The maximum amount to be refunded to the requesting foreigner is 200 (UVT). This means that, for 2023, the maximum amount that can be returned is $8,482,400 COP (approximately $2,120 USD at a reference rate of 4,000 COP/USD).

Generally, the documents needed are:

a. Certificate showing the origin of the funds (Letter for employer, inheritance, dividends certificate, savings, dispute settlement, etc).

b. An introduction letter in which you describe the motivation behind opening the broker account or moving to Colombia, the companies you have worked at, etc.

c. Las available income tax declaration.

If you choose the Broker account, you need to pay the commission fee for the broker agency after converting the money to Colombian Pesos.

About other platforms, you can consult them directly about their fees.

Also, you’ll need to pay the 4X1000 tax at the moment of making the money transfer to the vendor. it’s 4 pesos for every 1000 pesos transferred.

Yes. If you are considered a tax resident in Colombia (i.e., you stay in the country for more than 183 days in a calendar year), you are required to file an income tax return.

As of 2025, foreign pension income is tax-exempt up to 1,000 UVT per month (which equals $47,212,000 COP annually, or approximately $11,500 USD at a rate of 4,100 COP/USD). If your monthly pension exceeds this limit, the excess may be subject to income tax in Colombia.

Even if you do not owe taxes, you must still file a return if you meet other reporting thresholds related to income, assets, or financial transactions.

Only if it exceeds the top on deposits (1,400 UVT), which for 2025 is $69,718,600 COP.

When filing taxes in Colombia, you must consider whether you are a tax resident because it is independent of whether you have a visa.

If you have a digital nomad visa for one year but stay less than 183 days, you would not be considered a tax resident. In this case, you only declare the income tax on national source income and wealth obtained in Colombia.

Otherwise, if, with the visa, you stay for more than 183 days in the country, you declare income tax for the national and foreign source income and patrimony possessed inside and outside the country.

It is the registration that merchants, whether natural or legal persons and commercial establishments must make in the Chambers of Commerce with jurisdiction in the place where they will develop their activity and where the commercial establishment will operate to comply with one of the commercial obligations outlined in the Code of Commerce.

A chamber of commerce is a legal institution with a legal personality created by the National Government to protect the interests of traders in a given geographical region.

Consulting for expert advice for business in Colombia helps you navigate legal requirements, visa rights, and local regulations effectively. At expatgroup, we provide tailored advice and services to ensure your business thrives in Colombia.

Once your NIT and business are formally listed, you can open a Colombian business bank account. It’s advisable to compare banks based on their financial services, international presence, and interest rates.