I see this question again and again in forums and Facebook groups,…credit for retirees or ex-pats is not possible.
Credit for retirees
Banks in Colombia are not loan-friendly
The initial response to this question is that it is not possible. Or not likely at the beginning. We do understand that some people who want to retire here want to be able to finance a property here, but it is not a good option for a couple of reasons.
- Interest is super high, and that is super. We are talking from 8 to 12 percent annually, which is very high. So, it does scare the living petunias out of overseas buyers to do it with credit (that is not possible to do)
- If you were to get credit for ex-pats, street money has even worse interest rates. I know someone selling that service here, but I don’t know. I wouldn’t say I like it. We are outside bank brokers for Colombians living overseas, but not for uh. Wait a minute. Let me ask something and get back to you.
Loans for retirees in Colombia
As I mentioned just before, I heard of people lending money to expats who are living here. Money to buy property, but the price of that money is very, very high, and I am not a pro street money guy. It’s costly, gets you in trouble, and sucks, so I don’t recommend it.
To get around this, I recommend getting a line of credit in the United States or Canada. Why? The money is way cheaper in the States or Canada, and since the dollar is higher, it helps you here at the end of the day. Just think about it. Street money here can go anywhere from 2% per month and up, which is very high. If you want to buy a property here and you are from the estates.