Efectos del impuesto al patrimonio en la fuga de capitales de personas naturales en Colombia durante los años 2023 y 2024

Abstract

This paper analyzes the fiscal effects of the wealth tax on capital flight by natural persons in Colombia, following the modifications introduced by Law 2277 of 2022. This reform established the tax as a permanent levy, with progressive rates ranging from 0.5% to 1.5%, applicable to net worth equal to or exceeding 72,000 Tax Value Units (UVT) starting in fiscal year 2023.Using a qualitative, documentary and descriptive methodology, the study reviewed the current regulatory framework, analyzed official statistical data from the Banco de la República and DANE, and examined national and international academic research on wealth taxes and capital mobility. The results show that the implementation of the wealth tax coincided with a net capital outflow exceeding USD 4.3 billion in 2023 and a 15.5% decline in foreign direct investment during the first half of 2024, suggesting a correlation between the patrimonial tax burden and asset relocation decisions by high-net-worth taxpayers. The study concludes that, while the tax pursues legitimate redistributive objectives, its current design creates incentives for transferring capital to lower-tax jurisdictions. The paper proposes policy recommendations grounded in international best practices, aimed at balancing fiscal equity with economic competitiveness, including regulatory stability, productive reinvestment incentives, and enhanced international tax information exchange.