Colombia Forum

carlosduran46
Joined 2016
Posts: 18

3 years ago

Taking over $10k cash out of the country

3 years ago

From the proceeds of selling an apartment in Cali I have the equivalent of $100k in cash, I know I have the option of sending the money home to the USA via a wire transfer from bank to bank transaction but the local bank in Colombia is charging an excessive exchange rate from Pesos to US Dollars that far exceeds the official rate, so I simply want to exchange all my Pesos to US Dollars and report the money at the airport as I leave Colombia, I know that I have to fill out a Colombian DIAN form 530 and declare the currency (again around $100k) my questions are:

Could the Colombian government retain my money?
Would I be obligated to pay some kind of tax?

Any experience in this regard that you could share I would appreciate it.

Thanks.

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Help others in Colombia by answering questions about the challenges and adventures of living in Colombia.