Since the 15th of December 2017, the Colombian Ministry of Foreign Affairs has changed its visa system. Where there once were almost 20 different types, there now only exist 3 different visas:
- 1.Type V: A visa for New Visitors.
- 2.Type R: A visa for Residents.
- 3.Type M: A visa for Migrants.
In one of our previous articles, ‘How to Buy Property in Colombia: The Legal Process’, we briefly mentioned that there is a possibility of a residency permit when you decide to buy property in Colombia. Depending on the amount of money you invest in the property, you can apply for the Resident (R) or Migrant (M) visa. In this article we explain to you exactly what the requirements for both visas are so you can determine whether you are eligible or not.
What Are the Requirements for Obtaining a Resident Visa in Colombia?
If you want to buy property in Colombia and obtain a visa, you can apply for an R-Visa if you meet the following requirements:
- You’ve invested in Colombia, an amount equal to more than 650 times the Colombian minimum wage. As of 2018, the minimum wage is $737,717 COP per month.
- 650 x 737,717 COP = 479,516,050 COP ($171,168 USD)
An R-Visa is valid for 5 years and it can be renewed when the 5 years are over. Be aware of the fact that when you leave Colombia for more than 2 years it will become invalid automatically.
What Are the Requirements for Obtaining a Migrant Visa in Colombia?
An alternative to the R-Visa is the M-Visa. For the M-Visa, there are a variety of subcategories that you can apply for and each have their own requirements. One of the M-Visa subcategories is for foreign investors and the financial investment required is less than for the R-Visa however it only remains valid for 3 years and it becomes invalid if you leave Colombia for more than 6 months.
The investment requirements for the M-Visa are as follows:
- You’ve invested in a property or business in Colombia that is worth more than 350 times the current minimum monthly salary.
- 350 x 737,717 COP = 258,200,950 (COP) ($92,167 USD)
Examples of the other subcategories of the M-Visa are:
- Marriage Visa
- Student Visa
- Retirement Visa
How to Apply for a Visa in Colombia?
When you want to apply in person, you can do this for both resident and migrant visas at every Colombian consulate in the world. When you go to the consulate be sure to bring with you all your documentation and photocopies of the files that are required to obtain the visa that you want to apply for.
Where Can I Find More Information About Visas in Colombia?
Given the favorable conditions in the country and the region as well as the economic growth, Biz Latin Hub through its company Colombian Business Services offers the experience and support necessary for investors to have a successful market entry in Colombia. Feel free to contact us now.
Watch our video below to find out more about the visa services that we offer!