Obtaining an Affordable Residency Visa in Colombia

At Moola Financial Group we focus on helping borderless company entrepreneurs discover the best tax jurisdictions for their global offshore companies. We also strive to help those same entrepreneurs find favorable jurisdictions for personal residency. Over the next few days we’ll explore what it’s like to live in beautiful Medellin, Colombia. Today, we’ll look into the cost of living in Medellin as it relates to apartment rental (or purchase) Price. If you like what you see in this blog post contact us. One of our support staff can help you find local deals on apartments (as well as help you with the visa application process).


Cost of living in Medellin Colombia

Fast & Easy to Get a Residency Visa in Colombia

Colombia is often ranked as one of the easiest countries in the world to obtain a residency visa. Not only is the visa application process fairly straightforward, fast and affordable, but the cost of living in Colombia is low, while the standard of living is high. 

Getting a Visa in Colombia is not difficult or expensive. The cost to obtain a Visa through Moola Financial Group varies from case to case, but you can ballpark the price somewhere around $500 to $1000 / person depending on the level of service you want. Services can range from simple to advanced. This price includes both the legal fees as well as the government fees. If you’d like to speak to an English speaking representative from Moola Financial Group simply contact us. We offer a free free 30 minute consultation. 

So let’s jump in and talk about Visa types.

Most Common Visa Types

First, be careful when researching visa information online. There was a major overhaul of the visa process in 2017 and there is a lot of outdated information online.

Today, There are three types of visa categories, V, M and R.

V visas are visitor visas, M visas are temporary migrant visas and R visas are permanent residency visas that you can obtain after you hold an M visa (or temporary visa) for for a certain amount of time.

99% of people reading this blog post will be interested in the first step in the immigration process which is to obtain an M visa, or migrant visa. This visa is also commonly referred to as the “temporary residency visa”. This visa usually gives you access to stay in Colombia for a maximum of 3 years, and can easily be renewed at the time of expiry.

The M visa type is divided into specific visa subcategories. The visa that you apply for will be dependent on your particular case. So we’ll cover the most popular ones below.

First, we’ll talk about business and investment visas because these are some of the more popular visas we work on here at Moola Financial Gorup. 

1.Business Investor visa: First, we have the Business investor visa: This visa allows you to start your own company here in Colombia as long as you invest a minimum of 100X the minimum salary into your company. This equals about $27,000 USD. However, it should be mentioned that you have 2 years to invest the full amount. Setting up a S.A.S, which is the Colombian equivalent of an incorporation, is a relatively easy and straight forward process. After your company is created you can work for your company here without any issues.

2. Real estate investment visa: Another popular investment visa is the Real Estate investment visa – This visa requires that you invest a minimum of 350X minimum wage or around $92,000 in real estate. The images below, are from an apartment that costs around $100,000 to buy. As you can see, for this price, you can get a beautiful apartment with incredible amenities in really desirable location.

Now, that we’ve covered the two most popular investment visa types, let’s jump in and explore other popular visas under the Migrant visa category.

3. Retirement visa: To obtain the retirement visa all you need to do is prove that you have income of 3 times the Colombian minimum wage from a stable government source. This means you need to have a monthly government income of around $800.

4. Rentista visa: The rentista visa does not allow you to work in Colombia, but it does allow you to stay in Colombia. To obtain this visa you need to show you have foreign income that exceeds 10x the minimum wage. This equals around $2700 / month. This is a great option for traveling freelancers as long as you consistently make that much money each month. The income needs to be consistent over a minimum period of 12 months.

5. Student visa: The student visa in the M category allows post grad students to stay in the country for up to three years while they complete their studies.

6 Marriage visa: The marriage visa allows those married to a Colombian to obtain a migrant visa relatively easily. The visa process is pretty straightforward and you’re able to apply for permanent residency after holding your M visa for the duration of the visa.

7. Work visa: The Employment visa will be granted to you based on the duration of your work contract. It’s important to note that you’ll need to have secured a work contract before applying for this visa.

8. Dependency visa: Lastly, the Dependency or beneficiary visa allows partners and children of an M visa holder to apply for a beneficiary visa which will allow them to stay in the country for up to 3 years.

So that’s it. while This is not a full list of Visas, it does represent some of the more popular visas that we help people obtain here at Moola Financial Group. 

We hope you’ve found this blog post helpful. If you’d like assistance obtaining a visa in Colombia our English speaking representatives would be happy to help. We offer a free 30 minute consultation. Simply contact us today to learn more. 

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(*Learn how to dramatically reduce your corporate taxes by using the various restructuring blueprints that we’ll provide you in our FREE offshore tax planning and training mini-course.)

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