Wealth tax and 401k

Nobody , no expat who has been here more than a few years (accept maybe a couple naive ones) , no astute rich Colombian worries about the wealth tax.

If you are worried about that, you shouldnt be thinking about a visa here, because you will just spend your time getting stressed out with accountants and lawyers who know nothing and just want totake your money.

@Cristy1977 Technicaly yes, but i have yet to find a expat that pays it or Dian hunt an expat down, but most people with wealth stay less than 182 days or ignore it, but they will take donations Me i love to travel have family in CR so it is sort of a positive, i get bored anywhere after 2 months, its like groundhog day

Since you will be reporting your distributions on your 1040, there is an audit trail back to your IRA/401K.

I am not necessarily disagreeing with Peligro, but James has mentioned on his website that during a visa renewal, they could ask for your 1040 or other documentation to verify your income for purposes of EPS. Now, the cancillería may not share that information with the DIAN, but theoretically it is possible.

So the answer is yes, but like Peligro has said, you can always flee the country, unless you have substantial assets in the country that you don't want levied and seized.

@Mr. Barley " they could ask for your 1040 or other documentation to verify your income for purposes of EPS."

Most people like me use social security and they usually ask for that letter and bank statements for X amount of time.

At least my last visa went like that but things do change

Has he ever heard of them asking to see ones 1040? even then you would have to ask for a Schedule D

which is seperate from your 1040

My opinion if you have a couple of nickles to rub together you can make Colombia your home base

and travel, see family etc. Being here 12 months a year would make it less interesting.

To each its own

Good luck

I'm actually a dual citizen so won't have to go through visa. I'd assume that's worse because of responsibilities as a citizen. Thanks group.

Does anyone have an idea why the US and Colombia do not have a tax treaty?

Could it be that so many dual citizens from Colombia make the US thier home

and Uncle Sam does not want exempt them from paying US taxes?

Most only visit Colombia for short periods under 183 days, so are they exempt from the Colombia tax on the US income?

I only ask to understand. I believe Canada has a tax treay with Colombia.

So are Canadians exempt on paying taxes on income and wealth to Colombia for assets and income in Canada?