Colombia enacts Ley Mi Casa to facilitate housing for citizens abroad

Colombia has enacted the ‘Ley Mi Casa’ law, designed to facilitate home ownership for Colombian citizens living abroad. The legislation aims to allow nationals residing in other countries to convert their savings into property without requiring in-person administrative procedures within Colombia.

A central component of the law is the expansion of financing through the Fondo Nacional del Ahorro (FNA). Overseas Colombians can now utilize voluntary savings to apply for housing loans or access housing leasing. The FNA will establish a specialized channel to provide direct guidance and manage applications for the diaspora, removing the need for intermediaries.

The law also provides priority attention to specific groups, including female heads of household, families with members with disabilities, and Colombians living abroad as refugees or asylum seekers. Buyers retain the freedom to use the property for their own families or as a future residence upon return.

This legislative shift coincides with rising real estate activity in regions like Quindío. In Colombia’s Coffee Region, new home sales have risen by 39.5 percent, with Camacol reporting that 25.1 percent of surveyed new home sales in Quindío are linked to overseas buyers. This trend is expected to bolster local tourism and economic growth through increased visits and short-term rentals.