Cartagena Real Estate – Do’s & Don’ts
We are back with another blog about purchasing property in the beautiful city of Cartagena, Colombia!
We want you to purchase property in the safest and most tax efficient way possible. It also helps to have some advice so you can properly vet the options you are looking at.
We have partnered with a real estate law firm in Cartagena, Colombia that has provided this outline for you. Lyda Tyurbec is a barred lawyer in New York and in Colombia and would love to help you acquire property in Cartagena!
If you haven’t seen our blog about the most tax efficient way to purchase real estate in Cartagena then click here to read it!
According to Wikipedia, Cartagena is a port city on Colombia’s Caribbean coast. By the sea is the walled Old Town, founded in the 16th century, with squares, cobblestone streets and colorful colonial buildings. With a tropical climate, the city is also a popular beach destination. Reachable by boat are Isla de Barú, with white-sand beaches and palm trees, and the Islas del Rosario, known for their coral reefs.
Let’s dive into the Dos and Don’ts of purchasing real estate in Cartagena! Thanks for this valuable outline Lyda.
Do’s
– Get a lawyer and a reputable real estate agent
– Follow the rules of registering the foreign investment.
– Get a bank account.
– Confirm that the title transfer is registered.
– Confirm bylaws permit for short term rentals
– Get a Visa
– Draft a Trust
*In November 2018, the Colombian government passed Decreto 2119, which states that all short-term tourist accommodations in Colombia must be registered with the Registro Nacional de Turismo (RNT) to operate legally.*
Following this registration, Airbnb hosts in Colombia will be asked to obey the same rules and regulations that are required of traditional hotels.
Don’ts
– Do not buy pre-construction.
– Do not agree to pay in the US. If you don’t bring the money through a bank and register the foreign investment you could face big sanctions and complications if you want to take the money out of Colombia.
– Do not agree to sign contracts with a price of sale that it is lower or higher than the real price.
– Do not buy possession rights or tenancy rights.
If you would like to get in touch with our real estate lawyer partner in Colombia then click here!
We hope you received some value from this blog. If you have any questions about purchasing Caribbean property please reach out to us at ushombi@gmail.com.
