1. High Priced Rental
Renting unfurnished apartments through local agencies can be a solution, but it often demands a co-signer with property ownership. This process, though time-consuming, becomes more manageable for expats over time as they establish local connections, build credit, and learn the ropes of securing affordable, unfurnished housing.
2. Buying Property
Buying property in Colombia presents another challenge. Foreigners needing more local IDs and credit need help to secure loans. The stringent financing system, offering a maximum of 70% financing with a mandatory 30% down payment, eliminates the risk of market bubbles but demands substantial upfront cash for non-Colombians. Some Colombian expats can leverage their foreign credit for property loans, providing a workaround.
3. Healthcare Insights
Colombia’s healthcare system, excellent for those with means, offers quality services at lower costs than in the United States. Expats can secure comprehensive health insurance for around $1,300 annually, covering various medical needs. Access to quality healthcare, coupled with reasonable costs, enhances the overall expat experience.
4. Taxes
Understanding and navigating Colombia’s tax requirements is crucial for expats staying over 183 days. Reporting global incomes is mandatory, and compliance can complicate visa applications. While professional assistance is recommended, the tax burden becomes a significant consideration for long-term residents.
In summary, living in Medellin involves overcoming challenges related to housing, property ownership, healthcare, and taxation. While it may take time and effort, understanding the system and seeking local support can ease the transition for expatriates. For those seeking guidance, resources like the Medellin Masterclass offer valuable insights and a supportive community.