Transfer USD 50.000 to buy a house in Colombia and Formulario 4, etc

makopp5 says on Jul 4, 2009, 19:01:

Do you have a an account copy where the money in Europe is. I think a bankaccount on your name. That`s most time enough. And then it`s tansferencia entre cuentas del mismo dueño.

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haraldo says on Jul 4, 2009, 19:06:

thanks, it is exactly what I did I gave them a copy of my bank extract in Europe but the very friendly bank director told me that is not enough. The need to have a document that shows what was my job or my activity in Europe.

PSFor less than USD 20.000 there is no problem.

Harold

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makopp5 says on Jul 4, 2009, 20:06:

So make 3 transfers.

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calipro says on Jul 5, 2009, 10:29:

Harold

I don't know what bank you are wiring the money to in Colombia or whether it is your colombian bank account or the sellers.

I purchased an apartment about five years ago and the only thing that I needed to file the form 4 was the 'compraventa" (buyer sellers agreement).

I have a feeling that the reason that they are asking for proof of where the funds came from has a lot more to do with whether or not they will accept the wire for 50K at all and has very little to do with the filing of the form 4.

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pedro says on Jul 5, 2009, 10:37:

Just give them the best you can (regular documents, scanned and printed) to show your former salary. Payslips, whatever. Or show them a mortgage you took out.

Tell them you want to do the transaction with their bank, you've provided reasonable proof and you're unable to get anything better.

Say it's ridiculous to want apostilled documents, and it will be easier for you to open a new bank account than comply with their exaggerated requests for documentation. Then ask again if he is prepared to help you with your project or not.

If not, go elsewhere (find a new bank and confirm they will accept your imminent transfer before you open the account).

"this may seem a strange post but it is not...when in colombia men need to be aware that colombia women may try to be seductive and entice a travelling gringo to have sex with them..to be forewarned is to be forearmed..." -- pow wow

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twmcm says on Jul 5, 2009, 11:42:

What? This is unacceptable. Tell them to accept the money or return it immediately.

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haraldo says on Jul 5, 2009, 12:21:

Thanx everybody to your help :-)
Regarding the splitting of the transfers I did indeed suggest it to the Citibank that I wil make 3 tranfers, but they told me it is the same because the accumulate the amount of the transfers.
PS: soon I will give you an update

Harold

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youngman says on Jul 5, 2009, 18:09:

I had my tax returns for the last three years..letters of reccomdation. my stock accounts showing where I sold the stock to get the money to buy the apartment..and my checking account where it was wired into and out of---it was a difficult process......you are a drug dealer until you prove otherwise. I am now trying to get my own bank account...one bank wanted to limit me to 40 thousand a year, another one wanted to wait 6 months, and now the third wants all the information......its hard to invest when they don´t let you bring in any money

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Noelito40 says on Jul 7, 2009, 17:54:

Haraldo, I've had experience of this...Is it so difficult for you to show an origin of funds document? Statement of income from your employer, or (as in my case) contract of sale from a house back home?

Noelito

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fecherklyn says on Jul 7, 2009, 18:17:

Haraldo,

The difficulty in transferring funds into Colombia has been addressed comprehensively within the PBH forum over many years and the universal finding is to choose your bank carefully because although they all have to apply the same rules they frequently elect to apply them differently, often within different branches of the same bank.

I note you appear to be using Citibank but also talk about eventually repatriating the funds to Europe. I have nothing against Citibank but why not consider a European bank? I have used HSBC Colombia in the past and they made the process far simpler than Citibank appear to be doing. I have never provided anything other than copies of my (source) bank statements and copies of my foreign tax declarations, salary slips.

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Zoltar says on Jul 23, 2009, 09:10:

Just say that you won the money in a lottery

www.zoltarsuites.com - under construction !

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Zoltar says on Jul 23, 2009, 09:11:

Just say that you won the money in a lottery

www.zoltarsuites.com - under construction !

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Alma del Norte says on Sep 6, 2009, 10:23:

I returned to the UK in order to, (amongst a few other things), transfer some cash to my Davivienda account. After a week, that transfer appears to be in the middle of the Atlantic Ocean.

My bank in Bogota promised me, before I left for the UK, that I would just need to show bank statements evidencing from where the funds came. Now that I am here, they also want to see the "promeso" for my land purchase, even though that, if I had it, would only account for about a third of the funds - the balance is for construction and miscellaneous costs. I don't understand why there has to be a connection with land purchase when it makes no difference as to the integrity of the source of funds.

If my transfer is rejected, can I purchase my land and fund the build with cash from the hole in the wall, and then register my investment? I keep telling them Formulario 5, they keep telling me 4, by the way.

To facilitate matters, can I present a "promeso" to purchase my girlfriend's house for the full amount, and then not go through with it, but draw on the cash?

Hope some of you can shed a little light.

La vida es una rutina

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pedro says on Sep 6, 2009, 10:53:

If you really want to use form 5 (in other words, the transaction won't be registered as a foreign investment)... just tell the bank you've been resident in Colombia for more than 6 months, thus the Banco de la Republica now considers you a resident in Colombia, making you ineligble to use form 4.

"this may seem a strange post but it is not...when in colombia men need to be aware that colombia women may try to be seductive and entice a travelling gringo to have sex with them..to be forewarned is to be forearmed..." -- pow wow

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Alma del Norte says on Sep 6, 2009, 13:01:

Fellas; I assume your replies were for me...

Pedro - Personally, I don't mind whether it is form 4 or 5. I just thought that filling in form 4 rather than form 5 could bring problems further down the line.

Brians - I perfectly understand the reasons why we have to undertake this charade. I am attempting to transfer to my Colombian account and I have been told bank statements, work contracts and UK investment details are not enough; I need a "promeso" to purchase, oddly even if it is not enough to account for the whole transfer. Cheers.

La vida es una rutina

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Alma del Norte says on Sep 7, 2009, 08:19:

Brians - thank you. Unfortunately, I have been dealing with the person in charge. I will try again and if they won't do it, I'll select another branch.

All the best.

La vida es una rutina

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