How to invest in Colombia as a foreigner: SAS, exchange registration, taxes and visa (2026 guide)

Golden rule: channel and register

Colombia has a foreign exchange regime. Foreign direct investment must enter through a foreign exchange market intermediary (IMC, typically a bank) or a compensation account, and in doing so the investor files the exchange declaration with the minimum information on international investments. That declaration is, in itself, the registration with the Banco de la República: no additional filing is needed. When the investment involves no currency transfer — for example, capitalizing a loan or an in-kind contribution — registration is done at any time through the Foreign Exchange Information System, without supporting documents. The legal basis is Decree 1068 of 2015 (article 2.17.2.5.1.1), Regulatory Circular DCIP-83 and External Resolution 1 of 2018.

Registration is not red tape: it is what grants exchange rights. A registered investment can reinvest profits, remit verified net profits abroad, repatriate capital upon liquidation or reduction and receive the same treatment as a resident investor. An investment that came in without being channeled and registered loses those rights and is exposed to exchange-control penalties. In practice the most frequent mistake is wiring money "to a friend" or to a partner's personal account to buy: the money arrived, but the investment does not exist for the exchange regime.

The vehicle: the SAS

The Simplified Stock Company (SAS, Law 1258 of 2008) is the standard vehicle. It requires no minimum capital, allows a single foreign shareholder holding 100%, lets the legal representative be a foreigner identified with a passport, and is incorporated by private document at the Chamber of Commerce of its domicile, with registration in the RUES and a tax ID (RUT/NIT) from the DIAN — normally within one to three business days. The non-resident shareholder also obtains their own NIT as an investor and, if not traveling, acts through an attorney-in-fact with an apostilled power of attorney. Registration fees and the registration tax are calculated on the declared capital, so set the capital deliberately rather than by default.

The real bottleneck is not the Chamber of Commerce but the bank: opening a corporate account with foreign shareholders goes through know-your-customer processes that can take weeks. Plan for it before committing to closing dates. Buying real estate personally is valid and simpler, but the SAS provides asset separation, eases bringing in partners, organizes the taxation of income and can support the investor visa through direct investment.

The taxes you must know

• Corporate income tax: 35% (article 240 of the Tax Code). An SAS is taxed like any domestic company.
• Dividends to non-residents: 20% (article 245, Law 2277 of 2022) on profits already taxed at the company; if untaxed profits are distributed, the 35% applies first and then the 20%. Double taxation treaties may reduce the rate — usually to 5% or 10% — but only for residents of countries with a treaty in force.
• Capital gains (ganancia ocasional): 15% (articles 314 and 316) on the gain from selling an asset held for two years or more; under two years it is ordinary income. When selling real estate, the notary withholds 1% of the sale price (article 398) and the non-resident files and settles the tax through a representative; the primary-residence exemption is reserved for tax residents.
• Wealth tax for individuals: it also applies to non-residents on assets held in Colombia, from 72,000 UVT — COP 3,770,928,000 in 2026 with the UVT at COP 52,374 — at marginal rates of 0.5% to 1.5% (Law 2277 of 2022). For companies there is a temporary tax for 2026 only (Legislative Decree 0173 of 2026): 0.5% on net equity of 200,000 UVT or more as of March 1, 2026, currently under Constitutional Court review.
• Financial transactions tax (4x1000): four pesos per thousand withdrawn or transferred, with a 350 UVT monthly exemption per user (COP 18.3 million in 2026) and a specific exemption for currency purchases to repatriate portfolio investments. Budget for it in the SAS cash flow.
• Real estate closing costs: 2% to 3% of value, split between notary fees (about 0.27% plus VAT, shared), registration tax and beneficencia (around 1.67%, paid by the buyer) and, every year, the municipal property tax (predial).

United States: no treaty, but information exchange

Colombia has thirteen double taxation treaties in force — Spain, Chile, Switzerland, Canada, Mexico, South Korea, Portugal, India, Czech Republic, United Kingdom, France, Italy and Japan — plus Andean Community Decision 578; the treaty with the United Arab Emirates is signed but not in force. The United States is not on the list: what exists with Washington is a tax information exchange agreement (Law 1666 of 2013) and the 2015 FATCA intergovernmental agreement, under which Colombian banks report accounts held by US persons.

For a US investor this means no reduced dividend rates and no mutual agreement procedure: double taxation is mitigated through the foreign tax credit and through the structure chosen in both jurisdictions. Planning should be done with a Colombian advisor and a US advisor working on the same model, not in sequence.

The visa: investment also opens residency

Resolution 5477 of 2022 of the Ministry of Foreign Affairs — which Resolution 9316 of 2024 did not modify on this point — regulates the M investor visa (article 79). It has two routes: the purchase of real estate for 350 minimum monthly wages or more, or a foreign direct investment in a company for 650 minimum wages or more; both require registration of the investment with the Banco de la República. The visa is issued for up to three years, allows working and, after five continuous years as an M visa holder, enables an application for the R resident visa. There is also the M partner-or-owner visa, with a lower threshold of 100 minimum wages, intended for those who run their own company.

With the 2026 minimum wage at COP 1,750,905 — set provisionally by Decree 0159 of 2026 after the original decree was suspended — the thresholds are roughly COP 612.8 million (about US$160,000) for real estate and COP 1,138 million (about US$300,000) for direct investment, calculated at the wage in force on the filing date.

2026 context: what changed and what fell

• The government's financing bill, which proposed raising dividends to non-residents from 20% to 30%, was defeated in the Senate on December 9, 2025. It is not law.
• The government declared an economic emergency (Decree 1390 of 2025) and issued Decree 1474 of 2025 with measures such as lowering the wealth tax threshold to 40,000 UVT. The Constitutional Court struck both down — Ruling C-079 of 2026, with retroactive effect — and ordered refunds. The rules reverted to Law 2277 of 2022.
• A second emergency (Decree 0150 of 2026, for the rainy season) was conditionally upheld by the Court; under it the temporary wealth tax for companies (Decree 0173 of 2026) was issued, whose final review is ongoing.
• Lesson for the investor: the base framework is stable and known; attempts to change it have been stopped by Congress and the Court. Model your scenarios with the rates in force and a sensitivity with dividends at 30%, because the debate will return with the next government.

Entry checklist, in the right order

• Diligence first: titles, land use, counterparties and contracts. In Colombia you buy the diligence, not the expectation.
• Define the vehicle and the structure with advisors in Colombia and in your home country on the same financial model.
• Grant an apostilled power of attorney and obtain the investor NIT from the DIAN.
• Incorporate the SAS (or sign the purchase promise) and start the bank account opening in parallel.
• Channel the funds through an IMC with the exchange declaration as foreign direct investment: that is the registration.
• Close the transaction and keep the registration support; update it on capitalizations, changes of holder or liquidations.
• Meet the annual calendar: income tax, wealth tax if applicable, information returns and exchange obligations.
• If you seek residency, apply for the M investor visa with the Banco de la República registration certificate.

How Xbien reads it

Most of the problems we see do not come from the law but from the order: money entering without an exchange declaration, companies incorporated before the tax structure is defined in both countries, real estate bought without title diligence. Our Cross-Border Business service exists to do this in sequence — vehicle, registration, taxation and visa — between Colombia and the United States, with the specific opportunity on the table.