Colombia retirement visa (M pensionado) 2026: the income requirement, single or married, and how a lifetime annuity qualifies
Written by Hans Goldstein, licensed insurance agent · CA 4273294Short answer: Colombia’s retirement visa (M pensionado) requires a certified lifetime monthly pension of at least 3 minimum wages: COP 5,252,715 a month in 2026, about $1,590 at COP 3,300 per dollar, and the bar is the same for a single retiree or a couple: there is no fixed extra amount for a spouse, who applies as your beneficiary, meaning an economic dependent of the main visa holder (Resolution 5477 of 2022, arts. 3 and 77). Immigration practitioners report that a lifetime annuity with no cash-out right can qualify; at 62, a life-only SPIA covering the whole bar costs about $241,000 to $274,000 of premium (illustrative, September 2026 rates). Because the bar is in pesos and resets every January, size with 20 to 25% headroom, and note that Colombia has a wealth tax for residents with net worth from about $1.14 million.
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The Colombia retirement visa requirement in 2026
For retirement in Colombia, whether in Medellín, Bogotá or on the coast, the usual route is the M pensionado visa (visa de migrante, category pensionado), the pension visa for foreigners who live on a pension. Article 77 of Resolution 5477 of 2022 from Colombia’s foreign ministry (Cancillería) asks for a certificate recognizing the monthly payment of a lifetime pension (“pensión vitalicia”) of at least three legal monthly minimum wages (SMMLV), apostilled and translated into Spanish.
For 2026 the minimum wage is COP 1,750,905 a month (Decree 1469 of 2025). That decree was suspended for a few months in early 2026, and Colombia’s Council of State lifted the suspension in July 2026, so the 2026 figure stands. The minimum wage is reset every January, and the 2026 increase was about 23%. That is the real sizing risk in Colombia.
| Item | 2026 figure | About USD a month (COP 3,300 = $1) |
|---|---|---|
| Minimum wage (SMMLV) | COP 1,750,905 | $531 |
| Pensionado bar (3 x SMMLV) | COP 5,252,715 | $1,592 |
| Bar with 20% headroom | COP 6,303,258 | $1,910 |
FX assumption: COP 3,300 per dollar, close to the official TRM of COP 3,307.73 on October 2, 2026. The peso moves a lot. At COP 3,800 the same bar is about $1,380 a month; at COP 3,000 it is about $1,750.
Single or married: how much income you need for the Colombia pension visa
| Household | Monthly lifetime pension, 2026 | About USD (COP 3,300 = $1) | Who must receive it |
|---|---|---|---|
| Single | COP 5,252,715 | $1,592 | The applicant (titular) |
| Married couple | COP 5,252,715, no fixed extra amount | $1,592 | The applicant; the spouse applies for a beneficiary visa as your economic dependent (art. 3); consulates may ask for proof, such as bank statements, that your income supports them |
| Each child or other dependent | No fixed extra amount | n/a | Same beneficiary process |
Colombia does not publish a rule for adding two spouses’ pensions together to reach the bar. Plan on one spouse holding a qualifying pension, and ask the consulate before relying on two half-size pensions.
When only one spouse has the pension
The spouse with the lifetime pension applies as the pensionado (titular) and the other applies as a beneficiary. If neither of you has a pension of 3 minimum wages, the fix is a lifetime annuity in the name of the spouse who will apply as pensionado, as owner and annuitant, priced on that spouse’s age and sex and bought while you both still live in the US. Because a single bar covers the household, one well-sized annuity does the job.
US gift note (general information, confirm with a tax adviser): if the premium comes from the other spouse’s money, moving it into an annuity owned by the applicant spouse is a gift between spouses. Between two US-citizen spouses, gifts are unlimited under the marital deduction. If the receiving spouse is not a US citizen, the 2026 annual exclusion is $194,000 (Rev. Proc. 2025-32); above that you file Form 709, and tax is generally not due because the excess uses part of the lifetime exemption.
Why a life-only SPIA fits the Colombian wording
Colombia does not ask for a balance. It asks for a lifetime monthly pension, certified by the payer. Savings do not count for this visa, no matter how large. If your only “pension” is Social Security below the bar, or an IRA you draw on as needed, you are short.
