If you don’t qualify for a loan in Colombia or you don’t want to pay the high interest rates that are normal in the country, you have, depending on your nationality, several options to obtain a loan from abroad to purchase property in Colombia.

• Borrowing from Bancolombia or Viventa. Both Bancolombia and Viventa lend money to individuals outside Colombia for the purpose of purchasing property in the country. Bancolombia’s service is known as "Colombianos en el Exterior" and involves credit checks in the United States. This service is available for clients with a savings account.
• Refinancing your properties in another country. If you own properties in another country, you can leverage them to secure funds and use these funds to purchase property in Colombia.

As a foreigner you can open a bank account at a Colombian bank in Colombia but you'll need a visa. Sometimes a bank employee doesn't ask for a visa, but these cases are rare and are usually against the bank's internal guidelines.

Tips and recommendations

• It's best to bring your cédula, but many banks also accept passports.
• Bring a RUT with you. Bank employees may ask for proof of legit income if you don't have a RUT. You can get a RUT from DIAN, the Colombian tax authority.
• Visit a bank office in an area where many expats live. Employees in these bank offices often have more experience opening bank accounts for foreigners. This speeds up the process.