Colombia Tax Planning

Tax planning for Expats in Colombia: This topic has become more important than ever for expats living in Colombia now. The Colombian immigration authority, Migracion Colombia has just begun sharing immigrant / visitor information with the Colomiban tax authority, the DIAN. So, now they are keeping track of how long people live in Colombia, in order to know who has become a tax resident. A Colombian tax resident is a person or corporation that is in Colombia more than 183 days in a year. This means you have to file taxes based on your world wide assets and income.Foreign tax residents must pay taxes on foreign income earned outside of Colombia as well as a tax on all foreign and domestic assets, such as money in banking accounts, investments, and real estate. It is important to understand TAX DEDUCTIONS IN COLOMBIA are applied using Colombian tax law, calculations and tax brackets using slightly different procedures than other countries.