Medellín, has become a preferred destination for national and foreign visitors. To further promote the arrival of more international tourists, the Colombian government grants foreign tourists the right to a VAT refund on purchases made within the national territory. This incentive allows visitors to enjoy their stay in the city while also providing them with an opportunity to save some money on their purchases.
Who is Eligible for VAT Refund?
To be eligible for a VAT refund, a person must be a foreigner without Colombian nationality and have entered the country with a tourist permit granted by the Colombian immigration authority. The goods that are entitled to a VAT refund are those with a value equal to or greater than three Tax Value Units (UVT), which currently has a value of $42,412 each, making purchases equal to or greater than $127,236 eligible for a VAT refund.
How to Claim VAT Refund?
Foreign tourists who are eligible for VAT refund must have an electronic invoice and visit the DIAN offices before checking their baggage when leaving the country. At the DIAN office, they will receive attention from the company Global Blue Sucursal Colombia, which will process their VAT refund.
Benefits of VAT Refund for Tourists
VAT refund provides foreign tourists an opportunity to save money on their purchases while enjoying their stay in the city. With an increase in air connectivity of more than 18 direct international routes, Medellín continues to attract more international tourists. The closure of the city in hotel occupancy of 77% in recent times is a historical figure not seen in numbers for a long time. The areas of greatest influence in that occupation were Laureles and El Poblado. On average, a foreign tourist spends ten nights in the city and nationals spend four.
The VAT refund is a benefit granted by the Colombian government to encourage more foreign tourists to visit the country. It allows visitors to save money on purchases exceeding $127,236 while enjoying their stay in the city. The process of claiming a VAT refund is simple and requires a visit to the DIAN office before leaving the country. With Medellín becoming a popular tourist destination, the VAT refund serves as a great incentive for foreign tourists to visit the city.