Colombia: Legal framework for joint usufruct and property rights

Under the Colombian Civil Code, the concept of 'usufructo conjunto' (joint usufruct) allows two or more people to simultaneously hold the right to use and enjoy a property, even if ownership has been transferred to others.

Article 831 permits this arrangement to be established in equal parts or specific quotas. Furthermore, Article 839 provides the 'derecho de acrecer' (right of accretion), meaning if one usufructuary passes away, their share is added to the remaining usufructuaries. This ensures the survivors continue to enjoy the full benefits of the property until the last usufructuary expires.

From a tax perspective, donations trigger an occasional gain tax of 15% for resident individuals. In such cases, the life usufruct is valued at 70% of the property's value, while the bare ownership (nuda propiedad) is valued at 30%. When the usufruct ends and full ownership consolidates in the bare owner, no additional occasional gain tax is generated.