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FX and capital controls in Colombia: the regulated FX market, investment registration, foreign loans and getting money out

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Last verified: 2026-10-26 · Status: Changing

Colombia has a market set peso and no general capital controls: profits, sale proceeds and loan repayments can leave freely, but a defined list of operations (imports and exports of goods, foreign loans, foreign investment and its returns, investment abroad, foreign currency guarantees and derivatives) must pass through the regulated FX market, meaning a Colombian bank or other FX intermediary, or a foreign bank account registered with Banco de la República as a compensation account. Each such operation is reported in an FX declaration; for foreign investment that declaration is the registration that unlocks the right to remit profits and capital, and since August 2026 changes and cancellations of an investment can be registered at any time instead of within six months. Foreign loans must be reported before disbursement, the Board's deposit on foreign borrowing stands at 0 percent, and breaches are punished with fines that reach 100 percent of the amount not channelled.

USD figures use the TRM (tasa representativa del mercado) of COP 3,158.43 per US dollar, valid 24 to 26 October 2026, from the official TRM series certified by the Superintendencia Financiera and published on the national open data portal. Fines in UVT use the 2026 UVT of COP 52,374 (DIAN Resolución 000238 de 2025). Conversions are for orientation only.

Key facts

Exchange rate regimeMarket set rate; buy and sell rates freely agreed by the parties; TRM certified daily by the Superintendencia Financiera textResolución Externa 1 de 2018 art. 38 and art. 40, as of 2026-10-26 · in force
TRM (COP per US dollar), valid 24 to 26 October 20263158.43 COPResolución Externa 1 de 2018 art. 40, as of 2026-10-26 · in force
General capital controls on remittancesNone; channelling and reporting duties only for listed operations textResolución Externa 1 de 2018 art. 41, as of 2026-10-26 · in force
Right to remit verified net profits of a registered investment in freely convertible currencyYes, through the FX market textDecreto 1068 de 2015 art. 2.17.2.2.3.1; Resolución Externa 1 de 2018 art. 55, as of 2026-10-26 · in force
Right to remit proceeds of sale, liquidation or capital reduction of a registered investmentYes, through the FX market textDecreto 1068 de 2015 art. 2.17.2.2.3.1, as of 2026-10-26 · in force
Deadline to register changes of holder, destination or receiving company, or cancellation, of a foreign investmentNone, at any time (six month deadline removed) textDecreto 1068 de 2015 art. 2.17.2.5.1.1 as amended by Decreto 1044 de 2026, as of 2026-10-26 · in force
Deposit with Banco de la República on foreign borrowing0 %Resolución Externa 1 de 2018 art. 48, as of 2026-10-26 · in force
Foreign loan report to Banco de la RepúblicaBefore disbursement, through an FX intermediary textDCIP-83 num. 5.1.2, as of 2026-10-26 · in force
Maximum term to channel export of goods proceeds through the FX market6 monthsResolución Externa 1 de 2018 art. 74, as of 2026-10-26 · in force
Duty to channel income from services exported by residentsExempt textLey 9 de 1991 art. 6 parágrafo, as of 2026-10-26 · in force
Cash carried across the border that must be declared to customs10000 USDResolución Externa 1 de 2018 art. 87, as of 2026-10-26 · in force
Fine for paying or receiving compulsorily channelled operations outside the FX market100 % of amountDecreto Ley 2245 de 2011 art. 3 num. 2, as of 2026-10-26 · in force
Withholding on dividends to foreign companies and non residents (profits taxed at company level)20 %Estatuto Tributario art. 245, as of 2026-10-26 · in force
UVT for 202652374 COPDIAN Resolución 000238 de 2025, as of 2026-10-26 · in force

