Last Updated August 13, 2019

Law and Practice

Authors



Baker McKenzie S.A.S. has more than 6,000 lawyers and 77 offices worldwide. Led by Rodrigo Castillo Cottin, the firm's wealth management practice is highly renowned for its high level of expertise working with sophisticated clients in complex multi-jurisdictional reorganisation of assets and tax structures for family groups that lead the most important companies in the country. The firm develops global wealth management strategies that account for all of the applicable tax compliance requirements and commercial issues, which is a benefit given to clients that no other law firm in the country can offer. The firm is the only one with the infrastructure and international connection and co-ordination to offer an international coverage.

Foreign Tools

Foreign entities such as trusts and private foundations may be used to hold and manage assets for minor children or adults with disabilities that may be transferred once a specific condition is met.

Domestic Tools

Local trusts may also be used to hold and manage assets for minor children and grandchildren that may be transferred once a specific condition is met (eg, legal age).

Under Colombian law, any individual is subject to legal rights and obligations except for individuals deemed to be incapable by a Colombian judge after a medical evaluation and due process.

An individual may be declared incapable by means of a voluntary interdiction whereby a judge declares that an individual is unfit to exercise his or her rights and obligations. Once the individual has been declared unfit to handle his or her own affairs, the judge will designate a guardian to take care of the individual's affairs.

Due to the increase in life expectancy in Colombia, the Colombian government has created an expert commission (Comisión de Reforma de Protección a la Vejez) with the purpose of hearing out different groups of interests within the Colombian population. The objective is the implementation of a new pension bill seeking to improve the coverage and equity in the Colombian pension system.

As part of the bill's incentives to help families and individuals to prepare financially, the government is currently evaluating the possibility of subsidising pensions saving schemes.

This situation has also led the Colombian government to consider increasing the legal age (which is currently 57 years for women and 62 for men).

Baker McKenzie S.A.S.

Ave Calle 82
No 10- 62 piso 7
Bogotá, D.C. 110221
Colombia

+57 1 634 1500

+57 1 376 2211

www.bakermckenzie.com
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Authors



Baker McKenzie S.A.S. has more than 6,000 lawyers and 77 offices worldwide. Led by Rodrigo Castillo Cottin, the firm's wealth management practice is highly renowned for its high level of expertise working with sophisticated clients in complex multi-jurisdictional reorganisation of assets and tax structures for family groups that lead the most important companies in the country. The firm develops global wealth management strategies that account for all of the applicable tax compliance requirements and commercial issues, which is a benefit given to clients that no other law firm in the country can offer. The firm is the only one with the infrastructure and international connection and co-ordination to offer an international coverage.

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