Opportunities to Generate Income and Live in Medellín as an Expatriate
Peace makes Medellín a land full of opportunities
Medellín, like other cities in Colombia, has grown a lot in recent decades after a period of great instability, first with the leftist guerrillas that plagued the country for more than fifty years and then with the fight against criminal gangs and drug trafficking. An ordeal that finally came to an end with the defeat of Pablo Escobar Gaviria’s cartel with Operation Orión in 2002 and the signing of peace agreements with the armed groups in 2017.
Areas of Greater Competitive Advantages
Being a young and growing country, there is much to do in Medellín. However, the field of technology development and innovation is a strong point, engineering careers have greater labor demand. Obviously if a native or a high level of English is added, that’s a plus that adds value to the profile and makes it easier to earn a higher income as a worker or independent consultant.
Medellín has become an important center of technological, economic and social development for the country, therefore, the national government and the Mayor of Medellin have designed joint strategies to attract foreign investment, creating jobs and business opportunities. The door has been opened for hundreds of companies to settle in Medellin, and also digital nomad professionals and any foreigner who wants to come to live in this fascinating city has an adequate legal framework and all the options to start and grow hand in hand.
Check some interesting data in:
In 2009, the Mayor’s Office of Medellín in alliance with the private sector created the “RUTA N Corporation”, as a center that seeks to consolidate the opportunities of the so-called orange economy. It involves sectors of academia, technology and innovation. It is no coincidence that tech giants such as the multinational company Hewlett-Packard have already installed a Global Research and Services Center in this district.
Why is Medellín the Best City to Live in?
In general, there are many reasons that can motivate you to invest, live or do tourism in Medellín, among the most important we have a privileged geographical location that connects it with other cities in the country and the world, the spring weather, in addition to the positive urban transformation which has made it one of the most innovative cities on the planet and therefore one of the best places to live happily in the region.
A Seed that can Drive New Businesses
The term orange economy is gained a lot of awareness in Colombia and specifically in Medellín where it has incredible momentum. The term was coined by John Hawkins in his book: “The creative economy: transforming an idea into benefits” (2001). The president of the country Iván Duque Márquez is aware of the importance that this sector has to overcome poverty and create wealth, as he pointed out in his inauguration speech on August 7, 2018: “We are going to take the risk so that this country has the chance to see entrepreneurs in technology be the new protagonists of progress. That the internet of things, that robotics, that 3D printing begin to make Colombia the center of innovation that we so deserve ”.
You can read the assessment of the presidency here:
What is the Orange Economy?
The creative or orange economy can be defined simply as a set of human activities that are based on talent and are protected by copyright. According to experts in the field, the sector currently contributes more than 3 % of the country’s gross domestic product. But what’s interesting is that it has an almost infinite potential, given the current momentum that the use of new technologies and the massification of Internet access has.
Made in Medellin
Traditionally, the Medellín economy has mainly revolved around the food and textile industry, trade and tourism have had a solid growth in recent times, for this reason today the city has one of the most diversified and fastest growing economies of the country. The estimated size of it in 2014 was more than 18 million dollars. Surely, it has established itself as an important business area, where competitiveness, innovation, sustainability and quality of life are the top premises.
In recent years the government has been promoting the so-called “Cluster” of innovation that seeks to be the Silicon Valley of Colombia, and many companies have been paying attention and have already settled in these areas, given the tax incentives they have to operate from Medellín.
To give you a clearer idea, currently six of the main companies that are listed on the Colombian Stock Exchange have their corporate headquarters in Medellín, being more than 30% of the total value of the shares that are traded in the market, this shows the impressive value of the Paisa economy for the country.
The statistic shown in this article will blow your mind:
What is the Main Asset of Medellín?
Medellín is full of human talent of the highest quality. There are more than thirteen prestigious universities, including the University of Antioquia and the Javeriana University which are two of the top ranking Latin American universities; in addition, the hard-working and peaceful character of Los Paisas makes it possible to open a business in the city. Besides, the cost of living is much lower than in other countries in the region and the world, so if you have some capital it will not be a problem to find responsible and committed personnel to accompany you to successfully carry out your project.
There are deeply rooted values in the Paisa society, which have their origin in family: some of the most important ones are honesty and hard work, so it is not surprising that people in Medellín always put an additional effort in their jobs and activities, because the job vacancy rate is still high compared to other countries, so Paisa people in general spend a lot of time keeping their jobs up to date and always give the extra mile. It is common for employees to always work more than regular schedule on a voluntary basis, because they are really satisfied when companies meet their objectives. I the end it is a win-win relationship, because when companies succeed, workers guarantee stability and that is well known by the paisas.
