Colombia has achieved peace and is increasingly regarded as good place to consider for living and investing.
With such a tumultuous history the question is, is this a good idea?
We speak to Park Wilson co-founder of Viva Tropical about his recent trip to Colombia.
When he left Panama to visit Colombia he was seriously considering the move and now that he is back you can listen to what he thought and if he will indeed leave Panama for Colombia.
Park also discusses investment opportunities, his favorite spots, and the big question on most people’s minds, is it safe?
Josh and Park also compare and contrast Colombia to other countries in the Latin Tropics.
Tune in and listen now.
In this episode, we discuss:
- Investing in Colombia
- Safe Areas
- And Where to Live for the Best Quality of Life
And much more.
Listen to the show
You can listen to the show using the player above or grab it and listen on the go via one of the following options:
- Click here to download the mp3
- Click here to subscribe via iTunes
- Click here for the RSS feed (non iTunes)
- Click here for the show archive
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Send us your thoughts any time in an email or comment below.
Did you know you can use your 401k to invest in Real Estate?
Well, you can and not only that you can invest in several other assets besides real estate too.
This means you can get your money outside the volatile world of the stock market and make investments on your own terms. You can even get your money outside the U.S. to take advantage of emerging markets. Find new opportunities and get in early before it is too late.
On this episode we speak to Ross Powell, who spent 30 years in the banking industry only to find out the system was rigged against the little guy.
Ross decided to start his own company that helps people gain control of their retirement finances and invest in things that make sense.
His company shows people how to use their 401k to invest in tropical real estate, gold, farming, and pretty much any other hard asset.
Tune in and listen to the discussion and learn how you can use your own 401k to buy real estate in the tropics, loan yourself money, or invest in hundreds of other things.
In this episode, we discuss:
- The rules for investing with a 401k
- What it costs to self-direct your 401k
- And how you can have complete control with your checkbook in about 10 days
And much more.
Listen to the show
You can listen to the show using the player above or grab it and listen on the go via one of the following options:
- Click here to download the mp3
- Click here to subscribe via iTunes
- Click here for the RSS feed (non iTunes)
- Click here for the show archive
React to the Show
We appreciate your reaction to episodes of Viva Radio and feedback about how we’re doing.
Send us your thoughts any time in an email or comment below.
The Show Notes
- Ross’s website is called Survival401k.com. You can learn more about his services by clicking the link.
San Miguel de Allende has remained one of the most popular expat and retiree destinations through the Latin Tropics. Rising almost phoenix-like from near obscurity, this colonial city has metamorphosed from silver mining center to a Bohemian/artistic colony to a 21st century expat magnet.
The combination of a rich colonial past and an urban cosmopolitan present make living in this mountain community a rewarding experience. In contrast to much of the rest of Mexico, San Miguel de Allende has developed into a unique hybrid of Mexican and American culture.
Expats in Mexico photo by Jack Newton
San Miguel de Allende-An Historic, Cultural And Artistic Treasure
The story of San Miguel de Allende is really a tale with two parts. The original colonial settlement was established in 1551 moved to its current location four years later as a result of continued conflict with the indigenous tribes in the area.
The discovery of silver in the region in the mid-sixteenth century increased the prominence of San Miguel, given its strategic location between the silver mines and Mexico City. The city would continue to thrive through the mid-1700s and actually had a population larger than either Boston or New York.
The War of Mexican Independence impacted San Miguel’s prominence. The end of mining, the shrinking of the population, reduced the city to near “ghost town” status with Baroque and Neoclassical architectural structures empty as a memory of a bygone era.
Part II-Rebirth And Resurgence
In 1926, the Mexican government declared San Miguel de Allende a ‘historic and protected town” dedicated to preserving its colonial essence. The town would remain frozen in time until the Mexican opera star, José Mojica, rediscovered it and encouraged his friends in the arts to join him in establishing an artists’ commune; ultimately this lead to the creation of renown Bellas Artes Institute.
Touted by Life Magazine as a “GI paradise”, veterans from WWII looking for new opportunities, artists of all disciplines seeking to study, and those looking for new horizons all flocked to this mountain mecca. This early group of foreign arrivals has grown from a trickle to the well-established expat community of today.