The rule

1. The holding, possession and trading of foreign currency that does not have to go through the FX market is free. Income in foreign currency from services rendered by residents is exempt from the duty to channel it through the FX market (an exemption the law suspends if international reserves fall below three months of imports). Government controls over exchange operations may only aim at verifying the nature of the transaction and compliance with the rules.
Cost to do it: No licence or tax to hold or trade foreign currency outside the FX market; bank spreads and transfer charges are negotiated with the bank.Ley 9 de 1991 (framework law on international exchange), Art. 5, art. 6 (parágrafo) and art. 7, 1991-01-17 official text · verified 2026-10-26
2. The FX market is made up of the foreign currency that must be channelled through authorized FX market intermediaries (IMC, such as banks) or through registered compensation accounts, plus currency channelled voluntarily. The following operations must go through it: (1) imports and exports of goods; (2) foreign borrowing by residents and its financial costs; (3) foreign capital investment in Colombia and its returns; (4) Colombian investment abroad and its returns; (5) financial investments and assets abroad and their returns, unless made with currency that did not have to be channelled; (6) guarantees in foreign currency; and (7) derivatives. Amounts channelled may not differ from those actually received or owed, save for justified causes. Buy and sell rates are whatever the parties freely agree.
Example: A Colombian SAS that sells services abroad may keep the fee in a foreign account; the same SAS paying for an imported machine must buy the dollars through a Colombian bank and file an FX declaration. / US$100,000 of consulting fees from a US client need not be channelled; a US$100,000 machine import must be.Resolución Externa 1 de 2018 of the Board of Banco de la República (international exchange regime), Art. 36, art. 38, art. 41 and art. 43, 2018-05-25 official text · verified 2026-10-26 · changed: The 2025 amendments (Resolución Externa 1 de 2025) changed only the articles on Banco de la República's own intervention operations (art. 3 to 5); the articles cited here were unchanged when checked against the DIAN compilation on 26 October 2026.
3. Residents may freely open bank accounts abroad with currency bought in the FX market or received from operations that need not be channelled, and use them for any operation that is not compulsorily channelled. If a resident uses a foreign bank account for operations that must be channelled, it must register that account with Banco de la República as a compensation account no later than the month after the first such operation. Unless the regime authorizes it, deposits and other financial operations in foreign currency, and contracts between residents payable in foreign currency, are not allowed in Colombia; obligations stated in foreign currency that are not exchange operations are paid in pesos at the TRM of the date they arose, unless the parties agreed another date or rate.
Cost to do it: Banco de la República charges no registration fee for a compensation account; the holder bears the cost of the periodic movement reports it must transmit.Resolución Externa 1 de 2018 of the Board of Banco de la República, Art. 37, art. 81, art. 83 and art. 86, 2018-05-25 official text · verified 2026-10-26
4. Foreign currency for foreign capital investment in Colombia must be channelled through an FX intermediary or a compensation account. Foreign investors register the initial or additional investment, any change of holder, destination or receiving company, and cancellations with Banco de la República at any time, directly or through the entities the Bank designates; the receiving company may also file. For investments made in foreign currency the FX declaration for the inflow doubles as the registration. The declaration is sworn and is not examined by the Bank. The change does not alter the investor's income tax duties on a change of ownership or indirect sale, and DIAN may ask for proof of the registration.
Cost to do it: Banco de la República charges nothing to register; the bank prices its own FX spread and fees.
Example: A parent wires US$1,000,000 of equity; the bank converts it to about COP 3,158,430,000 at the TRM and the FX declaration filed with it registers the investment. / If the parent later sells the shares to another foreign investor, the buyer and seller may register the change of holder whenever they file, but should do it before remitting sale proceeds.Decreto 1068 de 2015, art. 2.17.2.5.1.1 as amended by Decreto 1044 de 2026; Resolución Externa 1 de 2018, Decreto 1068 art. 2.17.2.5.1.1 and art. 2.17.2.5.1.3; Res. Ext. 1 de 2018 art. 54, 2026-08-05 official text · verified 2026-10-26 · changed: Decreto 1044 de 2026 (published 5 August 2026) removed the six month deadline to register changes of holder, destination or receiving company and cancellations; they may now be registered at any time, and pending exchange sanction proceedings must apply the change under the favourability principle. Banco de la República aligned Chapter 7 of Circular DCIP-83 on 25 August 2026.
5. Once the investment is made and registered, the foreign investor may reinvest or retain profits, capitalize amounts entitled to remittance, remit abroad in freely convertible currency the verified net profits of each financial year, and remit the proceeds of selling the investment in Colombia, liquidating the company or portfolio or reducing its capital. Those remittances must go through the FX market. The conditions for repaying the investment and remitting profits in force at the registration date may not be changed to the investor's detriment, except temporarily when international reserves fall below three months of imports. Investment made in breach of the regime has no exchange rights or guarantees.
Cost to do it: No FX authorization or remittance tax; the dividend itself bears income tax withholding (see the dividend rule below).
