More and more migrants are managing their financial future from abroad
In recent years, thousands of Colombians have made the decision to migrate to destinations like the United States and Canada in search of better life opportunities. This growing wave of migration has not only transformed the lives of those who leave, but has also created new scenarios in areas such as social security and pensions.
Many of these migrants, now living abroad, have reached retirement age in their new countries of residence. However, before leaving Colombia, they contributed for years to pension funds — whether public, like Colpensiones, or private, such as Porvenir, Protección, or Skandia. For Abogados en Cali, this situation has led many to begin the process of claiming their pension contributions from outside the country.
How Does the Contribution Refund Work?
In the case of private funds, if a person does not accumulate the required amount to qualify for a pension and meets the age requirements, they may request a refund of their account balances. These balances not only include the contributions made, but may also include interest generated by the fund’s investment returns over time.
To be eligible, you must have a lawyer in Cali, have contributed to a pension fund, and meet the minimum retirement age in Colombia, which is 62 for men and 57 for women, as established by law.
While this process is legally possible, it can be complex when done from abroad. That’s why many Colombians choose to rely on lawyers who specialize in pensions. These professionals handle the paperwork, submit the request, and track the process — even from outside the country.
What Do Colombians Do with the Money?
Once they recover their contributions, Colombians have a range of options. Some choose to invest this capital in their country of residence, launching businesses or securing their financial stability during retirement. Others, however, decide to reinvest it in Colombia, particularly in real estate, as a way to preserve their assets or generate rental income.
A Growing Trend
This phenomenon reflects an increasingly visible trend: the need to adapt social security systems to a reality in which many Colombians spend much of their lives abroad. It also highlights the importance of planning for retirement with a global mindset, considering acquired rights both in Colombia and overseas.
The pension contribution refund has become, for many, an opportunity to recover part of their lifetime labor effort and redirect it toward new personal and family goals. With the right guidance, it is a feasible and increasingly common process for abogados expertos en pensiones.
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