Escape Artist
  • Features
    • Interviews
    • News
    • Field Notes
    • Trending
  • Your Escape Plan
    • Finance
    • Real Estate
    • Second Citizenship
    • Digital Nomadism
  • Destinations
    • Europe
      • Spain
      • Portugal
      • Italy
      • France
      • UK
      • Rest of Europe
    • Central America
      • Panama
      • Costa Rica
      • Nicaragua
      • Honduras
      • Belize
      • El Salvador
      • Guatemala
    • Others
      • North America
      • South America
      • Australia
      • Africa
      • Asia
  • Travel Tips
    • Know Before You Go
    • Packing List
    • Food + Culture
    • Health + Wellness
  • Subscribe
Escape Artist
  • Features
    • Interviews
    • News
    • Field Notes
    • Trending
  • Your Escape Plan
    • Finance
    • Real Estate
    • Second Citizenship
    • Digital Nomadism
  • Destinations
    • Europe
      • Spain
      • Portugal
      • Italy
      • France
      • UK
      • Rest of Europe
    • Central America
      • Panama
      • Costa Rica
      • Nicaragua
      • Honduras
      • Belize
      • El Salvador
      • Guatemala
    • Others
      • North America
      • South America
      • Australia
      • Africa
      • Asia
  • Travel Tips
    • Know Before You Go
    • Packing List
    • Food + Culture
    • Health + Wellness
  • Subscribe
👤

LIFE WITHOUT BOUNDARIES

THE NUMBER ONE SOURCE FOR EXPATS, DIGITAL NOMADS, AND DREAMERS.

  • Finance

Driving in Colombia – Part 3 – Taxes and Insurance

  • January 24, 2013
  • BY David Steckenreiter
Total
0
Shares
0
0
0

Driving in Colombia – Part 3 – Taxes and Insurance

Driving in Colombia – Part 1  :  Driving in Colombia – Part 2 – What is a RUNT? ; Driving in Colombia – Part 4 -The Road ”Test”

There are a series of costs associated with owning/driving a vehicle in Colombia.

The first is called SOAT or Seguro Obligatorio de Accidentes de Tránsito. This is a mandatory, annual insurance required for all vehicles traveling within Colombia. The cost is relative to the type of vehicle (motorcycle, car, SUV) as well as the model and number of cylinders.

This insurance covers personal injuries to people in a traffic accident in the following aspects :

Medical, surgical, pharmaceutical and hospital expenses.
Permanent disability.
Death of the victim.
Funeral expenses.
Transport costs and mobilization of victims.

There are limits to the coverage of SOAT . When  they are exceeded  these costs should be paid by the person responsible for the accident or vehicle insurance . Generally as a foreigner,  you should carry the highest possible coverage  because in cases like this you could easily become the victim of an excessive claim.

The second cost you must pay annually is a tax on your vehicle. Usually there is a period between January and the end of February  where a 10% discount is offered for an early payment. For 2013, the payment period was until July 12. After that date a late penalty is applied of 134.000 COP. Note that the dates vary slightly from year to year.

The tax is determined with this formula.  You can obtain this information and the necessary form from your local Transito office and it can be paid there or in a bank.

If the value of your vehicle is  :

–        From  1.000.000 to 37.000.000 , the tax is 1.5%

–        From 37.000.000 to 87.000.000, the tax is 2.5%

–        From 87.000.000 and up, the tax is 3.5%

The other small tax that you will pay annually is called Semaforizacion. Basically this is a payment that supposedly contributes to the maintenance of the street lights in the city where your vehicle is registered. In Medellin for 2013, it was just under 30.000 COP.