Example: A registered SAS pays its foreign parent a dividend of COP 1,000,000,000 out of profits already taxed at company level; after withholding the parent buys dollars with COP 800,000,000. / About US$316,613 gross, US$63,323 withheld and US$253,290 remitted.Decreto 1068 de 2015 as replaced by Decreto 119 de 2017; Resolución Externa 1 de 2018, Decreto 1068 art. 2.17.2.2.3.1, art. 2.17.2.2.3.2 and art. 2.17.2.2.4.2; Res. Ext. 1 de 2018 art. 55, 2017-01-26 official text · verified 2026-10-26
6. Dividends paid to foreign companies and to non resident individuals bear income tax at 20 percent, withheld at source on the gross payment. If the profits distributed were not taxed at company level, the corporate rate under art. 240 applies first and the 20 percent then applies to the remainder. Treaty relief may lower the rate (see the taxes section).
Example: Dividend of COP 1,000,000,000: withholding COP 200,000,000, net COP 800,000,000. / A US$100 dividend leaves US$80 to remit.Estatuto Tributario, art. 245 as amended by Ley 2010 de 2019 and Ley 2277 de 2022, Art. 245, inciso 1 and parágrafos 1 and 2, 2022-12-13 official text · verified 2026-10-26
7. Loans between residents (or FX intermediaries) and non residents are foreign loans and must be channelled through the FX market. They may be agreed, disbursed and repaid in pesos or foreign currency as the parties agree. Non resident individuals may not lend to residents, save exceptions set by Banco de la República. The resident borrower must report the loan to Banco de la República through an FX intermediary, using the Informe de Crédito Externo, before disbursement. Import and export financing and credit card debt are among the loans exempt from the report. A deposit with Banco de la República is a prerequisite to disbursing foreign loans, but its rate is set at 0 percent.
Cost to do it: Deposit at 0 percent, so no funds are tied up; the bank charges its own fees for the report and the FX conversion.
Example: A US$2,000,000 intercompany loan converts to about COP 6,316,860,000; the deposit at 0 percent is COP 0. / US$2,000,000 disbursed only after the bank has filed the loan report.Resolución Externa 1 de 2018 of the Board of Banco de la República; Circular Reglamentaria Externa DCIP-83 of Banco de la República (compiled text), Res. Ext. 1 de 2018 art. 44, art. 45, art. 47, art. 48 and art. 50; DCIP-83 num. 5.1.2 and 5.1.3, 2023-11-01 official text · verified 2026-10-26 · changed: From 1 November 2023 the DCIP-83 that replaced the former circular requires the loan report before disbursement (it could previously be simultaneous) and replaced Forms 6 and 7 with the electronic Informe de Crédito Externo in Banco de la República's Sistema de Información Cambiaria.
8. Residents must channel through the FX market the currency from their exports of goods within at most six months of receiving it, and must pay their imports of goods through the FX market (or in pesos only through FX intermediaries).
Cost to do it: Late channelling of a compulsorily channelled operation is fined 40 UVT, COP 2,094,960 (US$663.29), per month or part month, capped at 400 UVT, COP 20,949,600 (US$6,632.92), per late reintegration (Decreto 2245 de 2011 art. 3 num. 6).Resolución Externa 1 de 2018 of the Board of Banco de la República, Art. 69, art. 70 and art. 74, 2018-05-25 official text · verified 2026-10-26
9. Travellers entering or leaving Colombia with more than US$10,000 (or the equivalent) in cash, in foreign currency or pesos, must declare it to the customs authority; the threshold applies per family group. Other cash movements above that amount may only go through authorized cash in transit companies or FX intermediaries.
Cost to do it: Undeclared cash is fined 30 percent of the undeclared amount on entry and 40 percent on exit (Decreto 2245 de 2011 art. 3 num. 28).
Example: US$15,000 (about COP 47,376,450) carried in undeclared: the fine is about COP 14,212,935 on entry or COP 18,950,580 on exit. / US$4,500 on entry, US$6,000 on exit.Resolución Externa 1 de 2018 of the Board of Banco de la República, Art. 87, 2018-05-25 official text · verified 2026-10-26
10. For the operations DIAN supervises (trade in goods and services, its financing and FX matters not assigned to another authority), fines include: 100 percent of the amount when compulsorily channelled operations are paid or received outside the FX market or settled by unauthorized means; 100 percent of the deposit not made; 25 UVT per FX declaration filed late or wrong, capped at 1,000 UVT per investigation; 200 UVT for each failure to register, report or inform Banco de la República; and 25 UVT per month of delay, capped at 100 UVT, for late reporting. The fine for channelling offences (num. 2 to 5 and 7 to 10) is never below 200 UVT, and it rises by one third for repeat offenders sanctioned within the previous five years. Charges must be notified within five years of the facts. Self reporting before a DIAN inspection visit cuts the fine to 40 percent; accepting charges cuts it to 60 percent, and accepting the sanction within the appeal term to 75 percent.
Cost to do it: In 2026 money: 25 UVT is COP 1,309,350 (US$414.56); 100 UVT COP 5,237,400 (US$1,658.23); 200 UVT COP 10,474,800 (US$3,316.46); 1,000 UVT COP 52,374,000 (US$16,582.29).
Example: A 200 UVT fine self reported before any DIAN visit costs 40 percent, COP 4,189,920. / About US$1,326.58 instead of US$3,316.46.Decreto Ley 2245 de 2011 (DIAN exchange sanctions regime), Art. 1, art. 3 (num. 1 to 3, 11, 16, 17 and parágrafo 4), art. 5 and art. 23, 2011-06-28 official text · verified 2026-10-26
FlowThrough the FX market?Report or registration
Equity into a Colombian companyYesFX declaration registers the investment (Decreto 1068 art. 2.17.2.5.1.1)
Dividends, sale proceeds, capital reductions of a registered investmentYesFX declaration on the outflow (Res. Ext. 1 art. 55)
Loan from a foreign parent or bankYesInforme de Crédito Externo before disbursement (DCIP-83 num. 5.1.2); 0% deposit
Payment for imported goodsYesFX declaration for imports (art. 69)
Proceeds of exported goodsYes, within six months of receiptFX declaration for exports (art. 74)
Fees for services exported by a residentNo, exemptNone under the exchange rules
Cash over US$10,000 across the borderCustoms declarationDIAN form (art. 87)

