Summary about cost of living in Medellin, Colombia:
|Meal, Inexpensive Restaurant||3.91 $||2.53-7.39|
|Meal for 2 People, Mid-range Restaurant, Three-course||20.33 $||12.67-42.22|
|McMeal at McDonalds (or Equivalent Combo Meal)||5.07 $||4.22-5.49|
|Domestic Beer (1 pint draught)||1.06 $||0.71-1.48|
|Imported Beer (12 oz small bottle)||1.90 $||1.27-3.17|
|Cappuccino (regular)||1.17 $||0.74-1.69|
|Coke/Pepsi (12 oz small bottle)||0.71 $||0.53-1.06|
|Water (12 oz small bottle)||0.56 $||0.42-0.84|
|Milk (regular), (1 gallon)||2.68 $||1.99-4.00|
|Loaf of Fresh White Bread (1 lb)||0.87 $||0.42-1.72|
|Rice (white), (1 lb)||0.39 $||0.21-0.67|
|Eggs (regular) (12)||1.47 $||0.93-2.11|
|Local Cheese (1 lb)||1.57 $||0.67-3.64|
|Chicken Fillets (1 lb)||1.97 $||0.96-3.17|
|Beef Round (1 lb) (or Equivalent Back Leg Red Meat)||2.65 $||1.48-4.33|
|Apples (1 lb)||0.93 $||0.48-1.34|
|Banana (1 lb)||0.31 $||0.19-0.56|
|Oranges (1 lb)||0.49 $||0.17-0.93|
|Tomato (1 lb)||0.45 $||0.19-0.59|
|Potato (1 lb)||0.47 $||0.14-0.84|
|Onion (1 lb)||0.43 $||0.27-0.76|
|Lettuce (1 head)||0.65 $||0.32-1.06|
|Water (1.5 liter bottle)||0.56 $||0.32-1.06|
|Bottle of Wine (Mid-Range)||6.33 $||3.17-8.44|
|Domestic Beer (0.5 liter bottle)||0.83 $||0.63-1.27|
|Imported Beer (12 oz small bottle)||1.44 $||0.74-2.53|
|Cigarettes 20 Pack (Marlboro)||1.72 $||1.48-2.11|
|One-way Ticket (Local Transport)||0.57 $||0.53-0.63|
|Monthly Pass (Regular Price)||31.67 $||21.79-42.22|
|Taxi Start (Normal Tariff)||1.06 $||0.80-1.33|
|Taxi 1 mile (Normal Tariff)||2.26 $||2.03-2.72|
|Taxi 1hour Waiting (Normal Tariff)||6.12 $||3.17-10.56|
|Gasoline (1 gallon)||1.99 $||1.90-2.54|
|Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car)||16,466.17 $||12,666.29-18,788.33|
|Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car)||20,107.73 $||18,999.43-24,910.37|
|Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment||57.69 $||42.22-105.55|
|1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans)||0.04 $||0.01-0.04|
|Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)||22.26 $||16.89-32.93|
Sports And Leisure
|Fitness Club, Monthly Fee for 1 Adult||19.19 $||12.67-42.22|
|Tennis Court Rent (1 Hour on Weekend)||11.46 $||8.44-14.78|
|Cinema, International Release, 1 Seat||3.17 $||2.32-5.28|
|Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child||177.93 $||105.55-253.33|
|International Primary School, Yearly for 1 Child||4,454.31 $||3,293.23-6,333.14|
Clothing And Shoes
|1 Pair of Jeans (Levis 501 Or Similar)||39.19 $||25.33-63.33|
|1 Summer Dress in a Chain Store (Zara, H&M, ...)||32.26 $||14.78-52.78|
|1 Pair of Nike Running Shoes (Mid-Range)||62.86 $||38.00-84.44|
|1 Pair of Men Leather Business Shoes||55.19 $||29.55-73.89|
Rent Per Month
|Apartment (1 bedroom) in City Centre||296.15 $||189.99-508.13|
|Apartment (1 bedroom) Outside of Centre||236.29 $||147.77-422.21|
|Apartment (3 bedrooms) in City Centre||520.84 $||316.66-844.42|
|Apartment (3 bedrooms) Outside of Centre||406.44 $||274.44-633.31|
Buy Apartment Price
|Price per Square Feet to Buy Apartment in City Centre||105.87 $||78.45-156.90|
|Price per Square Feet to Buy Apartment Outside of Centre||100.43 $||75.51-152.97|
Salaries And Financing
|Average Monthly Net Salary (After Tax)||358.48 $|
|Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate||11.33||8.00-18.00|
No sources and references provided yet.
