estate. Transactions do not impose additional taxes on foreign investors.
- Land use must comply with land use planning regulations set by municipalities in territorial zoning plans.
- Due diligence is recommended before real estate purchases to analyze title, permitted land uses, and compliance with regulations for rural land. Transactions require registration for title transfer.
- Leases and rentals are also common real estate activities, with obligations for landlords and tenants defined by law. Special protections apply to commercial tenants.
This document is a legal guide for doing business in Colombia that was prepared in March 2019. It provides an introduction to Colombia's economy and legal system. The guide contains 12 chapters that cover various aspects of Colombian law relevant for foreign investors, such as foreign investment, trade, taxes, intellectual property, real estate, and more. It emphasizes that Colombia protects private property and foreigners have equal rights regarding real estate transactions. It also provides guidance on performing due diligence when acquiring real estate in Colombia.
This document is a legal guide for doing business in Colombia that was prepared in March 2019. It provides an introduction to Colombia's economy and legal system. The guide is divided into 12 chapters that cover various legal topics relevant to foreign investment and business operations in Colombia, such as foreign investment protection, tax regulations, intellectual property laws, and government procurement. However, the guide notes that it is for informational purposes only and does not constitute legal advice. It advises readers to consult their own legal counsel regarding investment in Colombia.
This document is a legal guide for doing business in Colombia that was prepared in March 2019. It provides an overview of Colombia's foreign exchange regime and regulations. The key points covered include:
- Colombia has a flexible foreign exchange regime regulated by the Central Bank, with oversight from other agencies depending on the transaction type.
- There is a foreign exchange market for transactions like foreign investment, imports/exports, loans, and derivatives, which must be reported to the Central Bank. Other transactions occur in the non-regulated free market.
- Foreign investment includes direct investment like acquiring company shares/quotas and indirect investment like portfolio investments. Both entering and exiting investments must be registered.
- The guide outlines the forms
Three key points about real estate in Colombia:
1. Colombian and foreign nationals have equal rights to purchase property.
2. Real estate transactions do not impose additional taxes, legal, or financial burdens on foreign investors.
3. Land use must comply with municipal regulations and zoning laws.
Municipalities in Colombia have autonomy to establish regulations for land use and development through a Territorial Land Use Plan (POT). The POT guides physical development and classifies land as urban, rural, or expansion. Construction requires licenses that specify uses, sizes, and technical aspects in accordance with the POT. Real estate can be purchased by foreigners through the same process as Colombians, which involves due diligence, title review, purchase agreement, and registration.
This document provides a summary of Colombian laws and regulations regarding real estate acquisition and development. It discusses key topics such as the real estate acquisition process, due diligence requirements, common agreements like purchase agreements and construction contracts, licensing requirements, and special considerations regarding vacant land and land restitution. The document is intended to provide general information on legal matters pertaining to real estate business in Colombia.
This document provides a summary of Colombian laws and regulations regarding real estate acquisition and development. It discusses key topics such as the real estate acquisition process, due diligence requirements, common agreements like purchase agreements and construction contracts, licensing requirements, and special considerations regarding vacant land and land restitution. The document is intended to provide general information on legal matters pertaining to real estate business in Colombia.
Greece has a population of over 11 million people and Athens is the capital city. The official language is Greek and the currency is the Euro. Real estate ownership and taxation follows various systems depending on property location. Foreigners can purchase property but may need approval from the government. Mortgages are available from Greek banks and property is typically purchased through public notaries. Zoning and development is regulated regionally according to land use plans.
This document outlines regulations for the sale of subdivision lots and condominiums in the Philippines and penalties for violations. It requires subdivision and condominium projects to be registered with the National Housing Authority, including filing documents like development plans, financial statements, and marketing materials. It also mandates publishing notices of registered projects. The decree aims to protect buyers from fraudulent practices and ensure developers provide adequate infrastructure and comply with building codes.
The document provides an overview of key considerations for real estate investments in Colombia. It discusses the following:
1. The Colombian government protects private property rights, and foreigners have equal rights as Colombian nationals for real estate transactions. However, funds from non-tax residents must be channeled through an exchange market agent.
2. Investors should conduct due diligence on properties, including reviewing title certificates, deeds, taxes paid, permits, and land use restrictions. Additional checks may be needed for rural properties.
3. Common agreements include purchase contracts formalized by public deed and lease agreements, which can be verbal but are better in writing. The document outlines obligations for landlords and tenants.
No doubt that, rented premises leads to saving of hefty investment cost but that is only one side of the coin and the other side of coin calls for attention towards the legal aspects involved in such decision which are specified through a Commercial Lease Deed.
This document provides information and standard terms for a Contract of Purchase and Sale for real estate. It begins with copyright information for the form.
Section 1 provides 3 sentences on recommended procedures for completing the sale to ensure the seller receives funds on the agreed upon completion date. It advises the buyer to pay funds and sign documents at least 2 days before completion, and the seller to return signed documents by the morning before completion.