Which cross border flows must go through Colombia's FX market (Resolución Externa 1 de 2018 art. 41; Ley 9 de 1991 art. 6)

StepRateCOPApprox. USD
Dividend declared to the foreign parentCOP 1,000,000,000US$316,613
Income tax withheld20%COP 200,000,000US$63,323
Net bought in dollars through an FX intermediaryCOP 800,000,000US$253,290
FX authorization or remittance taxNoneCOP 0US$0

From a COP 1,000,000,000 dividend to cash abroad, profits already taxed at company level, no treaty (Estatuto Tributario art. 245; Decreto 1068 art. 2.17.2.2.3.1). USD at the TRM of COP 3,158.43.

BreachFineCOPApprox. USD
Operation paid or received outside the FX market100% of the amount, minimum 200 UVTat least COP 10,474,800at least US$3,316.46
FX declaration late or with wrong data25 UVT each, cap 1,000 UVTCOP 1,309,350 eachUS$414.56 each
Failure to register, report or inform Banco de la República200 UVT eachCOP 10,474,800US$3,316.46
Late report to Banco de la República25 UVT per month, cap 100 UVTup to COP 5,237,400up to US$1,658.23
Late channelling of export proceeds40 UVT per month, cap 400 UVTup to COP 20,949,600up to US$6,632.92
Undeclared cash30% entry, 40% exit

Selected DIAN exchange fines in 2026 money (Decreto Ley 2245 de 2011 art. 3; UVT COP 52,374)