J Wang
San Miguel de Allende Remains A Solid Investment Option
Although the international financial crisis of 2008-2010 took a toll on San Miguel de Allende’s real estate market, the result was dramatic increase in lower priced properties. Whether you are looking for a colonial structure that you can restore, new construction, or something in between, there is a wide selection of properties that can meet your needs.
There are no restrictions to foreigners owning property in Mexico except in what is known as the restricted zone designated as being 100km from a border and 50km from the coast. Since foreigners cannot hold title in their own names in those areas, a real estate trust has to be set up to hold the title.
An attractive feature for US residents considering moving the area is that you can get title insurance from some American title insurance carriers-some of which have been writing policies for Mexican properties since the mid nineties. This is especially important since, under Mexican law, there is no requirement for sellers to disclose potential problems.
J Brewer
The Expat Explosion In San Miguel de Allende
The increase in the expat population in San Miguel de Allende was largely fueled by veterans from WWII looking to move their young families south to escape the scourge of the polio epidemic that was ravaging the US. Combined with the many artists and other creative types who had discovered the cultural environment that had grown up in this mountain city, the current expat population is estimated to be roughly 10,000-12,000; this number does not include those who have settled in the surrounding villages or developments.
Of that number of expats, roughly 70% are American which is why San Miguel de Allende is viewed by many people as an “American town. However, that is still a small percentage of the roughly 80,000 residents who are estimated to live within the community itself.
Too Much Of A Good Thing?
Having that many American expats has become a kind of mixed blessing for San Miguel de Allende. While the presence of a large English speaking population makes it an easy transition for those not fluent in Spanish, there is a sense of entitlement (and even arrogance) that many Mexicans (and expats as well), find distasteful.
The growing number of high-end gated communities also furthers this impression that these transplants from the North have no interest in becoming part of the unique cultural and historical essence of the area. This situation may be off-putting for those who want to immerse themselves in the local culture rather than just living in an Americanized enclave in another country.
Not surprisingly, prices in this well-developed area are higher than in more rustic locations. In a real sense, though, living here is a true example of the old saying: “you get what you pay for”.
San Miguel de Allende
The Benefits Of An Established Expat Presence
While there are some facets of the growing number of seniors, retirees and expats who continue to make their way to San Miguel de Allende that can be challenging, it is precisely the development and foreign investment that has enhanced the standard of living and value of property in the region. Having a well developed infrastructure, numerous social and entertainment options, and a growing number of stores with American products are all elements that make buying property here a good choice for a return on investment dollars in the future.
The close proximity to the US also is a compelling reason to consider San Miguel de Allende as a retirement destination. Being able to visit family and friends north of the border, while still enjoying the less frantic pace of this artistic colonial town, offers another attractive reason to make this a second or retirement home.
In addition to the well-developed infrastructure, San Miguel de Allende has become an international arts center filled with shops, boutiques, galleries and craft vendors. In addition, there is a thriving nightlife and gourmet restaurants that cater to the large number of tourists as well as the local population.
Local festivals, such as Fiestas de San Miguel de Allende (the feast of the patron saint, Michael) held during the last week in September provide a cultural ambiance that enhance the expat experience. There are also a number of events celebrating the arts throughout the year.
To Expat Or Not-That Is The Question
San Miguel de Allende is a unique option for those considering a move from the US to a tropical destination. It has one of the most established expat communities anywhere-a scenario that has both positive and negative features. Ultimately, the best way to decide if San Miguel is for you is to visit it for yourself and experience what all it has to offer first hand.
As one of the fastest growing expat destinations, Panama City offers a variety of options for a tropical home. With an ever-expanding infrastructure, favorable residency laws and great discounts for retirees, the resurgence of Panama will continue to make living there an attractive choice.
Aside from the city itself, there are various locations in and around Panama City that can satisfy most every taste. From modern high end developments to more rustic settings, discovering which lifestyle is best suited to your individual desires is the best way to begin the transition to paradise.
