Colombia has established a fiscal amnesty for foreign assets that have not been declared on local tax filings, as well as for non-existent liabilities (liabilities declared for the sole purpose of decreasing tax burden).
Therefore, as articles 35-39 of Law 1739 of 2014 estate, Colombian tax residents have a two-year period (until 2017) to rectify their status quo.
This tax requirement levies a complementary normalization tax for foreign assets at a gradual rate: 11.5% for declarations done during 2016 and 13% for those who rectify their status in 2017.
The Colombian government does not accept amnesty claims for the following cases:
- The Colombian resident is currently being investigated by Colombian tax authorities.
- Assets come from illegal activities
Finally, once declared, assets will become part of the tax payers' estate, for tax purposes.