Section 2 notes the real estate brokerage must hold deposits from the transaction as a stakeholder according to the Real Estate Services Act, and cannot release the funds without written agreement from both parties.
The Bill seeks to establish Real Estate Regulatory Authorities (RERAs) at the state level for the regulation and development of the real estate sector. It aims at (a) ensuring consumer protection and (b) standardisation in business practices and transactions in the real estate sector.
The Real Estate (Regulation and Development) Bill, 2013 seeks to establish Real Estate Regulatory Authorities (RERAs) at the state level to regulate the real estate sector and protect consumer interests. The bill aims to define promoters and real estate agents, require their mandatory registration, and establish rules for escrow accounts, cross-border advertising standards, dispute resolution mechanisms, and penalties for non-compliance. It covers both commercial and residential real estate projects across India except Jammu and Kashmir.
This document provides an overview of real estate law in India. It defines real estate and discusses how real estate law governs property ownership, transfer, and development. Key acts like the Transfer of Property Act, Registration Act, and Land Acquisition Act are summarized. Methods of transferring real estate like sale, lease, and exchange are explained. The document also discusses encumbrances on property like mortgages, easements, and liens. Two important court cases related to sale transactions and lease vs. license are summarized.
The document summarizes a lecture given to civil engineering students about the Maharashtra Real Estate Regulatory Authority (MahaRERA) Act 2016. The key points covered in the lecture include an overview of the real estate sector laws in India, the need for the MahaRERA Act, its key definitions, provisions regarding registration of real estate projects and agents, obligations of promoters, and rights of allottees. The lecture aimed to provide an understanding of the important aspects of the new law regulating the real estate sector in Maharashtra.
This document is an advisory for properties being sold by lenders after foreclosure. It summarizes exemptions and requirements for the seller. The seller is exempt from providing certain disclosures but is still required to disclose known material facts affecting the property's value. The seller must also disclose information about earthquake zones, smoke detectors, water heaters, and lead paint. The sale is not exempt from state requirements for carbon monoxide devices or tax withholding obligations. Brokers still have obligations to conduct inspections and provide agency disclosures.
Legal and tax implications when purchasing real estate in Spain, EnglishDe Micco & Friends Group
Here you will get all important information when you sell or buy real estates in Spain and Mallorca,
It is generally recommended that buyers of real estate in Spain instruct a qualified lawyer to represent them and hire a financial advisor knowledgeable in local and international taxes and dues to take care of the tax aspects. Spain does meanwhile provide a relatively high amount of legal protection for real estate purchases, but there are still cases in which the buyer has to battle enormous problems or unexpected expenses after the acquisition because certain processes were not adhered to, documents weren't checked or contracts were drafted which include substantial disadvantages for the buyer. It still happens more often than not that acquired objects or extensions have to be dismantled because renovations or extensions were not properly authorised or the authorisation was not registered with the different agencies involved. Subsequent permits are possible in some cases, but they do require a special process and incur substantial expenses.
Real Estate (Regulation and Development) Act, 2016-Promoters PerspectiveCA Aditya Khandelwal
The document summarizes key aspects of the Real Estate (Regulation and Development) Act, 2016 in India. It outlines the need for the new law to regulate the real estate sector and protect homebuyers. Key points include requirements for promoters to register projects with a new regulatory authority, deposit 70% of funds in a separate escrow account, restrictions on changes to project plans, refunds for delays in possession, and penalties for non-compliance.
This document summarizes real estate laws in Saudi Arabia. It covers topics such as ownership restrictions (all land is owned by the Crown), the conveyancing process involving notary publics, lease requirements, off-plan sales regulations, and the new real estate mortgage law. Ownership is established through title deeds certified by notary publics. Leases do not need to be in writing but must comply with land use laws. Off-plan sales involve escrow accounts and developer licensing. The new mortgage law permits mortgages and their registration instead of property transfers as in traditional murabaha financing.
Leasehold and freehold property - a buyers guideBolt Burdon
The document discusses leasehold and freehold property ownership in England and Wales. It explains that freehold property provides full ownership of the land and building, while leasehold property involves owning the property for a set lease period, typically paying ground rent and service charges. The document outlines options for leasehold owners such as extending their lease through statutory means for an additional 90 years, or acquiring the freehold altogether through collective enfranchisement if multiple flats are involved. It also discusses resolving disputes over excessive service charges through the Property Tribunal.
This document outlines procedures for procuring land willingly sold by owners in Telangana, India for public projects. It establishes a District Level Land Procurement Committee to (1) ascertain owner willingness, (2) negotiate consideration amounts including market value and resettlement costs, and (3) approve agreements signed by owners. The committee is chaired by the District Collector and includes representatives from procuring agencies, revenue departments, and land administration. Owners must sign affidavits agreeing not to pursue higher compensation in court.
