 ¿What are the savings accounts for construction promotion, also called AFC?
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AFC are the savings accounts, created by the law to stimulate savings and to direct it to the construction sector, by giving tax exemptions to the holders.
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¿Which are the benefits or exemptions for an AFC account holder?
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The money that the holder uses for the down payment savings for a new or used household or for the mortgage credit payment will not be part of the tax base to practice the income tax, and will be considered as a non constitutive income for rent or ocassional earning, without exceeding 30% of the working or tax income of the year. This as long as the payments go to the down payment of the dwelling and/or the credit expenses given by a credit stablishment, for the purchase of it, including insurance.
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¿Which other benefit does the AFC account have?
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The withdrawals of an AFC account are free from the financial movements tax, as long as the account has been chosen by the account holder as a beneficiary of an exemption that will not exceed 50% of the current minimun wage in a a year and will be applied proportionally, in a non accumulative way, to the monthly withdrawals made by the account holder. The maximun ammount for the exemption of the tax year 2004 was fixed in $3´729.167 according to the Decreto 3804 of 2003; That means that each month you can make transactions up to $3´729.167 without the tax.
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¿How does AFC accounts work?
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¿How many people could be AFC account holders
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¿If you acquire a mortgage credit with your spouse, can you obtain (for both) the benefits of AFC accounts?
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¿Can you use the AFC account to invest in something different than housing?
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¿If the user loses the job, does he/she loses the benefit of an AFC account?
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¿Which is the difference between AFC account and the Fondo Voluntario de Pensiones (FVP)?
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¿Can you use an FVP and an AFC at the same time?
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