The country’s breathtaking landscapes, captivating culture, and rich heritage offer the perfect
counterbalance to intensive meetings and networking events. Adding just 3-4 extra days to your trip can
deliver value and experiences that simply cannot be squeezed into a regular business schedule.

The Case For Corporate Leisure

You may have heard the term corporate leisure. Several Travel Management Companies (TMCs) take
a more proactive approach to business travel and offer to extend a business trip. It is something that
many business travelers are beginning to take seriously. Why not extend your business trip to get an in-depth view of the land and business cultures or just a few days of rest?

Stay at a traditional hacienda, tour coffee plantations to understand the bean-to-cup process, and
explore picturesque small towns like Salento

Unique cultural experiences indeed broaden perspectives and rejuvenate the mind. Colombia offers a
handsome return on your time investment with its accessibility, diversity, and value. Rather than rushing
back to familiar surroundings, consider the benefits of extending your Colombian journey beyond
Bogotá’s corporate corridors.

The Ideal Extension: 3–4 Days of Colombian Exploration

For business travelers with limited flexibility, a three to four-day extension strikes the perfect balance
between experiencing Colombia’s highlights and maintaining a reasonable absence from the office. This
timeframe allows for either an exploration of Bogotá’s surroundings or a quick domestic flight to
experience another facet of this diverse country.

Day 1: Immerse Yourself in Bogotá’s Cultural Heart

Begin your extended stay by exploring Bogotá beyond its business districts. The historic La Candelaria
neighborhood offers cobblestone streets lined with colonial architecture, interesting street art, and world
class museums. The Gold Museum (Museo del Oro) houses the world’s largest collection of pre
Hispanic gold artifacts, while the Botero Museum showcases the distinctive works of Colombia’s most
famous artist, Fernando Botero.

For unparalleled views of the city, take the cable car to Monserrate, a mountain peak that rises 10,341
feet above mean sea level. From this vantage point, you’ll be able to view Bogotá’s sprawling urban
landscape against the backdrop of the Andes — an ideal setting to reflect on business opportunities in
this emerging market while enjoying panoramic views.

Day 2-3: Choose Your Colombian Extension

Colombia’s geographical diversity means business travelers face a pleasant dilemma: Which direction
to explore? The country offers a wide choice of holidays. Here are just a few compelling options:

• Option A: Stay in Bogotá, but take excursions to nearby towns and cities. Recommended are either a
  full-day trip to Zipaquirá to visit the underground Salt Cathedral or a 2-day trip to Villa de Leyva — a
  16th-century colonial town where time stands still. Better still, do both!

Zipaquirá Plaza Mayor. Photo credit: Mano Chandra Dhas.

• Option B: Take a flight to Medellín, the “City of Eternal Spring,” to enjoy Colombia’s second-largest city.
  The people of the region, the Paisa, with their warm hospitality, are renowned throughout Latin America.
• Option C: A one-hour flight from Bogotá will take you to Colombia’s famed Eje Cafetero (Coffee
  Triangle). This UNESCO World Heritage region offers lush landscapes where some of the world’s finest
  coffee is produced.

Stay at a traditional hacienda, tour coffee plantations to understand the bean-to-cup process, and
explore picturesque small towns like Salento. The Cocora Valley, with its towering wax palms
(Colombia’s national tree), offers hiking opportunities through cloud forests and breathtaking vistas that
clear the mind after days of intensive meetings.

Day 4: Return to Bogotá with Fresh Perspectives

Whether you’ve explored coffee plantations or colonial streets, your final day offers time to return to
Bogotá, perhaps pick up some final souvenirs like Colombian emeralds, artisanal coffee, and
handwoven textiles. They make thoughtful gifts for colleagues or family that carry more meaning than
standard airport purchases.

Financial Considerations for the Business Traveler

Extending your stay offers surprising value. Colombia’s favorable exchange rate means luxury
accommodations, exceptional dining, and unique experiences come at a fraction of their cost in major
European or North American cities. Many international hotels offer extended stay rates, and domestic
flights between major Colombian cities typically cost between $50 USD and $150 USD—less than many airports
transfers in global financial centers.