Bernal Saborio
The Panama City, Panama Area Is A Blend of Styles
Panama City is much more than a dynamic Latin Tropic metropolis with a modern infrastructure. While the gorgeous skyline compares with such locations as South Beach, this capital city is actually comprised of three distinct districts-each with their own unique essence.
Whether you are looking for a high rise development in the new city, a restoration project in the old city, or the historical atmosphere of the old colonial area, there are many possibilities to choose from.
Alberto Ruiz
Panama Pacifico
Perhaps no location exemplifies the potential for growth in Panama than Panama Pacifico. Located on the site of the former Howard Air Force Base, this project is, quite literally, building a new city from the ground up sprawling over 4,450 acres.
Conceived by Colombian businessman Jaime Gilinski shortly after the base closed in 1999, it would take until 2010 before construction could actually begin. Since ground was first broken, both residential and commercial projects have begun transforming this former military installation into a new and exciting community.
Being only 15 minutes from Panama City, Panama Pacifico is the ideal spot for expats looking for new construction and business opportunities. With only 15% of the property developed, investors can take advantage of abundant space to transform their dreams into a profitable reality.
Steve Ross
Costa del Este
Costa del Este represents one of the newest areas of Panama. Its location, just five minutes from the heart of Panama City and ten minutes from Tocumen International Airport, have made it one of the most desirable neighborhoods outside of the city itself.
Housing here can range from luxury high rise condominiums to spacious houses. The modern infrastructure has attracted expats and investors who want to live and work in the tropics while enjoying all the amenities of any major U.S. city.
Beyond The Panama City Limits-Three Compelling Options
One of the most significant changes for expats and investors considering the Panama City area was the completion of the Pan American Highway. This highway system has made access to a number of popular destinations a manageable hour or so drive from the city center.
The list below highlights three of the most popular areas outside of Panama City. These locations have attracted the interest of retirees, expats looking for a second home, and investors seeking a higher ROI (return on investment).
Roberto Moreno
Coronado
Coronado is widely considered to be the first planned resort community in Panama. The dream of visionary developer, Bob Eisenmann, Coronado combines the rustic feel of several small villages with the modern amenities and infrastructure of a resort condominium community.
One of the most attractive features of Coronado, Panama is its climate. Located in the “dry arch”, or arco secco region, less rainfall occurs here than in the rest of the country. The large number of English-speaking expats who live in the area is another attractive feature for those who may have trepidations about living in a country where English is not the primary language.
Alexandra Oduber
Farallon
Much like Panama Pacifico, Farallon has risen from the remains of a military base a mere 68 miles from the capital. Once housing Panamanian troops, the facility was destroyed by the U.S. invasion in 1989. Since that time, Farallon and the nearby beaches of Playa Blanca have become one of the most sought after beach destinations in the Latin tropics.
Luxury resort properties, such as Buenaventura, are certain to appeal to those seeking modern amenities and an upscale lifestyle, without the frenetic pace of Panama City. The new international airport at Rio Hato, a short distance away, makes accessing this white sand oasis easier than ever.
Michael Afar
El Valle de Anton
El Valle de Anton is a delightful seven square mile mountain village located roughly 120 km (75 miles) from Panama City. This rustic location is becoming a popular choice for expats seeking to find a less frenzied pace of life that is infused with the cultural essence of “old Panama.”
Located in the caldera of the El Valle volcano, El Valle de Anton is actually the second largest inhabited volcano in the world. It has also become a favorite location for Panama City’s more affluent citizens seeking a weekend retreat far from the hurried pace of the city.
Whether looking for a rustic Panamanian village dwelling or a modern construction home, El Valle de Anton will continue to offer both a unique environment and a great potential for investment.
Panama City Has Both Potential And Promise
With such a wide variety of possibilities for a home in the Latin Tropics, as well as great investment potential, exploring the real estate market for yourself is a great place to start. Finding that “place in the sun” may be as easy as a click of a mouse.
El Poblado (“The Village” in Spanish) has become the cornerstone of expat growth both in Medellin and throughout Colombia. Just as it was in the early seventeenth century, El Poblado has become the hub for economic, commercial and business growth in present day Medellin and in the surrounding region.