I hope you are getting value from this 4 part series on Driving in Colombia-Taxes and Insurance

If you have any questions regarding residency in Colombia, please contact our office HERE.  Also, If you’ve read this article, you will enjoy the 3 that accompany them:

Driving in Colombia – Part 1  

Driving in Colombia – Part 2 – What is a RUNT?;

Driving in Colombia – Part 4 -The Road ”Test”

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Related Topics
  • driving
  • insurance
  • South America
  • taxes
Previous Article
  • Costa Rica

Purchasing Real Estate in Costa Rica

  • April 22, 2012
  • BY EA Editors
View Post
Next Article
  • Your Escape Plan

Driving (Crazy) in Poland, Part 1

  • November 9, 2013
  • BY Don Halbert
View Post
You May Also Like
best place to retire
View Post
  • Plan B
Retiring Abroad: Where Can You Actually Afford to Live?
  • BY EA Editorial Staff
  • June 18, 2025
Not all retirements are created equal—especially when taxes are involved.
View Post
  • Plan B
How to Retire Tax-Free Abroad
  • BY EA Editorial Staff
  • April 23, 2025
Investors diversify globally to protect their future.
View Post
  • Plan B
Why Every Investor Needs a Plan B Abroad
  • BY EA Editorial Staff
  • April 3, 2025
Tallinn, Estonia is Europe’s digital gateway for borderless business.
View Post
  • Plan B
The Best Countries for Financial Freedom
  • BY EA Editorial Staff
  • April 1, 2025
Saint Kitts and Nevis offers citizenship through investment. Photo courtesy of iStock/pics721
View Post
  • Finance
How to Build Wealth While Living Overseas
  • BY EA Editorial Staff
  • March 25, 2025
Family Foundation
View Post
  • Finance
15 Proven Global Strategies to Protect Your Wealth
  • BY Joel Nagel
  • March 25, 2025
A new life abroad offers fresh opportunities.
View Post
  • Digital Nomadism
Why Living Abroad Works
  • BY EA Editorial Staff
  • March 19, 2025
The world is more connected than ever, but taxation remains complicated. Credit: iStock.
View Post
  • Digital Nomadism
How to Avoid Double Taxation
  • BY EA Editorial Staff
  • March 12, 2025
Trending Posts
  • The True Cost of Leaving America 1
    • Interviews
    The True Cost of Leaving America
    • June 25, 2025
  • best place to retire 2
    • Plan B
    Retiring Abroad: Where Can You Actually Afford to Live?
    • June 18, 2025
  • 3
    • Africa
    The New Africa Travel List for 2025
    • June 20, 2025
  • Living in Zurich Switzerland 4
    • Field Notes
    Zurich’s Formula for Happiness
    • June 22, 2025
  • Nordic chapter of adventure 5
    • Rest of Europe
    The Nordic Blueprint for Happiness
    • June 30, 2025
Subscribe
Know Before You Go
  • The True Cost of Leaving America 1
    • Interviews
    The True Cost of Leaving America
    • June 25, 2025
  • 2
    • Africa
    The New Africa Travel List for 2025
    • June 20, 2025
  • Rolling emerald fields and soft skies in County Kerry. 3
    • Ireland
    Top 10 Things to Know If You’re Moving to Ireland
    • June 13, 2025
  • A new generation claims space through movement. 4
    • Africa
    How Ethiopia’s Girls Are Rewriting the Rules on Wheels
    • May 30, 2025
  • Residency programs worldwide are undergoing rapid transformation. 5
    • Second Citizenship
    Beyond the Golden Visa – The Future of Residency
    • May 7, 2025
Learn More
  • About Us
  • Contact Us
  • Subscribe
Why Subscribe

The newly imagined Escape Artist brings you fresh content with a global focus, and sharp, up-to-the-minute coverage of the joys, challenges, and opportunities of life abroad.

For a limited time, we’re offering a special discount on all subscription deals, so be sure to lock-in these incredible savings and start receiving top-notch travel and expat content today!

Sign up for the EA Newsletter

Get important news delivered directly to your inbox and stay connected!

This field is for validation purposes and should be left unchanged.

Escape Artist
  • Terms & Conditions
  • Privacy Policy
  • Cookies Policy
  • Disclaimer

Input your search keywords and press Enter.

Newsletter Subscription

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/