Buy shares in high-yield properties and get your investment visa.
Let’s face it. Buying a house can be stressful – and buying in another country even more so. But with Far International’s Packaged Real Estate Projects (PREPs), you don’t have to buy a house in order to invest in property.
Better yet, due to how the investment is structured, based on Colombian law if you invest at least 100 minimum Colombian salaries (about USD $25,000), you qualify for an investment visa in addition to reaping the dividends on your investment.
Far International – which is transitioning to the brand Lifeafar – are a group of 110 professionals, both expats and Colombians, who have been operating in Colombia since 2006. With a team of lawyers, architects, property experts, accountants, marketers and much more, together they support people looking to build their lives abroad.
So, how do the PREPs work? Essentially you are crowd-funding the purchase and complete refurbishment of a high-yield rental property. Depending on the property, you’ll join between three and 20 other investors in financing the transformation of a run-down building into a luxury rental space.
The Far International team knows how to find properties with the best possible potential. Their background in real estate and property management means they can identify the most lucrative locations, and their experienced eyes can look at what a building offers and imagine the possibilities. They know what to knock down, how many rooms to create – even how many washing machines to install and where to put that all-important jacuzzi.
“It’s an exciting time to invest in real estate in Colombia, and our projects allow people to invest in large scale real estate projects without having to put all of their money into the project,” said Adrian Beales, Far International’s sales director.
The team actively looks for places that are in poor condition, since they know they will be replacing and refurbishing everything, from the plumbing to the electrical systems. This ensures the final property will meet all the safety standards and the owners are less likely to face unexpected maintenance headaches further down the road.
Having calculated the development costs and earning potential, the group is in a position to put down a deposit on the property and start the paperwork to get all the necessary building permissions.
This is also where you – the investor – comes in. You can join a small group of people who invest in a corporation which owns the property. You choose how much to invest, with a minimum of USD $25,000, and receive shares in the project.
Once the project is up and running, you will receive a percentage of the rental income as well as earning from the appreciation of the value of the property.
“It’s getting better and better: people walk into the units and they say ‘Wow,’” said PREP investor, Joe Wilmoth. “It’s better than owning an apartment. I own parts of four or five apartments.”
Far International are real estate specialists with experience in everything from residential sales to large investment projects. They are also leaders in furnished apartment retail in Colombia. They have offices in Medellín, Bogotá, Cartagena, Cali, and now San Juan, Puerto Rico.
How to get your investment visa
By investing 100 minimum Colombian salaries (about USD $25,000), you qualify for an M visa as a owner or shareholder of a company established in Colombia. This visa is valid for one to three years.