8 Inversiones para el desarrollo sostenible (1).pdfProColombia
El documento describe varios casos de inversiones sostenibles realizadas por empresas en Colombia, incluyendo Baxter en Cali, Grupo UMA en Pereira, y Colhilados en Antioquia. También describe una inversión de la empresa noruega NORFUND en ERCO Energía de Medellín para apoyar proyectos de energía renovable. Las inversiones apoyan la creación de empleos, producción local, eficiencia energética, y transición a energías limpias.
Las regiones de Colombia están implementando iniciativas innovadoras para atraer inversiones como estrategias de coworking exclusivo para empresas multinacionales en Orinoquia, uso de redes sociales como LinkedIn para promover oportunidades en el Valle del Cauca, y programas de capacitación en inglés para jóvenes en Cartagena para fortalecer las habilidades requeridas por inversionistas. Medellín también ha creado una herramienta de datos económicos llamada DaTACI para apoyar la toma de decisiones de inversionistas.
6 Territorios como destino de inversión (1).pdfProColombia
El Ministerio de Comercio, Industria y Turismo y ProColombia están impulsando a los territorios de Colombia como destinos de inversión a través de varias iniciativas: 1) Crearon un manual para ayudar a las regiones a atraer inversión extranjera, 2) Ofrecen un curso virtual gratuito para enseñar a los emprendedores a estructurar proyectos que puedan financiarse con inversión extranjera, y 3) Organizarán en 2023 el Colombia Investment Summit - Roadtrip, un evento que promoverá oportun
La estrategia de ProColombia para atraer inversiones extranjeras se enfoca en tres pilares: contribuir a la reindustrialización de Colombia a través de inversiones en sectores como salud, soberanía alimentaria y energía; atraer inversiones a las regiones de Colombia para cerrar brechas de desarrollo; y atraer inversiones que promuevan la transferencia de conocimiento e innovación. Esta estrategia se implementa a través de seis acciones como la promoción proactiva de proyectos de inversión en sectores priorizados, la atracción de fond
Los flujos globales de inversión disminuyeron un 12% en 2022 a 1,3 billones de dólares, aunque las inversiones en países en desarrollo crecieron un 4%. En América Latina y el Caribe, la inversión extranjera directa aumentó un 55,2% en 2022, alcanzando un máximo histórico de $224.579 millones. Dentro de la región, el 54% de la inversión fue al sector de servicios, aunque también aumentaron las manufacturas y los recursos naturales.
3 Política de Reindustrialización (2).pdfProColombia
La política de reindustrialización de Colombia establece diversos puntos para que los territorios atraigan inversión extranjera directa y fomenten un crecimiento sostenible, incluyendo la transición energética, el desarrollo de infraestructura, el aprovechamiento de recursos de manera sostenible, el fortalecimiento de la fuerza laboral y la creación de clústeres regionales.
El Plan Nacional de Desarrollo de Colombia establece cinco ejes para convertir al país en líder mundial en temas relacionados con la vida y la naturaleza. Uno de los ejes se enfoca en la transformación productiva y la vinculación de las regiones en cadenas de valor a través de programas como Encadenamientos Productivos y Diversificación de Actividades Productivas para aprovechar ventajas competitivas regionales. Otro programa busca impulsar la industria digital para generar empleo e ingresos regionales mediante contenidos digitales, software y emp
El Plan Nacional de Desarrollo de Colombia establece cinco ejes para convertir al país en líder mundial en temas relacionados con la vida y la naturaleza. Uno de los ejes se enfoca en la transformación productiva y la vinculación de las regiones en cadenas de valor a través de programas como Encadenamientos Productivos y Paz Total, que impulsan proyectos de desarrollo regional. Otro eje busca impulsar la industria digital, las fábricas de productividad y la economía popular para generar empleo e ingres
Este boletín presenta la estrategia de ProColombia para atraer inversión a las regiones de Colombia, incluyendo iniciativas como la estrategia de inversión sostenible, la estrategia de friendshoring, y la Ventanilla Única de Inversión. También discute los incentivos disponibles para inversionistas y sectores con potencial como energías renovables, agricultura ecológica y movilidad eléctrica. El objetivo es promover el desarrollo regional a través de la inversión extranjera.
Bodas Multiculturales y la oportunidad para Colombia.pdfProColombia
El documento describe las bodas multiculturales y cómo estas representan una gran oportunidad para Colombia en términos de turismo, promoción de la diversidad cultural, desarrollo de la industria de servicios, intercambio cultural y promoción del patrimonio local. Las bodas multiculturales atraen turismo internacional, resaltan la riqueza cultural de Colombia, crean empleos en servicios especializados, fomentan el entendimiento intercultural y destacan las tradiciones locales.
