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Post by flynnflanagan on Apr 21, 2016 10:52:04 GMT -5
I would like to make this a forum a repository of information on the item in the "Subject" . This is in regard to the supposed new law that puts foreigners assets outside the country on the table in Colombia if said people are in Colombia more than 183 days. Please provide what you know, with links if possible. Information regarding strategies to deal with this are also welcome. Let's start with this, what is the initiation date of the law?
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Post by scumbuster on Apr 21, 2016 10:58:34 GMT -5
Great Idea Flynn. I really want to find out more myself, because if I need to pay I will spend (1/2 the year + 1 day) outside Colombia every year. By the way. I will delete (my post here) and others not involving this subject as the thread progresses so it stays on subject. I think this is an important subject for anyone thinking of living in Colombia full time.
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Post by elexpatriado on Apr 21, 2016 12:49:34 GMT -5
I would like to make this a forum a repository of information on the item in the "Subject" . This is in regard to the supposed new law that puts foreigners assets outside the country on the table in Colombia if said people are in Colombia more than 183 days. Please provide what you know, with links if possible. Information regarding strategies to deal with this are also welcome. Let's start with this, what is the initiation date of the law? Same day that Swedish is declared the official language of Colombia , and all residents wre required to wear their underwear on the OUTSIDE of their pants..
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Post by Deleted on Apr 21, 2016 13:14:18 GMT -5
I would like to make this a forum a repository of information on the item in the "Subject" . This is in regard to the supposed new law that puts foreigners assets outside the country on the table in Colombia if said people are in Colombia more than 183 days. Please provide what you know, with links if possible. Information regarding strategies to deal with this are also welcome. Let's start with this, what is the initiation date of the law? My accountant went to a presentation about the topic. She'll be meeting with me to let me know how the new tax codes will impact me. I'll share what I find out from her.
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Post by flynnflanagan on Apr 21, 2016 19:28:24 GMT -5
Sounds good Vago
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Post by mudd on Apr 22, 2016 10:03:43 GMT -5
as far as my guy said, as i remember, 0ver the 183 days, you have to file taxes, even if you did not make any income here. if you have over , i think, dont quote me on this, $ 250,000,000 in assets in colombia you have to file also,
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Post by buenopues on Apr 23, 2016 19:08:34 GMT -5
Don't know how this relates to the above but it is my understanding that within the last couple of years or so a tax law went in to effect where by any one who has a foreign bank account that has held more than ten thousand dollars at any time during the year must file a new IRS form.
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Post by Deleted on Apr 23, 2016 20:55:36 GMT -5
Not even 10,000--look at the exact wording 1040 Schedule B--any foreign account in one's name is required to be reported-
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Post by flynnflanagan on Apr 30, 2016 22:29:53 GMT -5
If someone has a link to the wording of the 183 day law, would they please post it here?
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Post by flynnflanagan on Apr 30, 2016 22:34:42 GMT -5
Don't know how this relates to the above but it is my understanding that within the last couple of years or so a tax law went in to effect where by any one who has a foreign bank account that has held more than ten thousand dollars at any time during the year must file a new IRS form. Check FACTA and FBAR .
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Post by gallito on May 1, 2016 0:02:20 GMT -5
If someone has a link to the wording of the 183 day law, would they please post it here? Qué debe conocer si Ud. es residente fiscal en Colombia y otro país Debido al giro de los negocios hoy en día y la facilidad de acceso a nuevos mercados en el ámbito internacional, es común encontrar personas naturales, colombianas o extranjeras, que tienen doble lugar de residencia y que a su vez obtienen ingresos o conservan activos allí, bien sea por cuestiones laborales, empresariales o de inversión. En estos casos siempre se debe determinar el lugar de cumplimiento de la obligación tributaria y los ingresos o bienes a declarar, con el fin de no incurrir en una evasión o descuido frente al fisco en uno u otro territorio. Sobre esta situación particular, la Dirección de Impuestos y Aduanas Nacionales (DIAN), por medio del Concepto 066141 de 2014 recordó las pautas y reglas que se deben seguir para efectos tributarios en caso que una persona tenga doble lugar de residencia, y una de ellas sea la República de Colombia. Lo primero que se debe tener claro es el concepto de “residente fiscal” tanto en Colombia como en el país donde se tenga la otra residencia, pues ese es el criterio principal para determinar si existe la obligación de tributar. El artículo 2 de la Ley 1607 de 2012, señala que son residentes en Colombia para efectos tributarios las personas naturales que cumplan con alguna de las siguientes condiciones: (i) Permanecer por más de 183 días calendario dentro del territorio nacional, sea de forma continua o discontinua (criterio personal); (ii) estar ubicado en el exterior en misión diplomática con exención tributaria por los ingresos que se obtengan en el país donde se presta el servicio (criterio funcional); o (iii) ser nacional y que durante el respectivo año o periodo gravable más del 50% de los ingresos sean de fuente nacional, o sus bienes o activos sean administrados o poseídos en el país (criterio real). De igual forma, el artículo 25 de la Ley 1739 de 2014, señala que no serán residentes fiscales los nacionales donde el 50% de sus ingresos anuales provengan de la jurisdicción extranjera o que el 50% o más de sus activos se encuentren localizados en el extranjero. www.tributar.com/que-debe-conocer-si-ud-es-residente-fiscal-en-colombia-y-otro-pais/
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Post by ozgringo on May 1, 2016 18:44:00 GMT -5
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Post by Deleted on May 17, 2016 13:45:20 GMT -5
I put off talking to my accountant long enough, but, we finally talked over the phone today. This is what she told me: The new tax law exempts pensions and social security, however, a decree by DIAN makes foreign pensions and social security subject to taxation. The attorneys, at the tax symposium she attended, argue that a decree by a government agency does not supercede the law, and in this case, DIAN's decree violates the law. So, if DIAN tries to tax foreign retirement income, the taxpayer should fight DIAN (with the help of an attorney, of course). I still have more questions than answers. But in my case, we decided to comply with the tax law. My accountant will be preparing a declaration showing my pension and social security as "exempt" (just like last year). If DIAN wants to challenge it, we'll challenge DIAN to prove that it isn't violating the law. If I lose, I will liquidate my assets in Colombia, and find a place that I can afford to live (and it won't be in the US). After I meet with my accountant to prepare a draft declaration, I will share the details.