|Cost of Living in Manizales||120.29 miles|
|Cost of Living in Armenia||161.05 miles|
|DeutschLebenshaltungskosten in Medellin|
|PortuguêsCusto de Vida em Medellin|
|ItalianoCosto della Vita a Medellin|
|FrançaisCoût de la Vie à Medellin|
|EspañolCosto de Vida en Medellín|
Petro announced September 2022 no more taxes on retirement pensions for foreigners retired in Colombia.Hes running out of money for infrastructure and social medicine for Colombians
However taxes shouldn't have ever been for retired foreigners pensions contributing to the Colombian economy in the first place.
Colombia has always been a mixed bag of corruption against retired foreigners.Unfortunately for Colombia their dishonest actions against retired foreigners has backfired upon Colombia especially since retired foreigners are leaving by the thousands and never returning to Colombia again.
Karma bites suffer
After reading the posts from the Colombia accountant letting you know the person who posted that information is absolutely correct.
We are retired Americans who lived in Colombia exactly 1 year and then we left permanently.When we moved to Colombia in the beginning we hired a supposed reputable tax accountant in Medellin. We were assured we wouldn't pay any taxes on our pensions but that was false. Out accountant in Medellin called us 4 days before the tax deadline approached.He went over our income jointly from social security and told us we owed taxes plus penalties for not informing the Colombia tax headquarters when we entered the country.My husband laughed and said you must be thinking about someone else but he said he wasn't joking. Needless to say he charged us $200 usd for looking at our tax liability in the beginning. Then he said it'll be $300 usd this time since his services went up but we didn't pay him this time. We went to the tax office and paid the taxes we owed Colombia which was over $4,000 usd.After we paid our taxes we left that day. Always remember Colombia doesn't have a tax treaty with the united states.
Does your retirement pension counts toward the variable percentage calculation if you also have non retirement income from abroad?
I could not find answers to these questions. However, I am now sure that Colombia does tax retirees if they pensions come from abroad (see https://contadorespublicossantander.com/?p=10041#:~:text=solo%20los%20aportes%20que%20se%20efect%C3%BAan%20a%20fondos%20de%20pensi%C3%B3n%20en%20el%20pa%C3%ADs%20gozan%20del%20beneficio%20fiscal%20antes%20referido%2C%20no%20as%C3%AD%20los%20que%20se%20realicen%20a%20fondos%20en%20el%20exterior%E2%80%9D.).
For instance, if you make $2,000/month from US Social Security Retirement and $1,000/month from Internet work (US funds from the USA), Would you pay like 15% from the SSA ($300/month)? Will regard to the $1,000, would they tax you in an income bracket based on earning totaling $1,000 or $3,000? I appreciate any answer or part of the answer. I will probably talk to a Colombian accountant about this.
I know that the law is about to change and that this new government is going to charge taxes even in local pensioners, that is, those who make more than 10,000,000 COP. But again, this new proposed law will apparently apply only to pensioners who get their money in Colombia, not from foreign sources (See: https://www.semana.com/amp/finanzas/impuestos/articulo/los-pensionados-que-pagaran-cero-impuestos-y-los-que-pagaran-de-400-mil-mensuales-en-adelante/202200/#:~:text=Quienes%20ganen%2010%20millones%20de%20pesos%20o%20menos%2C%20pagar%C3%A1n%20cero.%20%E2%80%9CDe%20ah%C3%AD%20en%20adelante%2C%20entra%20en%20la%20tabla.%20Ese%20rango%20es%20un%20poquito%20m%C3%A1s%20del%2020%20%25%E2%80%9D%2C%20dijo.).
Retired tax accountant Colombia
I'm a tax accountant in Medellin and I have been almost 34 years. Dian will only tax retirement pensions regardless of what country provides it after it reaches $105,000 usd or the equivalent of other currencies. If a person owns a home, land, or has other things like ira, cd, etc from their own country they'll be taxed on those things by Dian.No pensioner is taxed unless it reaches about $105,000 usd but when it does it's taxed at 19%.