A single premium immediate annuity bought while you still live in the US turns part of your savings into exactly that: a monthly payment for the lifetime of the annuitant. Practitioners in Colombia report that a lifetime annuity paid by a private insurer can qualify, while an annuity you can cash out cannot. The resolution text itself names pensions from a state or a private pension fund, so have your file reviewed by the consulate or a Colombian immigration lawyer before you rely on it.
- Which annuity counts: a life-only or joint and survivor SPIA, or an existing deferred annuity or MYGA converted to lifetime payments. Avoid period-certain contracts, cash-out (commutation) riders and liquidity features.
- A MYGA or other deferred annuity that is still growing, or an income rider (GLWB) where an account value can still be cashed out, reads as savings, not a pension.
- Colombia’s other routes are expensive by comparison: the rentista visa, a visitor (V) visa under art. 56, wants 10 minimum wages a month (about $5,300), and the investor visa wants Colombian property worth at least 350 minimum wages (about COP 613 million, roughly $186,000).
Why I write about this. My mom is Norwegian, my dad is American, and they’re planning the move from the US to Norway. My mom is the sponsor (the host, or “reference person” in UDI’s words), so Norway’s income test falls on her income, not my dad’s. UDI told us in writing that money in an account does not count as income, and only lifelong income does. Their savings were not the problem; the paperwork wanted a monthly number in the host’s name. The rules in Colombia are different, but the problem is the same one many retirees hit: the income test, not the net worth. I’m writing this to help others in the same boat as my parents. Read how we worked through the Norway income requirement.
In the same boat? Let’s run your numbers
See roughly what a lifetime annuity would cost to close your income gap, then get my personal read by email. I can help while you still live in the US.
Estimates use the September 9, 2026 ImmediateAnnuities.com payout survey (life only) and a 15% cushion. Illustrative, not a quote.
What it costs: a worked example
September 9, 2026 ImmediateAnnuities.com survey, $100,000 premium, life-only. Illustrative, not a quote. Premium = monthly target divided by the monthly payout per dollar of premium.
| Scenario (age 65) | Monthly target | Man, best | Man, average | Woman, best | Woman, average |
|---|---|---|---|---|---|
| Annuity covers the whole bar | $1,592 | $231,000 | $249,000 | $241,000 | $260,000 |
| Whole bar plus 20% headroom | $1,910 | $277,000 | $299,000 | $289,000 | $312,000 |
| $1,100/mo Social Security, annuity fills the gap to $1,910 | $810 | $118,000 | $127,000 | $123,000 | $132,000 |
At 60 the gap-filling annuity in the last row costs about $126,000 to $143,000; at 70, about $107,000 to $122,000. Social Security is itself a lifetime state pension. Many applicants present it alongside an annuity; ask the consulate how it wants combined sources certified before you buy.
Why 20% headroom here and not 10%? Two moving parts: the minimum wage rises every January, and your payment is in dollars while the bar is in pesos. A larger cushion keeps you clear at renewal.
Example: a 62-year-old American moving to Colombia
Premium = monthly target / payout per $100,000 x $100,000. At 62 the ImmediateAnnuities.com survey of September 9, 2026 (life-only, per $100,000 a month) averages $603 for a man and $582 for a woman; the best quotes were $660 and $637. Rounded to the nearest $1,000. Illustrative, not a quote.
| Household, age 62 | Monthly target | Premium, average rate | Premium, best rate |
|---|---|---|---|
| Single man, whole bar | $1,592 | $264,000 | $241,000 |
| Single woman, whole bar | $1,592 | $274,000 | $250,000 |
| Single man, 20% headroom | $1,910 | $317,000 | $289,000 |
| Single woman, 20% headroom | $1,910 | $328,000 | $300,000 |
| Couple, annuity on his life, 20% headroom | $1,910 (same bar) | $317,000 | $289,000 |
Social Security can start at 62 and is a lifetime state pension, so it shrinks the gap. With $1,100 a month of Social Security, filling the gap to $1,910 takes $810 a month: about $134,000 of premium for a 62-year-old man at the average rate, $123,000 at the best. Ask the consulate how it wants combined sources certified.
