Key takeaways
- A generic "manage my affairs" letter will be rejected at the notary.
- Pull the certificate of tradition and freedom early, using the registry number.
- Capital gains on a property sale are taxed at 15 percent when the asset was held for two years or more.
- For context on what the market asks across the region: an apartment in Antioquia starts around US$98K with a typical asking price near US$201K.
Grant a Colombian power of attorney by public deed, legalised with an apostille, before you list. Without it, a sale that closes in 30 to 45 days stalls at the notary until you fly in. That single document, naming a specific attorney-in-fact and the specific property, is what lets an overseas seller actually sign.
What the power of attorney has to say
A generic “manage my affairs” letter will be rejected at the notary. The poder for a sale has to be special, not general, and it has to identify the property by its registry number (matrícula inmobiliaria), name the attorney-in-fact by full name and ID, and state the authority to sign the escritura de compraventa, receive the price, and sign the registry paperwork.
Execute it at a Colombian consulate where you live, which is the cleanest route, because a consular deed arrives in Colombia ready to use. If you sign in front of a local notary instead, the document needs an apostille under the Hague Convention and a certified translation into Spanish before a Colombian notary will accept it. Build in postal time: the original paper travels, scans do not count.
The common mistake is leaving this to the week of closing. By then the buyer has a deposit at risk, a bank appointment and a deadline, and every day of consular scheduling or courier delay is leverage handed to the other side.
The documents a penthouse sale needs from you
Pull the certificate of tradition and freedom early, using the registry number. It shows the registered owner, mortgages, liens and encumbrances. If your name on that certificate does not match your passport exactly, or if an old mortgage was paid but never cancelled at the registry, fix it before a buyer sees it. Cancelling a stale mortgage from abroad takes longer than cancelling it while you are in the country.
Then assemble, in this order:
- Paz y salvo for property tax (predial). Annual tax runs 0.3 to 1.2 percent of cadastral value depending on the municipality, and the notary wants proof it is current.
- Paz y salvo from the building administration for administración fees, plus the horizontal property regulation and the minutes of recent owners’ assemblies. Penthouse buyers read these: terrace rights, rooftop use and private-use common areas are defined there, not in the deed.
- The escritura by which you acquired, with its registry stamp.
- Your passport and, if you have one, your cédula de extranjería.
- Floor plans and the certificate of the building’s horizontal property constitution.
The tax decision that costs the most
Capital gains on a property sale are taxed at 15 percent when the asset was held for two years or more. Held under two years, the gain is ordinary income at ordinary rates, which is materially worse. If you are near the two-year mark, check the date on your acquisition deed before you sign a promise of sale, not after.
Two practical points for a non-resident seller. First, the gain is calculated from the peso figures in your acquisition deed and your sale deed. Colombian pesos are the source of truth; a US-dollar number is only an approximation at the day’s market rate and will say so. If the peso moved against you, your Colombian tax bill does not care. Second, moving funds out is governed by exchange-control registration. If your original purchase funds were brought in and registered as foreign investment through the central bank channel, the sale proceeds leave cleanly. If they were not, expect a reconstruction exercise with your accountant. Ask your lawyer about this before closing, not after the money is sitting in a Colombian account.
Buyer closing costs run about 2 percent of the price (notary 0.27 percent, registry 0.67 percent, beneficencia 1 percent), and these are customarily split or allocated in the promise of sale, so the split is negotiable and should be written down.
How to run the sale without being there
Appoint one person in Colombia who holds the power of attorney and who is not your selling agent. A lawyer is the usual choice. Keep the keys, the access protocol with the building porter, and the showing schedule in writing so the penthouse can be shown on two hours’ notice.
Expect the sequence: promise of sale (promesa de compraventa) with a deposit and a fixed closing date, buyer mortgage approval if any, notary appointment for the escritura, then registration at the property registry. Until the deed is registered, the buyer is not the owner against third parties, and your lawyer should pull the certificate again after registration to confirm the transfer landed.
For context on what the market asks across the region: an apartment in Antioquia starts around US$98K with a typical asking price near US$201K. A penthouse in El Retiro sits well above that, and its price is argued from the building, the terrace and the view, not from a regional average.
Frequently asked questions
Can I sell my Colombian property without travelling to Colombia?
Yes. You grant a special power of attorney by public deed, either at a Colombian consulate abroad or before a local notary with an apostille and certified Spanish translation. Your attorney-in-fact then signs the escritura at the notary on your behalf.
How long does the sale take once a buyer agrees?
Closing normally takes 30 to 45 days from agreed deal to signed deed. That covers the promise of sale, buyer financing if any, the notary appointment, and registration at the property registry.
What tax will I pay on the gain?
Capital gains are taxed at 15 percent when the property was held for two years or more. Held under two years, the gain is treated as ordinary income instead. The calculation uses the peso figures in your acquisition and sale deeds.
Who pays closing costs in Colombia?
Buyer closing costs run about 2 percent of the price: notary 0.27 percent, registry 0.67 percent, beneficencia 1 percent, plus the lawyer's fee. How these are shared is set in the promise of sale, so write the split down.
What should I check on the certificate of tradition and freedom before listing?
That the registered owner's name matches your passport exactly, and that no mortgage, lien or encumbrance remains open. A paid-off mortgage that was never cancelled at the registry is the most common delay, and it takes longer to fix from abroad.
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