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Post by akfrozen on Sept 25, 2016 14:17:00 GMT -5
First I always pay my taxes no matter where I am at. But I do have a question, how does Colombia know what your worldwide income is? A US citizens income in Colombia is reported to the US government but if I am correct a US citizens income in the US is not reported to the Colombian government. I pay my taxes and this year file as required by Colombian law. Just curious. Hmm..you pay your taxes every year by Colombian law..which.means you have Filled Out the formulario 160 for the last 2 years and have stated ALL your wordly income to the Colombian government since the first day you were a permanent resident in Colombia.. So I just have no idea why you would be remotely curious as to how DIAN (the sophisticated, competent agency they are) could obtain information from the IRS or US Financial institutions..doesnt make sense to me.. And another thing, since you obviously have sucsessfully Filled out a Formulario 160,twice for that matter, maybe you can help some of the members here who seem to have a very hard time of completing the form online. Share your expertise. Please note I said I will pay my taxes this year as required by Colombian law that is why I am looking at this forum now for information "get it?". So I hope that answers your question about my personal finances. Now I am still not convinced that the IRS "automatically" sends my worldwide tax information to DIAN and wanted to know more about the process. Obviously you are very informed and you can probably answer my question instead of asking me questions about my personal finances. I seriously doubt they can obtain information from financial institutions using my passport number (just guessing) the IRS possibly could provide the information. I will use an accountant to file my taxes no need to fill out forms so if you want to pay part of my accountants fee I will be more than happy to give you the information. I hope I have answered all your questions satisfactorily now could you please answer my original question.
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Post by akfrozen on Sept 25, 2016 14:52:44 GMT -5
First I always pay my taxes no matter where I am at. But I do have a question, how does Colombia know what your worldwide income is? A US citizens income in Colombia is reported to the US government but if I am correct a US citizens income in the US is not reported to the Colombian government. I pay my taxes and this year file as required by Colombian law. Just curious. The US has an agreement with Colombia where it makes your US income available to Colombian DIAN and vice versa. The agreement was implemented two years ago. FATCA must be filed by US citizens with assets abroad. www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx Still confused and probably off subject. Thanks for the link its much appreciated. It seems this refers to Colombian citizens having accounts in the US and Colombia (not sure) or US citizens holding financial accounts in both countries which in certain cases you would be required to declare on your US taxes. No job no bank account in Colombia? Apologies for being off subject and again thanks for the information.
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Post by Deleted on Sept 25, 2016 15:54:15 GMT -5
Still confused and probably off subject. Thanks for the link its much appreciated. It seems this refers to Colombian citizens having accounts in the US and Colombia (not sure) or US citizens holding financial accounts in both countries which in certain cases you would be required to declare on your US taxes. No job no bank account in Colombia? Apologies for being off subject and again thanks for the information. My US accountant prepares the FBAR report for me. My Colombian bank accounts are listed, my real estate is not. The annual report is filed electronically to the Treasury Department Bank Secrecy Act network. If you do not have any foreign bank accounts/financial instruments, I would not worry about it.
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Post by akfrozen on Sept 25, 2016 16:32:13 GMT -5
Still confused and probably off subject. Thanks for the link its much appreciated. It seems this refers to Colombian citizens having accounts in the US and Colombia (not sure) or US citizens holding financial accounts in both countries which in certain cases you would be required to declare on your US taxes. No job no bank account in Colombia? Apologies for being off subject and again thanks for the information. My US accountant prepares the FBAR report for me. My Colombian bank accounts are listed, my real estate is not. The annual report is filed electronically to the Treasury Department Bank Secrecy Act network. If you do not have any foreign bank accounts/financial instruments, I would not worry about it. Ahhh great thanks!!!!
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Post by sedelen on Sept 26, 2016 17:03:43 GMT -5
I'm not sure, but I have asked, whether you have to file anything here when you file, with your social security number. One person answered me, yes. If that's the case, with a social security number they can find a lot, compare information, and so forth, plus there would be a big potential for fraud also. I've never given my SS #, but if you have a visa, the Colombian government has your passport number, and they can obtain your information from the US (or wherever) by cross-referencing your data. I do not think the information infrastructure is such in Colombia, that DIAN can strike a key, and obtain all your financial information. But, if DIAN wants to go after you, the US IRS et al have the information available. I don't think they'll have any reason to go after me, at least until I file Colombian taxes, income, worldwide, or whatever.
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Post by livinginmedellin on Feb 19, 2017 14:45:58 GMT -5
I don't think they'll have any reason to go after me, at least until I file Colombian taxes, income, worldwide, or whatever. You don't think that Migración Colombia can't see that if you have a visa and have been >183 days in Colombia then do a simple check with DIAN to see if you filed taxes? With the low income requirement in Colombia for filing taxes I doubt there are many expats that are tax residents that shouldn't be filing taxes in Colombia.