Known locally as Las Manzanas de Oro (the Golden Apples), this cosmopolitan center is filled with modern amenities that many expats find compelling. As the region continues its resurgence from the conflicts of the latter 20th century, the investment potential is also a powerful draw.
Jorge J Restrepo A.
El Poblado: Cornerstone Of Medellin
El Poblado represents the dynamic resurgence of Medellin. The modern structures, bustling commercial areas, and high-rise residences stand in stark contrast to the image of the region in the late 1980s and 1990s.
In 1541, as part of the Spanish exploration of what would later become Colombia, Conquistadors arrived in what is now Aburrá Valley. In 1574, Gaspar de Rodas, the first governor of Antioquia was granted 3 square miles to develop a foothold in the valley.
Later, in 1616, another Spaniard, Francisco de Herrera y Campuzano, founded a settlement that he named Poblado de San Lorenzo, the site of today’s El Poblado Square. While the original population included indigenous people, Caucasians and Mestizos, an edict by the colonial governor decreed that whites and natives could not live together.
As a result, the colonial government moved to a new location in what is today Berrio Square, leaving El Poblado as a suburb of the village. Since the area was not considered as having any strategic importance, El Poblado was largely marginalized until the mid-nineteenth century.
Evolving Into A Symbol Of Prosperity And Potential
The colonial authorities gave the parish the name of San José del Poblado in 1845. Like most colonial villages, El Poblado had a square with a plaza, actual streets and, most importantly, land for sale.
Throughout the later part of the nineteenth century, the more affluent families in Medellin looked to El Poblado as the place to build their villas and estates. This trend continued through the early part of the twentieth century as other farming families, drawn to the industrial growth in El Poblado, moved to the region adding to the economic energies already emerging there.
In the 1950s, El Poblado was formally included as a barrio of Medellin. By the 1970s, wealthy Medellin residents flocked to the barrio which had become the second largest urban center. It was during this period that El Poblado was given the nickname Milla de Oro (Golden Mile) and the Zona Rosa, an expat and tourist-centric area was created.
Today, El Poblado has become the preferred location in Medellin for upper income Colombians as well as a growing expat population. The twenty-two neighborhoods that make up El Poblado are filled with new construction, commercial and residential locations that hold tremendous potential for a return on investment.
Daniel DeLa Cruz
El Poblado Today – Leading A Dynamic Resurgence
El Poblado has the modern features that compare favorably to many first world metropolitan areas. One of the premier amenities of the barrio is the plethora of high-end shopping malls that are a centerpiece for the area.
The development of a modern Metro transit system has been a major factor in El Poblado’s growth. With accessibility to the rest of Medellin dramatically improved through the latter part of the twentieth century, El Poblado’s desirability for commercial enterprises has also expanded.
Below are examples of several of the most popular locations in El Poblado.
Sante Fe Mall
This shopping and entertainment complex is the largest in Colombia and one of premier shopping meccas in Central and South America. Opened in 2010, this ultra-modern complex has over 450 stores, 25 restaurants, a VIP movie theater and 2 million square feet of total space.
In addition to the architecturally pleasing design, Santa Fe also features a retractable roof that can be opened for good weather days. With popular anchor stores like Carrefour (now known as Jumbo) and Falabella and a growing number of international chains (such as Victoria’s Secret), Santa Fe is truly a special shopping and entertainment experience.
El Tesoro Parque Comercial
Opened in 1996, El Tesoro has combined shopping with commercial development. The original 174 stores have grown to a total of over 350 units with names such as Adidas, Gap, Nine West, Tommy Hilfiger and other high end brands.
In addition to the entertainment venues, El Tesoro has also been a location for business growth. In 2013, the Medical Tower Treasure opened with full professional offices, seven operating rooms and specialized medical professional services that rival any comparable site in the tropics.
Parque Lleras
Nestled in the heart of the entertainment center of El Poblado–the Zona Rosa–Parque Lleras is filled with bars, clubs, gourmet restaurants and revelers looking to have a great night on the town. As a playground for the “beautiful people” this Colombian version of South Beach is definitely a spot to party the night away.
As might be expected in such a venue, prices can be higher than other areas of Medellin. However the atmosphere and ambiance make the extra cost well worth the experience.