Safety and Logistics: The Modern Colombian Reality

Colombia has transformed dramatically over the past two decades. Major tourist destinations maintain
security standards comparable to other global business centers. Hotels catering to business travelers
can arrange trusted transportation and guides, while digital transportation services operate efficiently in
major cities. Mobile telecommunications connectivity is good throughout tourist areas, allowing
executives to stay connected as needed.

Why This Trip Extension Matters

In our increasingly virtual business environment, genuine cultural understanding creates competitive
advantages. A Colombian extension provides context and cultural insights that are impossible to gain from
conference rooms alone. For financial professionals especially, experiencing Colombia’s economic
renaissance firsthand offers valuable perspectives on emerging market opportunities.

When colleagues ask about your Colombian conference, you’ll share not just meeting outcomes but
stories of breathtaking landscapes, world-class cuisine, and cultural experiences that transformed a
business obligation into a meaningful journey. In a career filled with similar hotel rooms and conference
centers across the globe, it’s these distinctive extensions that remain in your memory and enrich your
professional narrative. Extend your trip.

All photos: Mano Chandra Dhas.

Many Colombian companies, however, appear to fail to recover the refundable VAT they are entitled to, on their overseas business expenses. This misguided indifference results in millions of euros being left unclaimed annually – funds that could be reinvested in business growth and operational efficiencies.

Let’s study the probable reasons for VAT on business travel not being recovered.

Lack of Awareness: A Major Obstacle

Perhaps one of the main reasons Colombian businesses do not recover VAT is a lack of awareness. Many business leaders or owners do not seem to realize they can reclaim VAT on expenses such as hotels, transportation, conference fees, and business-related purchases. Unlike North American and Asian companies that actively take advantage of VAT recovery, Latin American businesses, especially in Colombia, lag.

Additionally, the complexity of VAT regulations across European countries further discourages companies from exploring this opportunity.

Skepticism Toward VAT Recovery Companies

Colombian companies who may even be aware of VAT recovery opportunities often hesitate to engage professional firms specializing in the recovery process. Many financial officers worry about hidden fees, excessive bureaucracy, or lack of transparency. Some also fear that filing VAT refund claims might attract unnecessary scrutiny from European tax authorities, leading to audits or additional paperwork.

Such skepticism may typically prevent businesses from reclaiming substantial amounts of VAT. However, reputable VAT recovery firms operate on a success-based fee model, charging only a percentage of successfully recovered VAT. Frequently referred to as a contingency fee. A company does not have to pay anything until the VAT is refunded. That’s a win-win situation.

Understanding how to identify trustworthy firms (not a difficult process at all), could alleviate concerns and encourage more companies to act.

Internal Inefficiencies: A Costly Barrier

Many Colombian companies lack streamlined systems for tracking VAT-eligible expenses, making the recovery process more challenging. Common inefficiencies include:

• Poor internal documentation processes: Companies often fail to retain proper VAT invoices and receipts, which are essential for VAT recovery claims.
• Lack of Accountability: Without a person who has been made responsible for VAT recovery, claims will regularly go unfilled, leading to lost opportunities.

Millions Left on the Table

The financial impact of failing to reclaim VAT is significant. Colombian companies doing business in Europe collectively forfeit millions of euros annually. This unclaimed money represents a missed opportunity for reinvestment in business expansion, innovation, and operational improvements.

For example, a company that spends €50,000 EUR annually on European business travel could be eligible for VAT refunds of up to 20-25%. That could potentially lead to a recovery of up to €12,500 EUR per year. Over time, these lost refunds add up to considerable amounts of lost capital.

By educating company teams, leveraging technology, and seeking professional guidance, businesses can reclaim substantial funds that are rightfully theirs

Steps to Maximize VAT Recovery

• Engage professionals: Partnering with reputable VAT recovery firms can simplify the process and maximize refunds.
• Educate finance teams and travelers: This is often handled by VAT recovery companies. They create information leaflets. It will be good for nominated people from the company’s finance department to learn more about VAT refunds. Additional knowledge can be acquired as the company moves ahead with the process.
• Establish internal protocols: Businesses should create clear policies for collecting, reviewing, and submitting VAT-eligible receipts and invoices.
• Stay updated on regulations: European VAT regulations vary country by country and change periodically. Staying informed ensures compliance and maximized recovery. Again, a VAT recovery company’s account manager will keep contacts in the finance department updated.
• Leverage technology: It would, of course, be an advantage to implement digital expense management solutions. It would ensure accurate tracking and documentation of VAT-eligible expenses. Technology could assist greatly but is not needed for the process. Small and Medium Businesses (SME), can easily recover VAT as well.

