Bank Account in Colombia for Foreigners

Many owners of Colombian property find a local bank account practical, and some want to understand the rules before they travel to open one. This guide sets out what the official sources say about opening an account as a foreigner and where they stop. Banks add their own procedures on top of the law, so treat this as a map of questions, not a promise of what any bank will accept.

Why would a property owner want a Colombian account?

Owning an apartment brings recurring payments in pesos, such as predial and the cuota de administración, and possibly rent coming in. A peso account is a practical way to handle them, although the sources we reviewed do not make an account a legal requirement for owners.

The purchase money is a separate matter. Foreign capital investment in Colombia, and its yields, must be channeled through the exchange market, meaning an authorized intermediary or a compensation account (Resolución Externa 1 de 2018, arts. 41 and 42). For an investment made in foreign currency, the declaración de cambio also serves as the registration, as Banco de la República explains, citing Decreto 1068 de 2015, art. 2.17.2.5.1.1. See how to register your foreign investment.

What must a bank check before it opens your account?

Colombian banks must run an anti-money-laundering risk system called SARLAFT. The duty to know your customer sits in articles 102 to 107 of the Estatuto Orgánico del Sistema Financiero, and the operating instructions are in Chapter IV, Title IV, Part I of the Circular Básica Jurídica 029 de 2014 (Superfinanciera). The 2022 version of that chapter is available in the Circular Externa 011 de 2022 text.

Supervised banks cannot open a relationship with a new customer until they have collected the required information, checked the customer's identity and approved the onboarding. Even simplified onboarding asks for the type of ID document, the name, the number and the issue date.

Which ID can a foreigner use?

The cédula de extranjería is the ID that Migración Colombia issues to foreigners over 7 who hold a visa valid for more than three months. It identifies you inside the country, and you need your original, valid passport at the appointment to obtain it (Migración Colombia). Our guide on visas and buying property covers the visa side.

A passport is a different question. We did not find a rule in the official pages we reviewed that lets every foreign individual open an ordinary account with a passport alone. For Venezuelan nationals, Superfinanciera has said the Permiso Especial de Permanencia (PEP) together with a passport or national ID must be accepted (Superfinanciera press release), and we found no equivalent instruction for the Permiso por Protección Temporal on its own. Bank-by-bank requirements for foreigners are not set out in the sources we reviewed, so ask the bank which documents it will accept for your situation.

Do you need a RUT or NIT to open an account?

The RUT is Colombia's tax registry, and the NIT is the identification code of the person registered in it. DIAN says non-resident individuals must register in the RUT to meet their tax duties, including declaring Colombian-source income when articles 591 and 592 of the Estatuto Tributario require it. It also says a bank account is not required in order to register (DIAN).

We found no DIAN or Superfinanciera rule that makes a RUT a legal precondition for every foreign individual to open a savings account. What a particular bank asks for is a question for that bank.

What is the 4x1000 tax, and can one account be exempt?

The gravamen a los movimientos financieros (GMF, or "4x1000") applies to financial transactions that dispose of money held in checking or savings accounts (art. 871), at a rate of four per thousand (art. 872) (Estatuto Tributario). Article 879 exempts withdrawals from one savings account, electronic deposit or prepaid card up to 350 UVT a month, provided the holder tells the institution that it is the only product using the exemption.

Ley 2277 de 2022 added article 881-1, which tells institutions to build a system that applies the 350 UVT exemption without marking a single account. DIAN's Concepto 006727 of 2026 says that system is not yet in place, that marking one account is still used in practice, and that account holders have the right to demand the exemption up to 350 UVT a month. Ask your bank how it handles the marking.

What about non-resident accounts, foreign currency and accounts abroad?

For exchange purposes, a foreigner who stays in Colombia more than 183 days in 365 consecutive days is a resident; otherwise they are a non-resident (Banco de la República). Exchange-market intermediaries may take peso deposits and specified foreign-currency deposits from non-residents, and those deposits need no registration at Banco de la República (Resolución Externa 1 de 2018, art. 8). Ordinary resident individuals are not on the list of persons who may make foreign-currency deposits in Colombia. A non-resident's peso account cannot be used to disburse peso loans or to pay operations that must go through the exchange market, with listed exceptions (DCIP-83, Chapter 10).

Two simplified products exist. A depósito de bajo monto is capped at 210.50 UVT of balance at any time and 210.50 UVT of debits in a calendar month, one per holder per entity, with simplified opening that does not require physical presence (Decreto 2555 de 2010). Cuentas de trámite simplificado (CATS) may also be opened for non-residents, but we did not confirm their current limits, so ask the bank.

An account abroad is a separate matter. A resident may hold one freely; it becomes a cuenta de compensación, which must be registered, only if it is used for an operation that must go through the exchange market or for an internal obligation paid in foreign currency (Banco de la República). If you are a US person, ask your US preparer whether your Colombian accounts must be reported on the FBAR; see US tax reporting for Colombian property.

Questions to take to your advisers

For the purchase itself, a good starting point is the free one-page due-diligence checklist. The Colombia Owner Kit has question lists for your Colombian lawyer, contador and home-country preparer, an ongoing-costs guide on how your administración share is set, and a records pack with a Spanish letter asking your bank for your exchange declaration and certificate, but it has no account-opening guide.

• Your bank: Which ID and tax documents do you accept for my visa status, and what limits apply to the account type you are offering me?
• Your bank: How do you mark the account for the 4x1000 exemption?
• Your Colombian contador: Do I need to register in the RUT, and does my stay in Colombia make me a resident or non-resident for exchange purposes?
• Your Colombian lawyer or bank: Which account should receive purchase money and rent, and which exchange declarations should I keep?
• Your home-country tax adviser: Is my Colombian account reportable, and how?

This guide is educational, not legal or tax advice. Bank practices and limits change; confirm them with your bank and advisers.

Frequently asked questions

Can a foreigner open a bank account in Colombia?

Banks must verify your identity before opening any account, and non-residents may hold peso deposits and specified foreign-currency deposits at exchange-market intermediaries. Which documents a given bank accepts is not set out in the sources we reviewed, so ask the bank.

Do I need a cédula de extranjería?

The cédula de extranjería is issued by Migración Colombia to foreigners over 7 with a visa valid for more than three months. We found no official rule that lets every foreigner open an ordinary account with a passport alone, so ask the bank which ID it accepts for you.

Do I need a RUT to open an account?

DIAN says non-resident individuals must register in the RUT to meet their tax duties and that a bank account is not required to register. We found no rule that makes a RUT a legal precondition for opening a savings account, so ask the bank.

What is the 4x1000 and is any account exempt?

It is a tax of four per thousand on financial transactions that dispose of money in checking or savings accounts. Withdrawals from one marked savings account are exempt up to 350 UVT a month, and DIAN says holders may demand that exemption.

Not sure where you stand? Take the quiz. The Colombia Owner Kit (US$79, pre-order) turns this guide into a checklist, a calendar entry and a question list: see what’s included. Or start with the free sample: K19, the one-page due-diligence checklist.