The Colombian Pensionado visa is aimed at those who wish to retire in Colombia. It is only valid for 1 year at a time and every year you have to renew it by presenting your original documents. After 4 years the visa can be converted into a resident visa, thus granting permanent residency.
The visa costs US$175 and you will need to receive 3 times the minimum monthly wage in order to qualify for the visa. So for example, in 2012 $566,700 pesos was the minimum salary in Colombia, thus you must earn more than $1,700,100 pesos monthly.
How to apply for a pension visa:
The visa takes around 1-3 days to be granted. Once you have obtained your visa and entered Colombia, you have 3 weeks to get your cedula (national identity card) from the Departamento Administrativo de Seguridad , which are present in all major cities. You will need to present a further 4 passport photos there as part of the processing system.