For a couple, a joint and survivor annuity keeps paying the surviving spouse but pays less per dollar than single life at 62, so it costs more than the table shows; get a quote.
Paperwork and timing
- Buy the SPIA while you still have a US address; US insurers generally will not issue to someone already living abroad.
- Have payments deposited to a US bank account; it keeps transfers simple. It does not change withholding: since January 1, 2026, a US citizen with a foreign residence address cannot opt out of federal withholding on annuity payments, even if they go to a US account (IRC 3405(e)(13), Treas. Reg. 31.3405(e)-1). Withholding is a prepayment of your US tax, not an extra tax.
- Start payments 3 to 12 months before applying, so statements show the money arriving.
- Ask the insurer for a letter stating the monthly amount, that it is paid “for the lifetime of the annuitant”, and that the contract has no cash value. Apostille it and have it translated into Spanish. Colombia wants supporting documents dated within 3 months of filing (art. 20).
- Add the other article 77 items: police certificate covering the last 3 years, medical fitness certificate, and health coverage valid in Colombia.
Renewal and the path to residence
The M visa runs up to 3 years and does not allow work. It lapses if you are outside Colombia for more than 180 continuous days. After 5 years on M pensionado visas you can apply for the resident (R) visa, and that application again explains your source of income. A lifetime annuity looks the same at every one of those checkpoints, which is the point.
How the annuity is taxed: Colombia and the US
The US side (the same wherever you live)
As a US citizen you stay taxable on worldwide income wherever you live. A US single premium immediate annuity bought with after-tax savings is taxed under IRC 72: an exclusion ratio makes part of each payment a non-taxable return of your premium until the premium is recovered. If you bought it with IRA money, every payment is taxable. The foreign earned income exclusion does not cover annuities (IRC 911(b)(1)(B)(i)). Foreign tax on the payments can generally be credited on Form 1116. Since January 1, 2026, a US citizen with a foreign residence address cannot opt out of federal withholding, even if payments go to a US account (IRC 3405(e)(13), Treas. Reg. 31.3405(e)-1). Withholding is a prepayment, not extra tax. An annuity from a US insurer is not reported on FBAR or Form 8938, and it is not a PFIC. See the exclusion ratio for Americans abroad and the exclusion ratio calculator.
Is there a US tax treaty with Colombia?
No. Colombia is not on the IRS list of United States income tax treaties (checked October 2026). So no treaty article decides which country taxes an annuity first, and there is no saving clause or re-sourcing rule: each country applies its own law, and the only relief from double tax is a foreign tax credit. The IRS notes that the credit can only reduce US tax on foreign-source income, and the taxable part of a US insurer’s annuity is generally US-source, so without a treaty a foreign tax on it is hard to credit on the US return. In Colombia this matters, because Colombia taxes residents on worldwide income; the relief, if any tax is due, is Colombia’s own credit for income tax paid abroad (Tax Code art. 254).
The Colombia side
You become a Colombian tax resident after more than 183 days in the country within any 365-day period, and residents are taxed on worldwide income at progressive rates up to 39%. The good news is article 206 of the Tax Code. Numeral 5 exempts pension income up to 1,000 UVT a month, about COP 52.4 million or $15,900 a month at the 2026 UVT of COP 52,374 (DIAN Resolution 000238 of 2025). Paragraph 3, as rewritten by Law 2277 of 2022, extends that treatment to income from pensions and “savings for old age in lifetime annuity systems” (renta vitalicia) obtained abroad, but its first sentence also requires the taxpayer to meet the conditions to access a pension under Law 100 of 1993. Whether a privately purchased US annuity, owned by someone who meets those age conditions, fits that exemption is not addressed in anything official I could find. Get a written view from a Colombian tax adviser (contador or abogado tributarista).
Net result
If the exemption applies, an annuity sized for this visa (well under 1,000 UVT a month) is not taxed in Colombia and US tax is the binding tax: tax-friendly. If it does not, Colombia taxes the payment at its progressive rates and credits the US tax, so you end up paying roughly the higher of the two countries’ tax on that income. Drawing down savings instead would not get the pension exemption at all, so the annuity is at worst neutral here and possibly better.