El documento describe el marco regulatorio de los productos de cannabis en Australia. Se explica que existen varias autoridades involucradas como el Departamento de Salud y la Administración de Bienes Terapéuticos. Los productos se clasifican en cuatro categorías dependiendo de su contenido de THC/CBD y uso: Catálogo 3 (farmacias sin receta), Catálogo 4 (receta médica), Catálogo 8 (drogas controladas con receta) y Catálogo 9 (sustancias prohibidas). Se requieren licencias para el cultivo y producción de cannabis
El documento resume el marco regulatorio de los productos de cannabis en Australia. Existen varias autoridades involucradas como el Departamento de Salud, la Oficina para el Control de Drogas y la Administración de Bienes Terapéuticos. Los productos se clasifican en cuatro categorías dependiendo de su contenido de THC/CBD y uso: Catálogo 3 (farmacias sin receta), Catálogo 4 (receta médica), Catálogo 8 (drogas controladas con receta) y Catálogo 9 (prohibidas). Se requieren licencias y permisos
El documento describe la cadena de valor de las bodas de destino, incluyendo etapas como la planificación, alojamiento, diseño y coordinación del evento. Explica que las bodas de destino generan beneficios económicos para las comunidades locales a través de ingresos, empleos e impulsos al turismo. También promueven la cultura local y requieren una gestión sostenible y responsable de los recursos. Diversos actores como organizadores, destinos, parejas y proveedores desempeñan roles en crear experiencias de bodas exit
El documento describe las tendencias actuales en las bodas de destino. Antes, las bodas de destino eran más sencillas y tradicionales, pero ahora ofrecen experiencias más completas durante varios días. Algunas tendencias clave incluyen bodas más sustentables e íntimas, así como eventos más grandes con entretenimiento y tecnología. También hay una mayor personalización a través de shows, fotos y elementos instagrameables.
El documento resume la 13a edición del Congreso de Bodas LAT que se llevará a cabo del 8 al 11 de octubre de 2023 en Riviera Maya, México. El congreso ofrecerá sesiones educativas, talleres y eventos de networking para profesionales de la industria de bodas. Además, se promocionan paquetes de hospedaje y registro que incluyen acceso al congreso y actividades adicionales.
Este documento ofrece información sobre cómo los profesionales del turismo de bodas pueden promocionarse internacionalmente. Explica que la asociación IADWP brinda educación y certificaciones en la industria de bodas de destino. También define qué son las bodas de destino y analiza las características de las parejas que eligen este tipo de bodas. Finalmente, proporciona consejos de marketing para atraer a parejas interesadas en bodas de destino.
El documento resume la 13a edición del Congreso de Bodas LAT que se llevará a cabo del 8 al 11 de octubre de 2023 en Riviera Maya, México. El congreso ofrecerá sesiones educativas, talleres y eventos de networking para profesionales de la industria de bodas. Además, se promocionan paquetes de hospedaje y registro que incluyen acceso al congreso y actividades adicionales.
Bodas Multiculturales y la oportunidad para Colombia.pdfProColombia
El documento describe las bodas multiculturales y cómo estas representan una gran oportunidad para Colombia en términos de turismo, promoción de la diversidad cultural, desarrollo de la industria de servicios, intercambio cultural y promoción del patrimonio local. Las bodas multiculturales atraen turismo internacional, resaltan la riqueza cultural de Colombia, crean empleos en servicios especializados, fomentan el entendimiento intercultural y destacan las tradiciones locales.
La cadena de valor de las bodas de destino y el impacto social en las comunid...ProColombia
El documento describe la cadena de valor de las bodas de destino, incluyendo etapas como la planificación, alojamiento, diseño y coordinación del evento. Explica que las bodas de destino generan beneficios económicos para las comunidades locales a través de ingresos, empleos e impulsos al turismo. También promueven la cultura local y requieren una gestión sostenible y responsable de los recursos. Diversos actores como organizadores, destinos, parejas y proveedores desempeñan roles en crear experiencias de bodas exit
Diseño de la experiencia en una boda destino.pdfProColombia
El documento describe los factores clave a considerar al elegir un destino para una boda, incluyendo el ambiente, las emociones de viaje, las actividades para invitados, y los servicios disponibles. También enfatiza la importancia de comunicarse claramente con los invitados sobre los detalles del evento para establecer expectativas y asegurar una experiencia positiva para todos.
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The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
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BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
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During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
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Real Estate in Colombia
1. “…the stellar hospitality of Colombians had me at arrival.
Today, the security situation has improved dramatically, helping
Colombia to become South America's phoenix from the flames”.
Kevin Raub. Writer for Lonely Planet
R E A L
E S T A T E
T E N
2. C H A P T E R 10 . R E A L E S T A T E .164
Three things investors should know about the real estate regime in Colombia:
The Colombian Government protects private property.
Colombian nationals and foreigners have equal obligations and rights regarding the
purchase of real estate property. Real estate transactions do not imply for foreign
investors any additional tax, legal, or financial burdens.
Land use in Colombia must comply with land planning regulations.
1
2
3
3. C H A P T E R 10 . R E A L E S T A T E . 165
10.1 Real Estate Acquisition in Colombia
10.1.1 Due Diligence
Before acquiring real estate property in Colombia, it is
advisable to review the following documents in order to
have a complete overview of the legal situation of the
property at the time of the transaction:
(i) The most recent chain of title and no-lien
certificate (Certificado de libertad y tradición, in
Spanish),issued ideally in the past ten days;
(ii) Public deeds evidencing acquisition and any other
legal acts concerning the property over the past
twenty years;
(iii) Tax payment certificates; and
(iv) The land use certificate.