I was also under the understanding that you are either granted a resident status or not, I am assuming you intentionally never got resident status? if you did receive resident status don't assume it just magically changes to nonresident status depending on your data in the country. It is true you can lose your resident status being away too much but things take time, you may assume you lost it but still be listed as a resident.
But it sounds like you are essentially living there full time, I would bet that you owe a lot of money and just have been lucky and not been caught yet.
Few people know what DIAN is in Colombia,but they should. DIAN is the tax authority. Colombia does tax all retirement pensions abroad regardless of the country. Taxes start at 19% and max out at 38% depending upon the amount of retirement pension each year.The 183 day rule applies staying in Colombia.I normally stay 180 days then leave Colombia for one week then return to be classified as a non-resident so I'll never pay taxes on my retirement pension.Many people don't know if you're in Colombia on the 183rd day at 12:01pm you'll have to pay taxes for the entire year.I've been retired in Medellin almost 15 years now. Hopefully this honest information helps someone. Have a nice day.
Costs are low, stop lying.
I don't have a retirement account or a pension. I receive Disability Benefits from my country which is taxable here in the States.
Any and all interest or comments would be appreciated.
since my roster stays full with clients.FYI the Colombian government gives alot of leeway and will say nothing or send anything regarding taxes owed to anyone.However since you're an expat they only look at the last two numbers on your passport to determine the length of time you've spent in Colombia in It doesn't matter if you spend 183 days in Colombia and the rest elsewhere you're still a tax resident, that's the law.Since you and your wife purchased a condo in Bogota taxes are due on that also but taxes must be paid separately by you and your wife.Many expats make the same mistakes as you do thinking you're exempt.The majority I've encountered at my office in Medellin.You cannot avoid paying taxes in Colombia on your global income remember that.Some of my former clients are doing lengthy time in prison for tax evasion only because they ignored DIAN'S tax laws.One day they'll pick you up without notice.It happens more often than people realise in Colombia.Oh BTW runners interstate flight as it's called is alive and well in Colombia.Its an agreement the U S and Colombia has.Good luck hotshot you're going to need it where DIAN is concerned.
Of smoked to much Colombia Gold.
People like him don't belong in Colombia. Married to a Colombia a live with her 6 years without ever leaving the country. We are just getting ready after living in San Antonio TX 3 years. She just got her US Citizenship last week. So will be heading back to live again in one of most beautiful country on this Earth. He is what we call The Ugly American. Lived in Bogota and had a beautiful Condo in the Northside. We Bought there
We live on my Railroad Retirement pension (Not Social Security). My Pension was never taxed as was Exempt. Just paided property tax.
And whatever we bought from the big grocery stores or Malls. Food is cheaper as we bought all our fresh fruit & Veggies from the street vendors or a big open food for fresh fish and a small Butcher shop for meat. Nothing was taxed.
I didn't speak good Spanish. Found the people Very honest and very friendly & helpful,. They love north Americans . Beautiful Woman
All over the country. Now we live in a Small Village as I grow fruit
And coffee now. These people who want to tear down should just get the hell out.
Never got mugged or had any trouble as I dressed most the time
Like a Texas Cowboy and showed respect to everyone. Never flashed money around just be a little humble and let them know that you love there Country and never think your above them. More crime here in the States the in the so called
The hate from some ppl below about the city is surprising and unwarrented. One person claimed it's a 3rd world city with 3rd world aditude, but it won "most innovative city in the world" a few yrs ago. It's modern, clean, good infrastructure, good public parks and facilities, beautiful greenery (in the nicer neighborhoods). The climate is also about perfect yr round and water is drinkable. There are vast slums which stretch up the hills, but there's no need to ever go there.
There is crime, but you just take percaussions like any other major city. It's not really a deterent to me living here. The only real problem is the pollution, which is moderate most of the yr, but gets bad for 2-3 months, when the rainy season arrives and cooler air meets hot air, forming a smog trap over the valley. The city is aware of the problem and is active in increasing public transport and limiting days/week ppl can drive.
Ok that's all. I live in Medellin and basically love it. Also someone was saying its a "small city"...it has 3 million ppl.