AFC Accounts: Another Way to Save to Buy a Home

How can you open an AFC account?

You can go to a financial institution supervised by the Colombian Financial Superintendence. The only requirements are being of legal age and presenting a copy of your identification document. No minimum amount is required to open the account.

If you are an employee, you must authorize your employer to deduct the amount to be deposited into the account from your payroll. If you are self-employed, you can make deposits directly.

What are the conditions of AFC accounts?

• If you withdraw the savings for a purpose other than purchasing a property (such as an apartment for sale in Envigado or any other area of the country), the bank will apply the corresponding withholding tax.
• If you intend to use the money for another purpose, you must comply with the minimum holding period, which is ten (10) years.
• If five (5) years have passed since the account was opened and the money has not been used, you may withdraw the full amount.

Remember that it is important to receive proper advice and to expand this information with a trustworthy financial institution. With this savings option, you have the opportunity to obtain multiple benefits and get closer to the dream of buying your apartment in El Poblado or any other area of the city.

At Alberto Álvarez Real Estate, we have your ideal place.

Together we dream it, and together we make it a reality. That is happiness!