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Post by elexpatriado on May 18, 2016 7:58:52 GMT -5
I put off talking to my accountant long enough, but, we finally talked over the phone today. This is what she told me: The new tax law exempts pensions and social security, however, a decree by DIAN makes foreign pensions and social security subject to taxation. The attorneys, at the tax symposium she attended, argue that a decree by a government agency does not supercede the law, and in this case, DIAN's decree violates the law. So, if DIAN tries to tax foreign retirement income, the taxpayer should fight DIAN (with the help of an attorney, of course). I still have more questions than answers. But in my case, we decided to comply with the tax law. My accountant will be preparing a declaration showing my pension and social security as "exempt" (just like last year). If DIAN wants to challenge it, we'll challenge DIAN to prove that it isn't violating the law. If I lose, I will liquidate my assets in Colombia, and find a place that I can afford to live (and it won't be in the US). After I meet with my accountant to prepare a draft declaration, I will share the details. So if you hadnt said anything in the first place, and hadnt hired an accountant, you would now be living in peace and tranquility, right? Those sleeping dogs sure dont like the pointed sticks. I suggest you liquidate your assets NOW, and get them out of the country , before your accountant gives DIAN any more advanced warning and they get wise and puts Emgargo on your assets, preventing you from selling them..They do this all the time. But on the other hand, it is almost impossible for the government of Colombia to prevent you from leaving the country , for other than actual criminal (non taxaation or civil law court cases) charges and child support. (This after consultation with several competent Colombian Lawyers)
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Post by scumbuster on May 18, 2016 8:02:00 GMT -5
I had actually considered heading back to Colombia sooner rather than later, but I sure didn't want to move back before I had less that 183 days left in the year or my income back in the states this year could be a target. I have post phoned till Sept now.
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Post by livinginmedellin on May 18, 2016 10:01:17 GMT -5
Don't know how this relates to the above but it is my understanding that within the last couple of years or so a tax law went in to effect where by any one who has a foreign bank account that has held more than ten thousand dollars at any time during the year must file a new IRS form. The FBAR (Foreign Bank and Financial Accounts) report is filed with the IRS if the total of all your foreign accounts exceeds $10,000 at any time during the year. This is filed the following year. This law has been in place for many years - it started in 2011 to report foreign bank accounts in 2010. You can file this online. See: www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbarThis is just a declaration of your foreign accounts. Regardless of your account balance if you are a US taxpayer you must report all interest income of any foreign accounts on your 1040 line 8a and Schedule B if you have over $1,500 in interest. FATCA has much higher reporting requirements - see: www.irs.gov/businesses/corporations/summary-of-fatca-reporting-for-u-s-taxpayers.
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Post by livinginmedellin on May 18, 2016 10:09:06 GMT -5
as far as my guy said, as i remember, 0ver the 183 days, you have to file taxes, even if you did not make any income here. if you have over , i think, dont quote me on this, $ 250,000,000 in assets in colombia you have to file also, You don't necessarily need to file taxes in Colombia if you have been here over 183 days, it depends on your income, net worth, credit card consumption, value of purchases and accumulated bank savings. Here were the requirements for filing taxes in Colombia last year (for 2014 taxes): You were not required to file income taxes in Colombia last year if the following requirements (for 2014) were met: - Gross equity (net worth) on the last day of 2014 does not exceed 4,500 UVT, which was 123,682,500 pesos ($51,675 USD).
- Gross income in 2014 is less than 1,400 UVT, which was 38,479,000 pesos ($16,077 USD).
- Credit card consumption in 2014 does not exceed 2,800 UVT, which was 76,958,000 pesos ($32,153 USD).
- Total value of purchases and consumption in 2014 does not exceed 2,800 UVT, which was 76,958,000 pesos ($32,153 USD).
- Total value of accumulated bank savings, deposits or financial investments held at the end of 2014 does not exceed 4,500 UVT, which was 123,682,500 pesos ($51,675 USD).
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