Worked example

  • A US parent capitalizes its new Colombian SAS with US$1,000,000, wired to a Colombian bank and converted at about COP 3,158,430,000. The FX declaration filed with the bank registers the direct investment (Decreto 1068 de 2015 art. 2.17.2.5.1.1; Resolución Externa 1 de 2018 art. 54).
  • A year later the parent lends the SAS US$2,000,000. The SAS files the Informe de Crédito Externo through its bank before the money arrives (DCIP-83 num. 5.1.2); the deposit is 0 percent (art. 48), and interest and principal are later paid through the FX market.
  • The SAS then declares a COP 1,000,000,000 dividend out of taxed profits, withholds COP 200,000,000 at 20 percent (Estatuto Tributario art. 245), and the parent buys and remits about US$253,290 as a registered investor (Decreto 1068 art. 2.17.2.2.3.1).
  • When the parent sells half the shares to another foreign investor, the change of holder can be registered at any time after Decreto 1044 de 2026, but the parties register it promptly so the buyer's future dividends and sale proceeds carry exchange rights.

Step by step

  1. 1. Classify each cross border flow: if it is on the list in Resolución Externa 1 de 2018 art. 41 it must go through an FX intermediary or a compensation account.
  2. 2. Open a relationship with a Colombian bank that acts as FX intermediary, or register any foreign account used for channelled operations as a compensation account within the month after its first such operation (art. 37).
  3. 3. For equity, wire the funds to Colombia and give the bank the FX declaration data for the investment; that declaration is the registration (Decreto 1068 art. 2.17.2.5.1.1).
  4. 4. For loans, sign the contract, then have the bank file the Informe de Crédito Externo before disbursement (DCIP-83 num. 5.1.2).
  5. 5. Register changes of holder, destination or receiving company and cancellations through Banco de la República's Sistema de Información Cambiaria; no deadline applies since Decreto 1044 de 2026, but do it before remitting proceeds.
  6. 6. To pay dividends, approve the accounts, withhold the income tax (Estatuto Tributario art. 245) and buy dollars through the bank with an FX declaration for profit remittance.
  7. 7. Keep every supporting document for the full limitation period for exchange sanctions; DIAN must notify charges within five years of the facts (Resolución Externa 1 de 2018 art. 90; Decreto 2245 de 2011 art. 5).
  8. 8. If a breach is found, consider self reporting before any DIAN visit to pay 40 percent of the fine (Decreto 2245 de 2011 art. 23).

Common traps

  • Paying a foreign supplier, lender or shareholder from a personal or group account abroad that is not a registered compensation account. Paying or receiving compulsorily channelled operations outside the FX market is fined 100 percent of the amount (Decreto 2245 de 2011 art. 3 num. 2).
  • Disbursing a foreign loan before the bank has filed the loan report. Since 1 November 2023 the report must come first (DCIP-83 num. 5.1.2).
  • Borrowing from a foreign individual shareholder. Non resident individuals may not grant foreign loans to residents, save exceptions set by Banco de la República (Resolución Externa 1 de 2018 art. 44 par. 2).
  • Reading 'no deadline' as 'no duty'. Decreto 1044 de 2026 removed the six month term, but changes and cancellations must still be registered, and DIAN may ask for proof of registration when it checks tax on a share sale (Decreto 1068 art. 2.17.2.5.1.1 par. 1).
  • Treating registration as a clean bill of health. The declaration is sworn and unexamined (Decreto 1068 art. 2.17.2.5.1.3), and an investment made in breach of the regime has no exchange rights (art. 2.17.2.2.4.2).
  • Agreeing to pay a Colombian counterparty in dollars. Contracts between residents payable in foreign currency are not authorized unless the regime allows them, and both parties face a 100 percent fine (Resolución Externa 1 de 2018 art. 83; Decreto 2245 de 2011 art. 3 num. 26).
  • Assuming the 0 percent deposit means no deposit procedure. The deposit remains a legal prerequisite to disbursement; the Board can raise the rate without new legislation (Resolución Externa 1 de 2018 art. 47 and 48).
  • Holding export proceeds abroad for more than six months (Resolución Externa 1 de 2018 art. 74), which costs 40 UVT per month of delay (Decreto 2245 de 2011 art. 3 num. 6).

Sources

Related pages

Related: Colombia country profile · live dashboard · central bank and release calendar · our posts on X · where Argentina is involved, see The Argentine Thread guide

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