The following aspects must be taken into account:
(i) Analysis of title condition: This analysis is carried
out by an expert lawyer in order to determine if
there are any conditions or circumstances that
actually or potentially affect or limit the right of
ownership over the property. Basically, this analysis
ensures that there are no legal risks entailed in the
transaction, as well as in the chain of title, verifying:
• The ownership of the property (that the seller is indeed
the owner of the property) and the viability of the
real estate titleholder to carry out the transfer of the
ownership;
• The existence of charges such as a dwelling family
house, embargoes, mortgages, etc., auction or
inheritance allocations, partial sales, among other
limitations.
• The existence of any resolutory or conditional
obligation express or implied;
• Fulfillment of any tax obligations related to the
property.
• Possible discrepancies in areas of the property (the
property file corresponds to the real estate registration
sheet).
• The existence of mining titles and/or environmental
restrictions on the property;
(ii) Analysis of integrity of former titleholders of the
property: It is an analysis made by experts in the
field, about information available in public and
business databases, magazines business, web sites,
industry publications, media, etc.), with regards to
the background of sellers and former titleholders of
the property, which identifies potential incidents that
may affect the chain of tradition of the property or its
future ownership, or the reputation of the acquirers.
These tests include the search of key information,
among others:
• Disciplinary and judicial history of the owner and
previous titleholders.
• Links with activities of money laundering and financing
of terrorism, corruption and bribery. The foregoing in
order to avoid any future actions of domain extinction
that may affect the property right of the acquirer.
(iii) Analysis of land use: This analysis is carried out by
a lawyer or technical expert to determine what type
of construction (including elevation) or development
activities are permitted on the property that is being
acquired (in accordance with the corresponding
Urban Developing Plan (by its achoronym in
Spanish “POT”). The purpose of this analysis is
to ascertain the possibilities of developing on the
property in question the investor’s plans, according
to the technical specifications of the design.
(iv) For the acquisition of rural land, please note that
there are special regulations that impose certain
limitations on acquisition and development of this
type of real estate property (i.e. Article 72.9 of
Law 160 issued in 1994 , forbids the acquisition of
vacant and uncultivated land (i.e. Baldíos ) if such
land exceeds one or more Family Agricultural Unit
(UAF). (This unit deemed as a basic undertaken
of agricultural, livestock production, aquaculture
or forest, which extension allow the families get
payments for their work and get capital surplus
which contributes to the formation of their heritage).
4. C H A P T E R 10 . R E A L E S T A T E .166
10.1.2 Contracts
For the acquisition of real estate property, it is common
to start by executing a promise to purchase agreement
before concluding the actual purchase of the real estate
property. In the promise to purchase agreement, the
future buyer and seller agree upon the essential elements
of the purchase agreement (the specified object and the
price). This type ofagreement is usually signed when the
parties have satisfied all the conditions of the business
and only the legal formalities are missing.
The promise to purchase agreement does not require
any specific formality and its celebration has no extra
costs for the parties. It is usual that in these agreements
the parties agree payment of earnest money (in Spanish
“arras”) in order to reserve the property and as a down
payment.
For the purchase of the real estate property, the agreement
must be formalized by means of a public deed. The cost
of this procedure is approximately 0.3% of the purchase
price. This price is usually paid equally between buyer
and seller.
10.1.3 Registration Procedure and Effects of the
Registration
Property rights over real estate are transferred by
means of the registration of the acquisition title in the
corresponding public instruments registry office (Oficina
de registro de instrumentos públicos, in Spanish) . The
registration of the public deed accrues a registration tax
on this procedure which varies between 0.5% and 1%
of the value of the purchase agreement contained in the
public deed, as well as the registration fee equivalent to
0.5% of the value of the sale. The registration taxes and
fees must be paid by the purchaser.
10.2 Use of Real Estate Properties
It is not necessary to be the holder of the property rights
of a real estate to be able to enjoy and use it. Among
other instruments, a lease agreement grants these rights
to a tenant in return for the payment of a rent.
10.3 Lease Agreements
Lease agreements can be executed verbally or in writing
and all that is required for their enforceability is an
agreement between the landlord and the tenant regarding
the following essential elements: (i) value of the rent; and
(ii) the property subject to lease. Additionally, even if they
are not essential for the legal formalization of the lease
agreement, it is advisable that the parties agree upon
the following elements: (i) payment method; (ii) date and
delivery of the real state subject to the agreement; (iii)
Agreement of the utilities, objects or associated uses; (iv)
duration; and (v) designation of the party responsible for
the payment of public utilities. It is recommended that this
type of agreement is executed in writing.
10.3.1 Landlord’s Obligations
The landlord’s main obligations are to: (i) deliver the real
estate property to the tenant; (ii) maintain the property in
a state that allows its use accordingly with the purpose
for which it was leased; (iii) address any contingency
which prevents the tenant from using the real estate for
the purpose for which it was leased; and (iv) make any
necessary repairs.