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Post by elexpatriado on Feb 19, 2017 21:35:57 GMT -5
I don't think they'll have any reason to go after me, at least until I file Colombian taxes, income, worldwide, or whatever. You don't think that Migración Colombia can't see that if you have a visa and have been >183 days in Colombia then do a simple check with DIAN to see if you filed taxes? With the low income requirement in Colombia for filing taxes I doubt there are many expats that are tax residents that shouldn't be filing taxes in Colombia. I think DIAN people at the airport are more interested when thier next shift change comes. They dont even look at the customs forms when you fill it out, just wave you on. Same with the Migraciones people.
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Post by sedelen on Apr 19, 2017 10:55:42 GMT -5
I don't think they'll have any reason to go after me, at least until I file Colombian taxes, income, worldwide, or whatever. You don't think that Migración Colombia can't see that if you have a visa and have been >183 days in Colombia then do a simple check with DIAN to see if you filed taxes? With the low income requirement in Colombia for filing taxes I doubt there are many expats that are tax residents that shouldn't be filing taxes in Colombia. Of course they should be able to do that, but I think you misunderstood me, I have yet to meet the filing requirements to file.
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Post by caliorbust on Aug 1, 2017 8:52:17 GMT -5
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Post by saltador on Aug 1, 2017 12:17:40 GMT -5
Cali, The thing to remember is if you're in Colombia more than 6 months out of the year, you trigger the requirement to file, irregardless of if you trigger it in other ways or not.
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Post by caliorbust on Aug 2, 2017 7:19:49 GMT -5
Cali, The thing to remember is if you're in Colombia more than 6 months out of the year, you trigger the requirement to file, irregardless of if you trigger it in other ways or not. That means, Saltador, you're doomed if you do and you're doomed if you don't. I'd hate paying taxes in Colombia and seeing the government handing over my hard-earned money to the FARC bandits. One way out of this dilemma would be being a resident in tax-free Ecuador, live on the beach in the Salinas area and live in Colombia less than 6 months as a tourist.
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Post by saltador on Aug 2, 2017 9:00:33 GMT -5
Cali, The thing to remember is if you're in Colombia more than 6 months out of the year, you trigger the requirement to file, irregardless of if you trigger it in other ways or not. That means, Saltador, you're doomed if you do and you're doomed if you don't. I'd hate paying taxes in Colombia and seeing the government handing over my hard-earned money to the FARC bandits. One way out of this dilemma would be being a resident in tax-free Ecuador, live on the beach in the Salinas area and live in Colombia less than 6 months as a tourist. You're right. For the moment my strategy is to live in the USA slightly more than 6 months, and in Colombia slightly less than 6. Economically, it's not the ideal situation. You actually might not have to pay any taxes to Colombia though, but it's the filing and reporting process I'm trying to avoid.
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Post by scott on Aug 6, 2017 13:19:18 GMT -5
I am in the process of doing my Colombian taxes now. Once you get a Colombian tax ID number and start filing taxes you are trapped (can't unring a bell). Avoid if possible, especially if you have income/assets.
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azarat
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Post by azarat on Aug 6, 2017 17:23:52 GMT -5
but..but..but..thats illegal!!!!
If DIAN finds out they might throw you in jail...just pull a few hundred child molesters, murderers , sicarios out and make room for the Expats whom they "believe" haven't paid their taxes...even forget about the thousands of Colombians who haven´t
They know their priorities here..
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Post by caliorbust on Aug 6, 2017 19:01:32 GMT -5
I don't think they'd go that far, they are only interested in getting your money and an easy way for them is attaching your Colombian assets. For them to know your overseas assets they'd have to know your Social Security number or tax payer I.D. Not sure how they get those, maybe when you file here or they get them from the embassies?
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Post by caliorbust on Aug 7, 2017 8:48:54 GMT -5
Come to think of it, there is little difference whether you keep your assets in Colombia or in your home country if those two countries exchange information regarding your assets.
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Post by billyb on Aug 8, 2017 20:06:38 GMT -5
I know the exchange info on financial assets such as bank and brokerage accounts due to 1099/8s and such, but what I am curious about is how Colombia would know about non income property in the US.
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Post by scott on Aug 12, 2017 17:55:52 GMT -5
BillyB. I don't think county property appraisers/tax collectors are sharing information with the IRS short of an investigation.
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Post by caliorbust on Aug 12, 2017 20:14:07 GMT -5
Wouldn't they know about the property when you sell it some day and a huge amount suddenly shows up in your US bank account? Sure would like to know how DIAN handles capital gains from a home sale in the States. Will they charge 10% capital gains tax regardless after owning it two years like in Colombia, because in the States sellers get a 250k exclusion on capital gains when single and 500k when filing jointly.
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Post by buenopues on Jul 9, 2018 19:13:39 GMT -5
I wonder if DIAN does or plans to monitor atm withdrawals from foreign banks...or if that would be legal.