In Conclusion

Colombian companies must shift their perspective on VAT recovery – from viewing it as a complex and troublesome process to recognizing it as a strategic financial opportunity. Barriers such as awareness gaps, distrust, and inefficiencies continue to persist, but they are not insurmountable. By educating company teams, leveraging technology, and seeking professional guidance, businesses can reclaim substantial funds that are rightfully theirs.

With Colombian-European business relations expanding year-on-year, ignoring VAT recovery is no longer an option. Companies that fail to act are leaving money on the table. Recognizing and addressing this issue can lead to significant financial benefits, making VAT recovery an essential strategy for long-term business success.

Headline Image Credit: Mano Chandra Dhas.

In particular, business travelers are worried about “being a target of insecurity in some countries,” said Octavio Bonilla, travel manager at Nissan Mexico, in an interview with Acan-EFE. For this reason, he stresses the need for more firms to provide the tools — both knowledge-based and technology-based — to ensure their safety during all business trips.

The auto executive, who will be a featured speaker at the upcoming ViajesCorp Americas 2017 conference in Panama City from April 26-27, stated that traveler safety issues could result “if there is a lack of control, if each traveler is not monitored through electronic systems, and due to deficiencies in corporate travel plans.”

Juan Restrepo, founding manager of Ito Corp. and also a speaker at ViajesCorp Americas 2017, believes that now is the time to increase the vigilance paid to these risks given the transformation the industry is undergoing. Restrepo told Acan-EFE that the Latin American travel industry is constantly undergoing changes, and this is allowing suppliers — such as hotels, airlines, and transport companies — to discover alternative ways to interact with the final consumer.

Modern industry companies must “completely rethink their strategy, which must be based on the behavior of the new consumer,” said Restrepo. He added that corporate travel managers and agencies must begin to incorporate the most valuable asset of the process — the traveler — into their services and strategic plans.

Ongoing discussion of these issues and potential solutions will take place when experts meet later this month in Panama. ViajesCorp Americas 2017, which has an academic approach, will also focus on innovation in mature markets, evolution in connectivity, trading services developments, and changes in the direct channel and in the new consumer.

Finance Colombia is a media sponsor of ViajesCorp Americas 2017

Only two markets in Portugal — Algarve in first place and Lisbon coming in second — beat out the Colombian hotspots on the list of the “Best Places to Buy Real Estate Overseas in 2017” compiled by Live and Invest Overseas.

Its complete top nine ranking features these cities:

1. Algarve, Portugal
2. Lisbon, Portugal
3. Cali, Colombia
4. Bogotá, Colombia
5. Las Terrenas, Dominican Republic
6. Playa del Carmen, Mexico
7. Cocle, Panama
8. Ceara, Brazil
9. Cape Verde

When looking at Cali, the editors are experiencing deja vu. They see the Valle del Cauca capital following the same path that another Colombian city has already taken. “Cali is Medellín 10 years ago,” wrote the publication.

“Property values are an absolute global bargain,” continued Live and Invest Overseas.  “The rental demand is expanding — this is one of the fastest-growing tourist markets in Colombia — as is the city’s middle class. The U.S. dollar is at a record high against the Colombian peso, making this undervalued market irresistible.”

The capital, while always appealing as one of Colombia’s largest and most connected cities, is also on the rise. The currency deflation in recent years has hit at the exact same time that high-quality food, coffee, and cultural attractions are popping up more and more throughout Bogotá.

“This is a hub for Latin American business, meaning a strong business traveler rental market,” according to the outlet. “At the same time, this is Colombia’s most popular tourism destination and international travel to Bogotá is increasing. All this adds up to a growing tourist rental market. Neighborhoods are being gentrified and the local middle class is expanding quickly, meaning this city offers a capital appreciation play as well.”

Photo: An aerial view of Bogotá shows its development in recent years. (Credit: Jared Wade)