Does Colombia have a wealth tax?
Yes. Colombia has an annual wealth tax (impuesto al patrimonio) on residents with net worth of 72,000 UVT or more on January 1, about COP 3.77 billion (roughly $1.14 million) in 2026. Rates are 0.5% to 1.5% for 2026 and 0.5% to 1% from 2027. Individuals exclude the first 12,000 UVT of their home’s value. A December 2025 emergency decree (Decree 1474 of 2025) tried to widen the tax; Colombia’s Constitutional Court struck it down on April 20, 2026 (Sentence C-079 of 2026), so the 72,000 UVT rule stands. How Colombia values a life-only annuity right with no cash value for this tax is not settled in anything I could find, so confirm with a local adviser rather than assume the SPIA is in or out.
The trade-offs, once
A SPIA is irrevocable, pays a level dollar amount unless you add a cost-of-living rider, faces a peso-denominated bar that moves, and is backed by the issuing insurer’s claims-paying ability. It pays less per dollar at younger ages. Size it to the gap, not to your whole balance.
Married? Make the income outlive either of you. In Colombia the main applicant shows the income and the spouse joins as a family member, so the annuity sits with the main applicant. If a single-life annuity is on one spouse and that spouse dies first, the payments stop, and the surviving spouse may have to show income of their own at the next renewal. A joint and survivor annuity, which keeps paying until the second death, or a separate annuity on each spouse closes that gap. Joint and survivor pays less per dollar than single life, so ask for both quotes and compare.
Experts we point readers to
- Colombia Visas: Colombia visa help; 2026 retirement visa guide
We link to these because their guides are among the most useful we found. We receive nothing for listing them and are not affiliated. All experts by country.
Frequently asked questions
Free annuity gap analysis for Colombia. Tell me your ages, your Social Security or pension, and whether you are single or a couple. I will show how far your income is from the Colombia requirement and what a lifetime annuity would cost to fill the gap, in the sponsor’s or main applicant’s name where that matters.
Related reading
- Moving abroad on a fixed income: hub
- Retirement visa income requirements compared
- Ecuador retirement visa income requirement
- Panama pensionado visa income requirement
- Costa Rica pensionado income requirement
- Wealth tax countries and annuities
- Immediate annuity calculator
Sources
- Cancillería de Colombia: Resolution 5477 of 2022 (arts. 20, 21, 64, 65, 77, 90)
- La República: Council of State restores the 2026 minimum wage decree (July 2026)
- DIAN: Law 2277 of 2022 (Tax Code art. 206 and wealth tax arts. 294-3 to 296-3)
- INCP: Constitutional Court declares Decree 1474 of 2025 unconstitutional (Sentence C-079 of 2026)
- Secretaría del Senado: Estatuto Tributario art. 206 (pension exemption, paragraph 3)
- Actualícese: UVT 2026 of COP 52,374 (DIAN Resolution 000238 of 2025)
- Infobae: Colombian peso TRM, October 2, 2026
- IRS: United States income tax treaties, A to Z
- IRS Publication 514: foreign tax credit limited to US tax on foreign-source income
- IRS: 2026 inflation adjustments, including the gift exclusion for a non-citizen spouse (Rev. Proc. 2025-32)
- Colombian Visa Services: retirement visa (practitioner guidance)
- 26 U.S.C. 3405 (withholding on pensions and annuities)
- ImmediateAnnuities.com: immediate annuity rates by age (survey of September 9, 2026)
Goldstein & Co. LLC dba Goldstein Insurance Services · Hans Goldstein, licensed insurance agent, CA lic. #4273294 · NPN 20602398 · 213-414-2808 · hans@hansgoldstein.com
Education, not tax, legal or immigration advice. Rules, thresholds and exchange rates change; confirm with the consulate or immigration authority and a local tax adviser before you act, and get answers in writing. Hans Goldstein is a licensed insurance agent (CA 4273294) and can only offer annuities to residents of states where he is licensed. Annuity payments are guaranteed by the issuing insurer’s claims-paying ability, not by any government. Payout figures are illustrations from a published survey, not quotes. Immediate annuities are generally irrevocable.