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Post by elexpatriado on Jul 10, 2018 6:56:04 GMT -5
I wonder if DIAN does or plans to monitor atm withdrawals from foreign banks...or if that would be legal. only "planning" the guys at DIAN do is how much guaro to bring to their finca on the next Lunes Festivo.
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Post by bibleguy on Aug 26, 2018 21:29:58 GMT -5
My accountant tells me that there is a new tax decree for 2017 that will make worldwide pensions exempt,not just Colombian pensions. Hello, I am just now reading this. Is this true? I receive some small disability income, and tax exemption on my disability income and SS would make all of the difference. How can I verify this? Thanks.
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Post by scumbuster on Aug 26, 2018 22:07:37 GMT -5
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Post by bibleguy on Aug 26, 2018 22:38:05 GMT -5
ScumBuster, thank you. Yes, I was actually just looking at that. They don’t list disability or SS as being exempt. They seem to lump disability and pension income in with all other types of income.
Residents: A tax reform was approved in Colombia and is in force from FY 2017. The Law 1819 introduced several changes to the individual’s tax structure. From FY 2017 (returns which will be filed in 2018), the rents received by individuals should be separated in “baskets” depending on the type of income: Labor Income; Pensions;...
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Post by charlie640 on Feb 14, 2019 8:40:29 GMT -5
The Tax on world wide assets ( Patrimonio) was presumably for a 3 year period that ended for the 2018 tax year.
Does anyone know if this tax was extended to the 2019 tax year and beyond?
If so please provide a LINK
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Post by jafo19d on Feb 14, 2019 14:40:42 GMT -5
The Tax on world wide assets ( Patrimonio) was presumably for a 3 year period that ended for the 2018 tax year. Does anyone know if this tax was extended to the 2019 tax year and beyond? If so please provide a LINK The list of “temporary” taxes in any country that were not made permanent is extremely smalll. May possibly not even exist
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Post by mudd on Feb 16, 2019 8:55:06 GMT -5
as my tax lady stated " many foreigners are not gonna tell the colombian govt their total assets because they know Colombia is so corrupt, they know their are people in the govt who will sell info to people you dont want knowing what you really have". which i totally agreed with.
can you imagine if the Farc, some gang or extortion group ( yes they are still present in cololmbia) knew all your assets, bank accounts, money and where you lived?
i remember when i first came to Medellin, nobody would put a photo on social media. give out their phone number, getting a girl to take a photo was very difficult. all due to personal security.
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Post by elexpatriado on Feb 16, 2019 10:15:13 GMT -5
as my tax lady stated " many foreigners are not gonna tell the colombian govt their total assets because they know Colombia is so corrupt, they know their are people in the govt who will sell info to people you dont want knowing what you really have". which i totally agreed with. can you imagine if the Farc, some gang or extortion group ( yes they are still present in cololmbia) knew all your assets, bank accounts, money and where you lived? i remember when i first came to Medellin, nobody would put a photo on social media. give out their phone number, getting a girl to take a photo was very difficult. all due to personal security. Besides that what rich guy is going to want to give 1% of their net worth every year to these greedy corrupt bastards. Only a fool. BTW I read on another forum that they are continueing with the tax and have uprated the percentage and dropped the threshold. Still way more than I have LOL
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Post by Deleted on Feb 17, 2019 11:29:29 GMT -5
as my tax lady stated " many foreigners are not gonna tell the colombian govt their total assets because they know Colombia is so corrupt, they know their are people in the govt who will sell info to people you dont want knowing what you really have". which i totally agreed with. can you imagine if the Farc, some gang or extortion group ( yes they are still present in cololmbia) knew all your assets, bank accounts, money and where you lived? i remember when i first came to Medellin, nobody would put a photo on social media. give out their phone number, getting a girl to take a photo was very difficult. all due to personal security. Besides that what rich guy is going to want to give 1% of their net worth every year to these greedy corrupt bastards. Only a fool. BTW I read on another forum that they are continueing with the tax and have uprated the percentage and dropped the threshold. Still way more than I have LOL The US now provides Colombia with a list of all US bank accounts over 50,000 of uS citizens living in Colombia. It has provided data for the last several years so it's only a matter of time.
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Post by elexpatriado on Feb 17, 2019 11:54:52 GMT -5
Besides that what rich guy is going to want to give 1% of their net worth every year to these greedy corrupt bastards. Only a fool. BTW I read on another forum that they are continueing with the tax and have uprated the percentage and dropped the threshold. Still way more than I have LOL The US now provides Colombia with a list of all US bank accounts over 50,000 of uS citizens living in Colombia. It has provided data for the last several years so it's only a matter of time. Dont know about the US but in Canadá its illegal for the Government to have Access to your Bank account información unless they get a court order because you didnt pay your taxes With all due respect Prem Sounds Line fake news Please post your source. Eveybody knows Colombia starts expropriating property of foreigners for aleged tax evasion they will soon go down the same merry road as their eastern neighbor
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