10.3.2 Tenant’s Obligations
The main obligations of the tenant are to: (i) pay the lease;
(ii) use the property in accordance with the provisions of
the lease agreement; (iii) ensure the preservation of the
real estate property; (iv) return the real estate property
upon termination of the lease agreement in the same
conditions as received; (v) make repairs related to minor
upkeep, esthetic reparations, and regular maintenance
(reparaciones locativas in Spanish) during the term of
the lease (vi) pay on time the expenses derived from the
use of the relevant propertyand (vii) comply with the
condominium governing rules (Régimen de Propiedad
Horizontal in Spanish).
10.3.3 Sublease and Assignment
Unless there is an express authorization from the lessor,
the lessee is not allowed to assign the lease or sublease.
When there is authorization the transferee will be the
titleholder of all rights and obligations of the lessee.
10.3.4 Rent
Is the price that the tenant must pay to the landlord for the
use of the real estate property. The rent can be stipulated
in the lease agreement in any foreign currency, but it
must be paid in Colombian pesos (COP) at the market
representative exchange rate established on the agreed
date or the foreign exchange rate agreed between the
parties.
In the case of lease of urban housing assets, the price may
not exceed 1% of the market value of the property or the
part that is leased. Every twelve months after the signing
of the contract, the lessor can increase the rent, however
the increment cannot exceed 100% of the Consumer Price
5. C H A P T E R 10 . R E A L E S T A T E . 167
Index (IPC) increment in the prior year. In all cases, this
increase must be notified in advance to the lessee.
10.3.5 Contract Renewal
Regarding the renewal of lease contracts, it is important to
bear in mind, that involved parties have the right to freely
determine the conditions under which the relevant contract
is renewed. On the other hand, the lease of real estate
properties that are part of an ongoing concern, the tenant
who has leased such property for two years or more has the
right to a renewal of the contract at the time of its expiration;
nonetheless, certain legal exceptions may apply.
Colombian regulations, set forth on the Commercial Code,
are keen on the protection of the tenant in the lease of the
so called commercial establishments (establecimientos de
comercio in Spanish). Please see below an example of
such rules:
• Right to Renewal: Once certain conditions, set forth
in Article 518 of the Commercial Code are fulfilled,
the lessee is entitled to extend the term of the contract
under the same conditions as initially agreed, and the
landlord has the obligation to respect that right. This
measure ensures the tenant to have enough time to
position his business (e.g. position a name and attract
customers, etc.). This period of time is considered an
essential factor to achieve these purposes.
• Eviction Law: In accordance with the above mentioned,
commercial law provides that the landlord must give an
eviction or termination notice to the tenant not less than
six months prior to the ending of the contract, when the
landlord needs the relevant premises for his living or
business domicile, as well as to rebuild or repair.
The eviction notice is considered a period of time ample
enough (i.e. 6 months) and constitutes a protection
measure for the tenant as it provides him enough time
to reorganize his business in another venue.
• Preemptive Rights: Article 521 of the Commercial Code
establishes the right for the tenant to be preferred
against a third party interested in leasing the premises,
provided that the tenant and the interested party have
equal conditions.
• Compensation Right: If at the termination of the
lease agreement, the owner of the landlord does not
use the property for one of the purposes established
in the law, or if the relevant repairs are not initiated
within 3 months from the date the tenant returns the
property subject to lease, the tenant is entitled to the
special compensation set forth in Article 522 of the
Commercial Code.
10.4 Real Estate Investment Trusts
The growing importance of trust agreements in real estate
transactions in Colombia must be highlighted because this
mechanism offers trustworthiness and transparency to all
parties; currently, it is used in most real estate transactions.
One of the types of trust agreements is provided for the
development of real estate projects, whereby the real estate
property is transferred to an equity trust managed by a trust
company under surveillance by the Colombian Financial
Superintendency, which is set up independently from the
owner’s and the trust company´s equity, thus, enabling the
use of the trusted assets exclusively for development of the
real estate project. Furthermore, as trust property is not
considered neither part of the trustee’s or the beneficiary’s
patrimony, it is protected from possible creditors. The
purpose of a trust agreement includes: (i) the development
of the real estate project by a builder which is not the
owner of the project; (ii) a transparent administration of the
resources of third parties that have contributed towards the
acquisition of one of the units; and (iii) once the works are
completed, the trust shall transfer the property of the units
to the purchasers.
10.5 Urban Regulations
Municipalities have the authority to establish zoning
regulations pertaining to their territories, the rational
and equitable use of land, and the preservation and
protection of environmental and cultural heritage
located in such territories. Therefore, municipalities are
required to establish a territorial zoning plan (Plan de
Ordenamiento Territorial, POT) for the regulation of
potential developments and land use of the district or
municipality territory pursuant to the Colombian Political
Constitution and the Organic Law for land zoning,
among others.
