Send Savings to Buy a Home in Colombia

What it is

The exchange classification for savings sent from abroad to buy a Colombian home depends on the transaction and the buyer's residency. A transfer for foreign investment must pass through the regulated exchange market with the investment details (Banco de la República: basic concepts).

Remittance or bank transfer?

A bank transfer is a way to send money. A remittance or investment describes the purpose of the funds. Comparing only an app's fee does not resolve how a purchase is registered.

Banrep's exchange code list, checked in 2026, assigns code 1809 to remittances from Colombians who work abroad. Code 1812 covers housing remittances from Colombian workers resident abroad that are not foreign capital investment. It is not an automatic code for every purchase by a Colombian living abroad.

Nationality alone does not decide the classification. The exchange residency rule allows a Colombian who lives abroad to be a non-resident. If buying for yourself as a non-resident, review foreign investment treatment with the intermediary. If sending money for a relative to buy in that relative's name, describe that actual transaction. Do not report the sender as investor unless that is correct.

Steps

Steps before sending savings

Identify the buyer who will appear on the deed.
Confirm exchange residency with the intermediary.
Explain whether the funds pay for your purchase, family support or another obligation.
Request the declaration classification and receiving route in writing.
Ask for the document list before ordering the transfer.
Compare the exchange rate, charges and net pesos the recipient will receive.
Keep the transfer, declaration and proof of payment to the seller.

If using an app, ask it to identify the intermediary that receives and reports the transaction in Colombia. Confirm that the route supports the correct declaration. The service's brand name does not answer that question.

Costs

How much can you send, and what does it cost?

Ask the provider for its product limit per transaction and per period.
Confirm the expected amount and documents with the receiving bank.
Request the charges for sending, intermediary handling and conversion.
Agree with the lawyer how to cover a shortfall against the agreed peso price.

Do not treat a limit for carrying cash as a transfer limit. Ask the provider for the expected arrival time before agreeing on the payment date. See sending money from the United States or buying from Spain for the country of origin.

Documents

What proves investment registration?

When foreign currency passes through the regulated market with the required investment details, the exchange declaration (declaración de cambio) serves as registration with Banrep. Banco de la República explains that no separate registration is needed in that case. A transfer receipt alone does not show that those details were reported.

The folder can hold the declaration, transfer record, contract and deed. Ask the intermediary how to verify registration and obtain the statement. See foreign investment registration.

If the money already arrived under another classification, ask the intermediary and an exchange lawyer to review the original records. Banrep warns that registration without funds passing through the regulated market cannot fix an investment that should have passed through the regulated market but did not. Ask the intermediary and lawyer to assess the available correction procedure before making another transfer. Keep the actual dates in the records. See unregistered investment.

Which documents can the bank request?

The Superintendencia Financiera says the institution must verify information and supporting records when checking its customer. The bank keeps that responsibility under its system for managing money laundering and terrorist financing risk (SARLAFT).

For a preparation folder, gather the following and ask the bank to confirm what it needs:

Buyer and sender identity and contact details.
Residency and economic activity information.
Documents that explain how the savings arose, such as income or sale records.
Account statements that trace the money from its source.
Purchase agreement, contract or housing payment instructions.
Power of attorney if someone acts for the buyer.

This list helps prepare questions. It is not a single legal checklist and does not guarantee the bank will accept the transaction.

What does the notary check? SIPLAFT and UIAF

Supernotariado Circular 089 of 2024 and its annexes describe the notary sector’s money laundering and terrorist financing prevention system (SIPLAFT). They include customer identity, economic activity, address, contact details, marital status, signature and fingerprint. They also describe notary reports to UIAF, the financial intelligence unit.

The notary and bank checks are separate controls. Ask the notary which source of funds information and attachments the deed requires. Do not assume that documents sent to the bank reach the notary. Banrep registration does not replace these checks.

Common mistakes

Mistakes that can leave gaps in the records

Choosing a remittance code only because the money came from wages.
Sending to a relative without stating who buys and who receives the payment.
Keeping only an app screenshot without the applicable exchange declaration.
Treating exchange registration as sufficient proof of the source of savings.

To coordinate the purchase and later payments, see the checklist for Colombians abroad.

Official sources

Next step

Educational information, not legal or tax advice. Ask a Colombian lawyer or accountant about your case.

Next step: request the free due diligence checklist to organize the purchase review.

Frequently asked questions

Does every housing remittance use code 1812?

No. Code 1812 covers housing remittances from Colombian workers resident abroad that are not foreign capital investment. Ask the intermediary to assess the actual transaction.

Does a bank receipt prove investment registration?

By itself it does not show that investment details were reported. Review the exchange declaration and how to obtain the Banrep statement.

Does this guide give a single limit for sending savings?

No. Confirm product limits with the provider and documents with the receiving bank. Do not use a cash transport limit as a bank transfer limit.

What does SIPLAFT mean at a notary?

It is the notary sector’s system to prevent and control money laundering and terrorist financing. Supernotariado’s documents describe it. It includes customer checks and reports to UIAF.

Own property in Colombia, or planning to buy? The Colombia Owner Kit (US$79) covers the dates, documents and questions owners face. See what's in it.