Living In Colombia as a US expatriate: How the Colombian Peso (COP) works

[@Joe.B007]

Thank you for the information Sir. I retire in 2 years and looking forward to living in Colombia. My wife and son are from Colombia as well. I lived in Orlando Florida for 33 years and currently residing in Clearwater Florida. Looking forward to one day using your services for now I am subscribed to your channel and look forward to many more information you can help us out with

[@michaelgardiner520]

Thankyou for that information it was very helpful, I am off to Colombia on my holiday today as it happens , just watched this as I ate my breakfast , Bucaramanga here we come

[@twoheadedrooster9659]

Useful info I would not have otherwise been exposed to..Thx!

[@quintilonetax]

Thank you for the positive feedback! I tried giving a unique spin on the currency and financial system in Colombia. It is very practical information because many expats need to know the value of currency to exchange for goods and services. I wish I knew this information before going to Colombia, so I decided to share it. -Dylan

[@blueduck9409]

Tell us about buying or renting a car there.

[@nadicmark-4077]

Great video content, thank you so much for sharing

[@quintilonetax]

Thank you for the positive feedback, it motivates me to share and create more content! -Dylan

[@Wise.Wealth.Wisdom.]

Great video

[@quintilonetax]

Again, thank you Paul for introducing me to Colombia. -Dylan

[@BangoDurango]

You definitely have a new subscriber. Thank you for the detailed explanation. Unlike your buddy..😅 I have been aware for the majority of my life that different countries do, in fact, use other denominations of currency. For me, it is understanding the exchange rate as it fluctuates. That is my challenge. Soy ciudadano americano y mi novia es ciudadana colombiana. Ambos esperamos tener pronto la doble ciudadanía. En eso estamos trabajando. Me encanta ver videos sobre Colombia y obtener diferentes perspectivas. Especialmente, cuando se trata de un extranjero del país que habla inglés con fluidez. No me malinterpretes, también me encanta aprender de los lugareños, ¡pero escucharlo de alguien que realmente está viviendo lo que pretendemos vivir es definitivamente una bendición! ¡Muchas gracias por el contenido bellamente articulado! Keep it up, Sir🫡 < I will not take any responsibility for the outcome of Google Translate😂>

[@mireilleanih2950]

What a great video. I was thinking to come for vacation in Colombia from Africa but don't know how to go abt it

[@prlito9mm]

What happened to thos channel? Had great wealth of knowledge

[@quintilonetax]

I intend to publish some more videos. I am happy to share my knowledge about taxation between Colombia and United States over a free phone call. My number is [phone]. I am working with over 100 people right now and I am constantly busy. I will share some updates about taxation between the United States and Colombia shortly. -Dylan

[@prlito9mm]

@@quintilonetax I just got I to your videos but saw you haven't had anything since over a year 😔 so figured I'd give a shout! I'm actually looking to hopefully make a move to Colombia within the next year so I will definitely give you a shout soon! Appreciate thx response ☺️

[@curmudgeoncapitalist]

First please forgive the run-on sentence I'm using voice recognition. Thank you very much for these videos I find them very informative. I I'm looking at retiring in Columbia to have the retirement pensioners Visa do you do any work with immigration?

[@quintilonetax]

Thank you for the comment. I have successfully applied and received my migrante and residente visas. I don’t apply on behalf of others, but I can walk you through the process. It is really straight forward and I would not recommend paying a visa agency to procure the visa on your behalf. It only took me a day or two to apply and have the visas issued at Migración Colombia. -Dylan

[@curmudgeoncapitalist]

@@quintilonetax thanks very much for that info a couple of people have said to do it on your own but it seemed quite convoluted I will contact you through your website

[@quintilonetax]

@@curmudgeoncapitalist Thank you, I post my phone number/WhatsApp in the description of my videos as well. The visa process in Colombia is much easier and faster than if you need to acquire a visa to live or visit the United States. -Dylan

[@dovygoodguy1296]

Dylan, why doesn't the government just drop off the zeros, so that the 20,000 peso note just becomes a 20 peso? Etc.?