10.5.1 General Aspects of the Territorial Zoning Plan
(POT in Spanish)
The POT is a document issued by the municipality
administration that contains and describes the objectives,
guidelines, policies, strategies, goals, programs, actions
and regulations adopted to guide and manage the
physical development of land and land use.
The territories of the municipalities and districts are
classified as urban land, rural land or land for urban
expansion. This classification should be taken into account
by the investors in order to establish whether according
to the environmental aspects and the zoning and land use
regulations the contemplated uses are permitted on the
real estate property.
13. Financial Superintendence of Colombia, Authorized Officer’s Opinion No 2010023725-002, May 21, 2010.
6. C H A P T E R 10 . R E A L E S T A T E .168
Decree 364 of 2013, amended topics related to land use,
urban development transfers, re-densification process,
construction priority interest housing (VIP), among others
in Bogota.
The main objectives of the implementation of the POT are
the following:
i. To improve the life quality of the inhabitants offering
benefits that develops a city,
ii. To ensure citizens access to common services: roads,
parks, schools, hospitals, etc.,
iii. To ensure rational use of land, to promote environmental
sustainability and preservation of the heritage,
iv. Protect the community against natural hazards.
10.6 Regulation for the Development of Property in
Any Territory
In general, the required planning instruments are: The
POT, special plans of management and protection, partial
plans (Planes parciales in Spanish), rural planning units
(Unidades de planeación rural, in Spanish), urbanization
or parceling permissions (Licencias de urbanización
o parcelación, in Spanish) and building of subdivision
of parcels and intervention and occupation of public
space)..
10.6.1 Partial Plans
Partial plans develop and complement the provisions of the
POT for specific areas of urban land, the areas included in
the territories earmarked for urban expansion and other
areas that are to be developed through urban planning
units (Unidades de actuación urbanística, in Spanish),
macro-projects or other special urban interventions.
By means of partial plans the use of private spaces is
defined, as well as specific uses of land, intensity of uses
and buildings, as well as the obligations for the transfer
and construction, provision of equipments, spaces and
public utilities that allow the execution of specific projects
of urbanization and construction in the terrains included
in the planning.
In these partial plans, the urban regulations contained
in the POT are developed for the portion of land within
the scope of the POT. These instruments are approved
by means of an administrative act issued by the relevant
municipal or district administration.
10.6.2 Rural Planning Units
Rural Planning Units (UPR in Spanish) are intermediate
planning instruments for rural land that complement the
POT. Through the UPRs, issues such as environmental
management, activities that take place outside of city
limits, decisions on occupancy and uses, management
strategies and instruments and agricultural technical
assistance strategies are provided.
10.6.3. Parceling Permissions
Parceling permissions allow the creation of public and
private spaces in one or several properties located in
rural and suburban land. They are required also for the
construction of roads and the building of infrastructure
to ensure the self-provision of residential services, which
will enable the use of the resulting properties for the
purposes authorized by the relevant POT.
To build on the resulting land parcel, the corresponding
building permit will be required.
10.6.4 Urbanization Permits
Urbanization permits are the prior authorization required
to create, on one or several properties located on
urban land, public and private spaces, build roads and
infrastructure, and provide public services that enable the
adaptation, allocation and subdivision of these lands for
future construction of buildings destined for urban uses,
according to the POT. Licenses are granted by an urban
curator or the competent municipal authority.
Urbanization permits lay down the regulations regarding
uses, elevation, volume, accessibility and other technical
aspects based on which the building permits will be
issued for new buildings in such urbanized properties.
With the urbanization permission, an urban map (Plano
urbanístico in Spanish) is approved, and such map will
contain a graphical representation of the urbanization,
identifying all its parts to facilitate its understanding,
such as transfers to the planning authorities for the
construction of public parks, facilities and local roads or
useful areas, among others. The urbanization permits on
lands earmarked for urban expansion can only be issued
after the adoption of the corresponding partial plan.
10.6.5 Building Permits
A building permit is the prior authorization required
to develop buildings, circulation areas and communal
areas in one or several properties, in accordance with
the provisions of the POT, the special management and
protection plans of cultural interest and other rules that
7. C H A P T E R 10 . R E A L E S T A T E . 169
govern such matters. Building permits determine specific
uses, elevation, volume, accessibility and other technical
aspects approved for the corresponding construction.
10.7 Special Duties that Affect Real Estate Property
10.7.1 Real Estate Tax
The real estate tax is a duty levied on real estate located in
Colombia. It must be paid once a year or in installments
by owners, users or usufructuaries, depending on the
municipality or district where the real estate property is
located. For most of the municipalities of the country, the
tax is invoiced directly by the territorial entity, while in
other municipalities the taxpayer must liquidate the tax.
The taxable base is determined by: (i) the current appraisal
value which can be updated by the municipality as a
consequence of new conditions, or through the urban
and rural real estate valuation index (IVIUR in Spanish),
or (ii) a self-appraisal value made by the taxpayer, and
cannot be less to the cadastral appraisal.
