How to buy a home in Colombia if you live abroad?

Buying an apartment in Colombia for those living abroad is becoming a strategic decision due to the growth of the real estate market, the appreciation of properties, and the ease of the acquisition process. This also allows them to diversify their investments and obtain a good return on investment. The country offers a high quality of life, tax benefits, and an attractive environment both for living and for generating income through tourism, making Colombia an increasingly popular destination for investors. Here we tell you how to buy a home in Colombia if you live abroad.

What are the general requirements for purchasing a property?

Documentation: To begin the process of purchasing an apartment for sale in Medellín, you must have a photocopy of your valid Colombian ID card or passport. These documents are essential for any legal procedure carried out in the country.

Having a bank account in Colombia: Completing this process is essential, as it guarantees the proper transfer of funds and efficient financial management when purchasing a property. For buyers who wish to bring their foreign currency into Colombia, it is recommended to do so through the Banco de la República, which ensures the traceability of the transaction and, additionally, allows them to apply for an Investor Visa. It should be noted that each negotiation is unique, and conditions may vary depending on the parties involved. At Alberto Álvarez Inmobiliaria, we have partners who specialize in this type of financial management.

Attorney-in-fact: If you cannot be in Colombia during this process, you can appoint an attorney-in-fact to represent you. This person must have a power of attorney that must be apostilled in the country of residence in order to be valid in Colombia. This power of attorney allows them to sign documents and complete paperwork on behalf of the buyer.

What is the process for purchasing property?

Property search: You can start searching for a house for sale in Medellín that suits your tastes and needs, beginning with your preferred areas. If you are not in Colombia, we offer you the possibility of viewing the property through videos and virtual tours, so that you can get a clearer picture of the place.

Promise of sale: Once you have found a property that interests you, you can submit an offer to the seller. If the offer is accepted, the promise of sale process begins. This is a contract that formalizes the negotiation of the purchase of the property, including details such as dates, payment amounts, and delivery conditions. This document must be signed and legally authenticated by both parties.