But it isn’t all a matter of costs and competitive advantages: the Paisa people are very special “Tan querida“, as they say. Apart from having a melodious accent that makes it impossible for the expatriate not to empathize quickly, they are also known for their solidarity. If you have a “part” of the town and you are arriving, in a very short time you will have a great family that will help you in the adaptation process, so we must say that the best thing about this city is its friendly, willing and helpful people.
See a review of Medellín here:
Can You Make Money in Medellín?
If you are a foreigner, it is surely the first question that comes to mind when deciding to move to Medellín: How to support yourself and make enough income to live well? Will there be opportunities to generate money and work for me?
Here we will give you tools and tips so you can do it and manage not to fail in the attempt.
Business Trends in 2021 in Medellín
We have identified some sectors that are trending in business and that offer opportunities to generate income in 2021, so we have our top 6:
1). E-Commerce and Digital Marketing:
Until recently, an almost unexplored field was e-commerce but after the COVID19 pandemic, it now represents a niche that has grown unstoppably thrusted by the restrictions implemented by government authorities in the framework of health security. Now, companies have been migrating online to survive, offering delivery services to its customers. It has become a sector with an irreversible trend upwards, so if you have skills for design and development of web solutions or E-commerce applications you will see that you have literally reached a promised land where you can innovate and grow in a short period of time.
A great perspective for the e-commerce future:
2). Teaching English:
English is a language of unquestionable importance in the corporate world and business relationships, so if you are a native of an English-speaking country or have a certain fluency and like to teach, you can come to Medellín and offer private lessons or set up an online language academy without having much or any capital whatsoever, and the earnings will allow you to make some money while you stabilize. Some great news is that the country has an ever-growing demand for the language so jobs won’t be lacking any time soon.
This site might be useful if you’re interested in teaching:
3). Professional Consulting or Freelancer:
If you are an expert in a specific area with tons of experience and you can provide companies with tools to achieve growth, do not hesitate to offer your services as an Independent Advisor or Consultant. In Colombia, qualified people are highly valued, and the country is truly open to the arrival of foreigners. You will only need to create a briefing or portfolio and start making contacts that allow you to get the first clients. Also, take into account that the sales area always requires strategies to achieve the corporate objectives. Additionally, there is a law that protects and encourages work from home, which is very fashionable in times of pandemic.
Now if you are already a digital nomad and you generate an income of $ 1,000 on average or more per month, you can have a high quality of life in Medellín and also save some money as well.
In any case, you can read through the freelancing industry data that’s available below:
4). Export of Paisas Products:
With some capital and effort, you can also contribute to the growth of Medellín and create jobs by exporting its products. Some of the most representative products of the region are: handicrafts, bananas, coffee, confectionery, cosmetics, flowers, jewelry, textile manufactures, among others. This way you will have customs benefits, taking advantage of the fact that the country has free trade agreements with sixty other countries, that is to say that local products tend to have excellent quality and the exchange of the Colombian peso makes them attractive in any country.
We provide you with a list of interesting ideas and projects located in Medellín:
5). Invest in a Rental Property
If you have the financial strength, we also encourage you to seriously consider acquiring real estate now, since there is an incredible opportunity to obtain a sustainable return over time, although in 2020 there was a drop in the value of the square meter as a result of the crisis that the pandemic generated, experts point out that it is the best time to buy at a good price, and then when the covid19 crisis passes and economic growth returns, properties will be revalued and you will be able to sell at higher prices or even better, to offer as a rental option to the thousands of foreigners that visit Medellín every year, attracted by its charms.
You can check the advantages for yourself here:
6). Receptive Tourism:
Being a tourist promoter of Medellín as an expatriate, will not only give you the opportunity to know better each of its innumerable places of interest, but you can be a generator of opportunities for economic growth since tourism is an initiative that is supported with much enthusiasm by local authorities, so perhaps you could establish strategic alliances with public and private organizations to incentivize that more foreigners like you come to the city.
You can read the guide of an expert here:
As you have read, there are many opportunities to come to work or undertake in Medellín and we are very optimistic for the future of this city and its people.
If you want more information on opportunities to meet, invest or reside in the beautiful city of Medellín, write to us and we will gladly give you the best advice and guidance you need, for free.
Leave a comment below or message me via Whatsapp (+57)-317-523-3469 to talk more about the future of Medellín Real Estate.