The applicable tax rate depends upon the conditions of
the real estate, which also depends upon elements such
as constructed area, location and destination of the
real estate property. The tax rate varies between 0.1%
and 3.3% considering the economical destination and
appraisal of the real estate.
Real estate tax is 100% deductible for income tax
purposes, considering that a cause-effect relation exists
with the income producing activity of the taxpayer.
10.7.2 Surplus Value
The surplus value (plusvalía in Spanish) is a contribution
derived from zoning actions and specific authorizations
destined to improve land use or to give the property a
more profitable use.
Surplus value acts:
• The incorporation of rural land to land of urban
expansion,
• The establishment or modification of the regime or the
zoning of land uses
• The authorization of a greater use of land in building,
raising either the occupancy rate or the construction
index, or both at the same time.
• When public works considered as "macro infrastructure
projects" are included in the POT and / or in the
instruments that develop it, and the valorization
contribution has not been used for its financing.
Acts involving transfer of property rights and the
issuance of building permits generate surplus value,
ranging between 30% and 50% of the higher value per
square meter that befalls to the benefited property.
10.7.3 Recovery Contribution
Is a lien on real estate properties that benefit from the
public interest works carried out by the State. Said lien
must be registred in the ownership certificate.
10.7.4 Urban Lineation Tax
Urban lineation tax is levied on the issue of construction
licenses for executing new real state works, extensions,
modifications and repairs on real state.
8. C H A P T E R 10 . R E A L E S T A T E .170
Regulatory Framework
REGULATION SUBJECT
Civil Code Contracts.
Code of Commerce Contracts.
Law 820 of 2003 Urban Leasing Law.
Decree 2811 of 1974 National Code for Renewable Natural Resources and Environmental
Protection.
Law 44 of 1990 Real Estate Tax
Law 9 of 1989 and 1469 of 2011 Municipal development plans, acquisition and expropriation.
Law 160 of 1994 Creates the National System for the Rural Reform and set forth rules
for Baldíos.
Law 388 of 1997 Amendment of Law 9 of 1989.
Law 507 of 1999 Modifications of Law 388 of 1997.
Law 810 of 2003 Planning sanctions.
Decree 564 of 2006 (partially removed) Planning permits.
Decree 2181 of 2006 Partial plans.
Decree 0097 of 2006 Planning permissions on rural land.
Decree 4300 of 2007 Partial plans.
Decree 3600 of 2007 Rural land zoning regulation.
Decree 4065 of 2008 Urbanization and development of lands and areas on urban land
and expansion and applicable legislation on calculation of
participation in surplus value.
Decree 4066 of 2008 Modifications to Decree 3600 of 2007.
Decree 3641 of 2009 Modifications to Decree 3600 of 2007.
Decree 1469 of 2010 Planning permissions.
9. C H A P T E R 10 . R E A L E S T A T E . 171
REGULATION SUBJECT
Civil Code Contracts.
Code of Commerce Contracts.
Law 820 of 2003 Urban Leasing Law.
Decree 2811 of 1974 National Code for Renewable Natural Resources and Environmental
Protection.
Law 44 of 1990 Real Estate Tax
Law 9 of 1989 and 1469 of 2011 Municipal development plans, acquisition and expropriation.
Law 160 of 1994 Creates the National System for the Rural Reform and set forth rules
for Baldíos.
Law 388 of 1997 Amendment of Law 9 of 1989.
Law 507 of 1999 Modifications of Law 388 of 1997.
Law 810 of 2003 Planning sanctions.
Decree 564 of 2006 (partially removed) Planning permits.
Decree 2181 of 2006 Partial plans.
Decree 0097 of 2006 Planning permissions on rural land.
Decree 4300 of 2007 Partial plans.
Decree 3600 of 2007 Rural land zoning regulation.
Decree 4065 of 2008 Urbanization and development of lands and areas on urban land
and expansion and applicable legislation on calculation of
participation in surplus value.
Decree 4066 of 2008 Modifications to Decree 3600 of 2007.
Decree 3641 of 2009 Modifications to Decree 3600 of 2007.
Decree 1469 of 2010 Planning permissions.
Law 1454 of 2011 Organic rules for area zoning.
Law 1469 of 2011 Promotion of developable land and access to housing.
Law 1753 of 2015 National Development Plan 2015-2018.
Decree Law 2365 of 2015 Winding up of the Colombian Institute of rural development (INCODER)
Decree Law 2364 of 2015 Creation of the Rural Development Agency (ADR)
Decree 4065 of 2008 Urbanization and development of lands and areas on urban land
and expansion and applicable legislation on calculation of
participation in surplus value.
Decree 4066 of 2008 Modifications to Decree 3600 of 2007.
Decree 3641 of 2009 Modifications to Decree 3600 of 2007.
Decree 1469 of 2010 Planning permissions.
Law 1454 of 2011 Organic rules for area zoning.
Law 1469 of 2011 Promotion of developable land and access to housing.
Decree Law 0019 of 2012 Paperwork reduction.