[@quintilonetax]

Thank you for the comment. Venezuela did exactly that in an effort to combat hyper inflation and as a result their currency/investor confidence and economy collapsed. An effect of the Venezuelan crisis is there are millions of refugees living in the major cities of Colombia. Bogota and the border cities are overwhelmed as a result of the migrant crisis. You often see Venezuelan migrants weaving baskets out of the worthless Bolivars they brought from home. They often have stacks of the bills that are worth less than a penny or so. In Colombia less focus is put on the “mil” aspect of the currency. The central bank prints the 50 then word “mil” so it acts sort of like the “50” value you are used to in the states. Colombia has done better than most Latin American countries maintaining their currency. www.pbs.org/newshour/world/venezuela-knocks-5-zeros-off-its-currency-will-anything-change

[@dovygoodguy1296]

@@quintilonetax Now that Colombia has a new government, can't the refugee problem be fixed with Maduro? Why would the economy collapse because of dropping zeros? It's just zeros with the bill called by a different "name". Of course the idea of printing the number 5, 10 or 50 in large print and the word mil/miles in small print is not a bad idea either.

[@quintilonetax]

@@dovygoodguy1296 I think the influx of new migrants from Venezuela is declining and things are stabilizing slightly there. I try to keep politics out of all my social media and professional pages. I think the Venezuelan refugees do not want Maduro in power. He has effectively seized power and established an autocracy of sorts. The three-way relationship between Colombia, Venezuela and USA is complicated. I think Biden warming up to the idea of reestablishing relations at the height of last years peak gas prices was a potential negative outcome for Venezuela. It would create stability within the Maduro regime and give legitimacy to his claim of office. I think a better future awaits Venezuela when Maduro leaves power and we shouldn't help the regime by allowing their oil on to the world markets. Now with Petro coming into office, his socialist ideologies swings Colombia more into the sphere of Venezuela again. Relations are opening and thawing. It remains to be seen what the outcome will be. Historically, these countries have close ties and have helped each other in times of economic struggle. Venezuela used to be an economic power house in the 1990's and many Colombian's moved to Venezuela for better economic prospects. Back to cutting zeros off the currency, it is a hallmark to failure of economic policy. Paper currency maintains purchasing power stability based on the trust in the economic system. When you are cutting zeros from a currency, you are admitting there may be a structural economic problem in your country. This erodes public confidence further and the value of your currency. It seems to be a vicious cycle. Based on my friends first hand experiences in Venezuela, they are experiencing dollarization. The dollar is allowing the people who didn't leave the country to have some sense of normalcy to purchase common goods. -Dylan

[@dovygoodguy1296]

@@quintilonetax I can't help thinking that the US interests wanted to grab Venezuela's assets and sought the same result as they carried out in Ukraine in 2014 and tried in the Arab world. But every single time they do it they create a horrible mess and failure. It all started with the fiasco in Vietnam. And of course there were the elements who profited from the cocaine trafficking from Colombia into the US. Alas, now the world is in a horrific situation.

[@quintilonetax]

@@dovygoodguy1296 There is no doubt the USA has a tendency to interfere in Latin American affairs. It could be a driving factor in the socialist leanings in South America at the moment. -Dylan

[@tlsmack800]

Hold on to your 500 peso coins in certain beach areas to use restroom!

[@teesaht473]

Did you just say that the annual salary is somewhere around 110.00 USD in Columbia?

[@quintilonetax]

The minimum monthly salary is roughly $273 or 1.300.606 COP. They use periods for monetary values in Colombia rather than commas to separate three digits. -Dylan

[@AquariusRadio]

Are social security payments taxable in Colombia?

[@quintilonetax]

I would advise you to seek the guidance of a Colombian tax professional. We work with 2 tax professionals out of Medellin and can pass their contact information along. -Dylan

[@MatteoBlanco]

I am doing my taxes with you next year Dylan! 6 hours of TurboTax last night HAHA :(

[@quintilonetax]

Thank you bro. I blast through those 8949 reporting stock transactions! -Dylan

[@MatteoBlanco]

@@quintilonetax THANK GOD!

[@michovaltrades8444]

you said the annual salary is 200 and some change thats wrong man you mean monthly salary.

[@davidcruise4978]

Great video