El Poblado Hotels And Accommodations
For those wanting to stay close to the action, El Poblado has the majority of high end hotels in Medellin. Spa Hotels, such as the modern NH Medellin Collection Royal and the Hotel Park 10, place visitors steps away from the entertainment and shopping areas that are the heart and soul of El Poblado.
Another alternative, for those seeking more of a “home” type experience would be renting one of the many apartments in the area on a nightly basis. For as little as $55.00 (USD) you can have your own Medellin “casa” to enjoy during your stay.
Virginia
Cost Of Living In El Poblado, Colombia
It may come as a pleasant surprise to potential expats and investors that El Poblado is comparatively still an attractive option. While it is the most expensive area in Medellin, El Poblado compares favorably with other highly developed metropolitan centers in the Latin tropics.
As can be seen in the list below, the Medellin area, including El Poblado, compares favorably with locations in Costa Rica, Ecuador and Panama in terms of cost of living. When added to favorable currency exchange rates, El Poblado’s “price tag” can offer luxury living more affordably than usually found in upscale tropical areas.
Consumer Prices Including Rent in San Jose are 109.70% higher than in Medellin Consumer Prices Including Rent in Quito are 58.09% higher than in Medellin Consumer Prices Including Rent in Boquete are 58.79% higher than in Medellin
More Value For Your Dollar
That favorable exchange rate, mentioned above, makes living in El Poblado a much more affordable option. Currently, a US Dollar is worth $3,038 Colombian Pesos.
If there is a negative to this increase in buying power, it is that the dollar is not widely accepted even in El Poblado’s trendiest spots. Having credit cards or converting your dollars to pesos will make transactions easier to negotiate.
Daniel DeLa Cruz
Real Estate In El Poblado
One question that comes to the forefront of the minds of investors and expats alike is the cost of real estate in this trendy, upscale neighborhood. Though considered high end by Colombian standards, the prices for both commercial real estate and residential homes is surprisingly affordable, especially when one considers the quality and amenities found in the residences.
There are many affordable rental units in the various barrios of El Poblado. Finding a rental with modern features that’s fully furnished and close to El Poblado’s popular locations is easier than you might imagine and a great way to transition to your new life in Colombia.
Purchasing real estate in El Poblado is as streamlined as other parts of Colombia. There is no requirement for residency or citizenship in order to buy or rent property.
A very attractive feature of property ownership in Colombia is the low tax rate. The unified tax rate on the combined value of land and buildings (as assessed by the municipality) can be as low as 0.3%. The top of the range is still a very reasonable 3.3%.
There are many available condos and apartments throughout El Poblado that can range from under $90,000 to over $500,000. When factoring in the lower costs of living in the Medellin area, owning a home in this flourishing part of the city becomes a desirable option.
Virignia
Is El Poblado The Right Choice For You?
This highly developed, growing, Colombian neighborhood has many things to commend it as a great location for expats and investors looking for new vistas in the Latin Tropics. As with other tropical destinations, weighing the pluses and minuses can come down to a matter of what you are (or are not) looking for.
El Poblado May Not Be For Everyone
There is no doubt that El Poblado has many attractive, high-end amenities that expats and investors find attractive. The modern high-rise residences, top-end shopping malls, and quality entertainment venues are among the best in the Latin tropics.
However, for those seeking a more rustic, less frenzied atmosphere, El Poblado may be too much of a good thing. If you are seeking to find a more traditional Colombian lifestyle, this thriving metropolitan community would not be the ideal match.
For some, Medellin’s recent history may be too much of an emotional stumbling block to overcome. Even with El Poblado’s amenities and developed infrastructure, the shadows of the Escobar years may outweigh the possibilities of the twenty-first century.
Beyond The Horizon
El Poblado is a shining example of Medellin’s resurgence as a cultural and economic powerhouse. The blend of first world amenities, a strong commercial base, and a growing expat presence all deserve a closer look by those seeking to explore retirement and investment opportunities in the Latin tropics.
With the Medellin region easily accessible from the US, visiting the Golden Mile is a convenient proposition. Taking that important first step is a great way to learn, first hand, if El Poblado holds the future that you are dreaming of.