Colombia Update: NEW CIRCULAR LETTER DCIP 83 OF THE CENTRAL BANK

The Department of Foreign Exchange and Payment of the Colombian Central Bank issued the New Circular Letter DCIP 83 of August 27, 2021, which is in force since September 1^st, 2021, and replaced in its entirety the former Circular Letter DCIN-83.

The New Circular Letter DCIP 83 of the Colombian Central Bank kicks off its digital modernization plan which puts into operation the New System of Foreign Exchange Information that will gradually replace the Foreign Exchange Statistical System (SEC by its acronym in Spanish).

By means of the new regulation, the Central Bank implements the first stage of its modernization plan which includes the proceedings related to international investments (i.e., international investments module). This stage does not include investments registered through foreign exchange declarations.

The following forms must be filled out online:

• Registration Statement for International Investments (former Form N° 11). This form is used to register initial investment, additional investment and substitutions (changes in investor, the destination of the investment and receiving company) of an international investment not involving transfer of funds.The mentioned Registration Statement is also applicable to register international investments arising from corporate reorganizations.
• Statement for Cancellation of International Investments (former Form N° 12) used for total or partial cancellation of an investment previously registered (substitutions included).
• Registration Statement for Supplementary Investment to the Assigned Capital (ISCA for its acronym in Spanish) (former Form N° 13). This form is used to register ISCA received by branches belonging to the special foreign exchange regime.

Furthermore, special requests could be filed before the Colombian Central Bank, which are petitions aimed to request the registration or amendment to operations or data that could not be carried out through the New System of Foreign Exchange Information.

By LLOREDA CAMACHO & CO, Colombia, a Transatlantic Law International Affiliated Firm.  

For further information or for any assistance please contact colombia@transatlanticlaw.com 

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