Real Estate

Why is Medellin Becoming a Hot-spot for Property Buyers?

Latin America is one of the best places to buy property as they have honest and passionate Samaritans. And also they will welcome you with a warm heart. Another best thing about Latin America is its diverse and beautiful landscapes. 

If you prefer to stay in vast mountains, then Colombia is going to mesmerize you. Colombia is a huge part of Southern America as it contributes greatly to the economy and attracts tourists and property buyers too. The Colombian government has made rules that can benefit these foreign buyers and boost foreign money in the economy.   

With an inexpensive property market and one of the strongest performing economies, shrewd property owners are attracted to this amazing transcontinental country. Hoping to buy property for sale in Medellin Colombia? Need not worry as the country is very convivial for the new buyers and will help you adjust to the vibrant and enthusiastic culture of the city. 

So, if you are looking to buy Houses For Sale in Medellin Colombia then you can look forward to things such as: 

Protection to its Investors

In the report of the World Bank, Colombia was cataloged at an impressive fifth position among 183 countries of the world to protect its investors. The investment atmosphere of the country is considered one of the best in the world and the Medellin is highly regarded by foreign investors. So, if you are planning to purchase property for sale in Medellin Colombia, then you need not worry as Medellin, Colombia is the Latin American country that protects its investors the most.    

Flexibility and Equality

The people of the city are some of the hardest working and open-hearted people. They will not discriminate between foreign buyers and local buyers as they will heartily welcome you in their culture. 

So, if you are planning to buy properties in Medellin, you can expect an easy, rapid, and affordable process which will consist of: 

  • Title search 
  • The promise of sale of contract 
  • Closing sale contract 
  • Recordkeeping of property purchase 

You don’t even need to be present in the city to acquire or sell a property. All you need is power of attorney as your lawyers will take care of your dealings. 

State-of-the-art Infrastructure 

If you want to buy business properties, then you are in the right place as you will be getting access to one of the most advanced and durable structures in the city. If you are setting up your office in Medellin, then you need not worry about transportation as it has nine ports, 100% coverage of optical fiber, and its energetic arrangement ranked as the best in the region. 

Property For Sale In Medellin

Unparalleled Legal Protection 

Colombia is ranked second Latin American country in terms of security and protection of your personal property. The economic integration strategy, included in the constitution is focused on making Colombia and the city of Medellin one of the best for foreign investors in terms of security and legal protection. Legal help provided by the Colombian government is quite extraordinary as they strive to provide the best legal protection to its foreign as well as local property investors. 

Now, you have made up your mind about buying a property in Colombia but you are unaware of the laws and regulations.

Legal Information regarding buying a property in Medellin Colombia

As a foreigner, you will face no complications while buying a property in Medellin, Colombia. The Colombian government has made it easy to buy properties in the country. 

If you have a valid passport and enough funds, then you will be able to buy property in the country of Colombia. If you invest and buy property in the country, then the Colombian government will offer you a residency permit and it will be based on the size of the investment you make. 

What follows are steps that you can follow legally to purchase property in this Latin American country:  

1. Acquire a certificate of Tradition and Liberty

This is the beginning of the process of all the legal procedures of buying the property. If you have finalized the site you are buying, then you need to get ‘Certificado de Tradición y Libertad’. This certificate will not only contain information about the property but will also give you information about the history, ownership record, mortgage history, legal claims, and work carried out. You need not worry about the whole process as simply hiring a local lawyer will help you do the diligence check on the property.

2. Do the payment of taxes and fees involved 

There are definite taxes you need to pay if you want to purchase property in Colombia. 

What follows are two certificates you need to get in order to buy property in Medellin, Colombia: 

  • Tax-free property certificate– This tax-free property certificate guarantees that all the municipal taxes on the property is compensated.
  • Tax-free value gains property certificate–  This documentation guarantees that all the taxes have been paid upon the rise in the value of the property.

3. Sign the Escritura pública

The final step of buying a property in Colombia is to sign the Escritura Publica. By signing the Public Deed, it will confirm you as the new legal owner of the property. Hire a notary service as the lawyer will help you get it done. Following taxes and fees are applied: 

  • 0.25 % fee of the property’s value for the notary service. 
  • 1% of the value of the transaction as an advance payment to the Income Tax. 

Medellin Real Estate

Also Read: Avoid These 7 Common Mistakes When Buying Your First Home

Final Words 

If you are looking to buy houses and office buildings in the beautiful city of Medellin. Then you need not worry about the atmosphere and culture as the residents will welcome you with open arms. The luminous and vibrant culture and the immaculate nature of the city will win your heart and encourage you to invest in property for sale in Medellin Colombia.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button