Hello BP, I have a question regarding real estate in Colombia. Does anyone know how to get the profits transferred from Colombia to the US? Me and my brother recently inherited real estate from there and were wondering on how to use the money for investments in the US. I know I have to pay a tax for the transfer but does anyone know how it actually works? Thank you!
I would suggest talking with a local professional there. Some ideas could be to deposit in a bank there that also has branches in the US (examples being Scotia Bank and Citi). You could also buy crypto with it and then sell in the USA for dollars. All of these will come with a certain amount of cost. Depending on how much money it is will depend on how many flags are raised.
@Kevin Giraldo if you have a US account you can deposit a personal check from your Columbia bank. They will even do the currency settlement. You may not want to do it all in one transaction; but it is not uncommon. The bank will hold funds for about two weeks.
Thank you! @Kevin Giraldo
@Scott Morris thank you!