Rent out my property in Cartagena
Taxes when renting out property in Punta Canoa Here is what changes in this sector and what to put in writing before handing the property over.
Before renting anything out, settle the tax front with someone qualified, because it is the front that costs most to fix late. The question is not how much is paid but what has to be found out and from whom. The right professional is an accountant for filing and for handling the income, and a lawyer for whatever depends on the shape of the operation and on the titleholder. Worth bringing to that meeting: how rental income is treated given my circumstances, what duties arise from merely receiving it, which ones attach to the property itself and who bears them, what shifts if the titleholder is an individual or a company, what shifts if I live outside the country, what shifts if the place goes out furnished, which supporting papers and certificates have to be issued or kept, and at which points in the year something is due. Ask too which records to keep from the first month and which property expenses are worth documenting. The common lapse is collecting for a year and only then looking into it, with incomplete paperwork. Nisimblat Law guides the legal part of that inquiry.
What Punta Canoa is, and what changes there
What is sold in Punta Canoa is often not a lot but a share in a tract still held en común y proindiviso, in undivided co-ownership, and buying a share gives no right to a specific piece of ground, only an abstract fraction of the whole: the buyer ends up co-owning with strangers and needs a partición, a partition, or a physical division before being able to say which part is his. That is the process that sets this sector apart: identifying every co-owner, finding out whether anyone has already petitioned for division, and seeing how the predial, the property tax, has been paid on an asset nobody uses exclusively. The counterparty differs from the village too: sometimes it is a land-holding company based elsewhere, in which case you request its certificado de existencia y representación, the corporate good-standing and signing-authority certificate, along with the resolution authorizing the sale. Who decides differs as well: lying outside consolidated urban land, permitting runs through the rural regime and the environmental opinions of Cardique rather than a neighborhood licensing office, with DIMAR, the maritime authority, involved at the beach edge. Nor is infrastructure networked: each parcel arranges its own water, power and wastewater.
Want to rent out your property in Punta Canoa?
We will explain how we select the tenant and what goes in writing before the property is handed over.
American buyer
Moving the money is not a formality. Funds leaving a US account have to enter Colombia through the regulated foreign-exchange market with a declaración de cambio, the exchange declaration, and the Banco de la República is the body that explains how the operation is recorded as foreign investment and in whose name, because whoever sends the money and whoever appears on the escritura, the deed, must be the same person or the same company. Signing from abroad has two routes that are not interchangeable: a poder, a power of attorney, granted before a Colombian consul where you live, or one granted before a notary public and then apostilled. Which one the Cartagena notarÃa will accept is a question for that notarÃa and for the CancillerÃa before you pay for a translation. Visas and the cédula de extranjerÃa, the foreigner ID card, are a separate matter from the purchase and belong to Migración Colombia: buying does not stand in for the immigration process, nor the reverse. On tax, the question to settle is whether a treaty exists between Colombia and your country and what it says about rental income and about ganancia ocasional, the gain taxed on sale. Confirm that with an accountant in each country, not with the seller.
The next step
Write to us with what you are looking for and we will send you what is available. Availability, price and the terms of each property are confirmed before any offer.
Want to rent out your property in Punta Canoa?
We will explain how we select the tenant and what goes in writing before the property is handed over.