Colombia is in Northern South America, bordering the Caribbean Sea, between Panama and Venezuela, and bordering the North Pacific Ocean, between Ecuador and Panama. The climate is tropical along coast and the eastern plains, but cooler in the highlands. The official language is Spanish. Many Colombian businesspeople speak English and so do most reception staff at business-class hotels in main cities. It is appreciated if visitors try to speak Spanish. Other languages are not widely spoken, but hotels can generally aid visitors by hiring interpreters for them if required. The main religion is Christianity. The economy of Colombia is that of a free market economy with major commercial and investment ties to the United Nations. Transition from a highly regulated economy has been underway for more than a decade. Business introductions are usually formal, for example it is expected to use formal professional titles followed by surname. Expatriate business dress is formal. The security risk for expatriates in Colombia is medium, but high in rural areas and near the borders with Venezuela and Ecuador. Risks include street crime, including violent crime, abduction in some remote areas, and terrorism. The currency of Colombia is the Colombian Peso (COP). US dollars are easily exchangeable. Use credit and debit cards and ATMs with vigilance as crime rates are high. Medical facilities vary widely. Private clinics in large cities provide good quality care all levels of treatment. However public health facilities, particularly in smaller cities are generally not properly equipped and poorly funded. The population of Colombia is 49.6 Million (2018 est.), while the inflation rate (CPI) is 3.15% for Colombia as at January 2019. Xpatulator Hypothetical Tax for Colombia is based on the current personal income tax rates which are progressive up to 33%. The value of each tax unit (UVT) is equivalent to COP 33,156 for fiscal year 2018.
Cost Of Living
The cost of living for expatriates / professional migrants in In Colombia, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Colombia as at 1 January 2019 is low in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: Average 2) Clothing: High 3) Communication: Low 4) Education: Low 5) Furniture & Appliances: High 6) Groceries: Very Low 7) Healthcare: Very Low 8) Household Accommodation: Average 9) Miscellaneous: Average 10) Personal Care: Low 11) Recreation & Culture: Average 12) Restaurants Meals Out and Hotels: Very Low 13) Transport: Very Low Colombia is for example -26.3% cheaper than USA for groceries, -5.5% cheaper for household costs than UK, and 39.9% more expensive for transport costs than India. The hardship premium for Colombia for an expat from Australia, is for example 20%, i.e. host location (Colombia) premium of 30% minus home (Australia) location premium of 10%. Colombia is ranked as a high degree of hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Colombia? Register subscribe to your home location and Colombia and run your personalised reports.