The world is undergoing a transformation marked by globalization and technology. Nowadays, economic, social, and cultural connections transcend geographical boundaries, and Colombia is no exception to this phenomenon. The country has established itself as an increasingly attractive destination for professionals and foreign travelers who find here a space to temporarily reside, continue their work activities remotely, and take advantage of the opportunities offered by the Colombian market and business environment.
Colombia has implemented various immigration measures to regulate the entry and stay of foreigners in the country, establishing a regulatory framework that ranges from those who enter for a few days for tourism purposes to those who decide to develop their businesses, form a family, or establish their assets in the national territory. The legal framework establishes three visa categories—visitor, migrant, and resident—each with a comprehensive list of subcategories that respond to different activities or criteria.
Digital Nomad Visa
To begin with, it is necessary to talk about digital nomads, who gained significant relevance due to the pandemic. Although labor legislation does not explicitly define them, digital nomads are understood to be those who work remotely, taking advantage of connections and information technologies while traveling the world and experiencing new cultures and places. Colombia has positioned itself as a country that welcomes a significant number of digital nomads thanks to its technological infrastructure, privileged climate, competitive cost of living, strategic geographical location, and consequently, a time zone that facilitates connection with key markets in North America and Europe. Aware of this reality, in 2022, the country advanced in recognizing this figure from a migratory perspective by creating the digital nomad visa, aimed at foreigners who provide services to foreign companies, either as independent workers or employees, as well as digital content or technology entrepreneurs of interest to Colombia.
The digital nomad visa falls under the visitor visa category, which implies authorization to carry out temporary activities without the intention of establishing domicile in Colombia. This visa can be granted for up to two (2) years, allowing the foreigner to stay in the country for the same period. Additionally, the visa offers the foreigner the possibility to temporarily relocate with their family unit, considering the application for beneficiary visas for the partner (spouse or permanent partner) and children.
Due to its specialty, this type of visa is reserved for nationals of countries that the Government has classified, by resolution, as exempt from visas for short stays. Consequently, citizens of countries such as India, Egypt, Iran, or Lebanon, among others, do not have the possibility to access this visa.
On the other hand, the Government explicitly prohibits foreigners holding this visa from working or engaging in any remunerated activity with a Colombian natural or legal person, as there are specific immigration categories for that purpose, such as the migrant worker visa or the independent professional migrant visa.
To highlight, this visa includes three specific requirements:
- The foreigner must prove the connection with the foreign entity or the type of business they are developing, specifying the type of contract, remuneration, and the identity of the company.
- They must demonstrate minimum income that guarantees their financial solvency, currently set at least three (3) current legal monthly minimum wages (hereinafter “MLMW”).
- They are required to provide proof of contracting an international medical insurance with coverage in Colombia against all risks in case of accident, illness, maternity, disability, hospitalization, death, or repatriation.
It is common for a foreigner who enters the country with the intention of staying temporarily to end up falling in love with Colombia and decide to change their migratory status to a visa that allows them to continue in the country after its expiration and, in the best case, establish their residence here. For this purpose, there is the migrant visa category, which has more than ten (10) subcategories aimed at different purposes. For the purposes of this article, I will focus on developing the particularities of the visa as a shareholder or owner.
Shareholder or Owner Visa
The shareholder or owner visa falls under the migrant visa category, which allows the foreigner a prolonged stay in Colombia and, after five (5) consecutive years with this type of visa, the possibility of applying for residency.
This type of visa is intended for foreigners who establish a company or acquire a share in the capital of an operating commercial company. The participation is not limited to a specific type of company, as it can be done in any of the corporate forms recognized in Colombian legislation.
The key to accessing this visa is to prove the participation or acquisition of the capital and demonstrate that the company in which the investment is made is real, operational, and complies with legal and formal obligations in Colombia, avoiding it being a shell company established solely for migratory purposes. The acquisition of shares in the secondary market does not qualify for the issuance of this type of visa.
Regarding participation in the capital, the foreigner must prove a contribution, in cash or in kind, equivalent to at least one hundred (100) MLMW at the time of the application and ensure that this does not decrease during the validity of the visa. To do this, they must present the foreign investment registration for the required amount, along with bank statements supporting the transaction. In the case of stock companies, it will be necessary to provide a certificate of share composition signed by a public accountant, stating the registered and paid capital or assets owned by the applicant.
When it comes to acquiring a share in an existing company or renewing this visa, the foreigner must demonstrate that the company maintains its economic activity. They have freedom in the means of proof, although it is recommended to prove it through bank statements, generation of direct jobs, contributions to social security, tax payment receipts, and contracts signed with clients and/or suppliers. Explicitly, the regulation establishes that, in the case of companies in the mining-energy sector, the corresponding mining title must be provided.
This visa can be granted for a period of up to three (3) years, with the possibility of extension as long as the participation and operation of the company continue, allowing the foreigner to remain in the country during that period. Like the digital nomad visa, beneficiary visas for family members (spouse or permanent partner and children) are also accepted.
To learn more about the general and specific requirements for each type of visa, you can visit the following link: https://www.cancilleria.gov.co/tramites_servicios/visa/requisitos
Posted by: Foro del jurista Ed.47 – Cámara de Comercio de Medellín para Antioquia
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