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SearchDecree 1490 of 2026 removes the overall cap on foreign assets that had been in force since April. Pension fund administrators retain the limits applicable to each type of investment and must continue to comply with prudential rules and risk management requirements.
The Colombian Government eliminated the overall 30% limit restricting mandatory pension funds’ investments in foreign assets. The decision was established in Decree 1490 of October 6, 2026, which amends the regime set out in Decree 2555 of 2010 and repeals the provisions introduced by Decree 0369 of 2026.
With this change, pension fund administrators (AFPs) are no longer subject to that general geographic limit. The repeal also nullifies the obligation to submit a gradual adjustment plan to the Financial Superintendence to comply with it.
The limit was established in April 2026 and provided for a transition to progressively reduce the funds’ exposure to international assets, reaching 30% within five years. Decree 1490 removes this uniform requirement, but does not authorize AFPs to invest without restrictions.
The specific limits applicable to different investments remain in force, along with prudential standards and comprehensive risk management requirements. Therefore, the amendment expands the leeway to determine the geographic composition of portfolios, but does not eliminate the other controls governing pension investment.
The Ministry of Finance maintains that removing the cap will allow investment decisions to be based primarily on criteria of return, risk, liquidity, and diversification, as well as the characteristics of each fund. According to the technical assessment cited by the Government, the same limit for all portfolios could restrict investment options and make it more difficult to apply the multifund scheme.
The Minister of Finance, Miguel Gómez, said the decision aims to protect workers’ savings. He also maintained that a restriction on foreign investments could reduce diversification opportunities and affect returns. These statements express the Government’s position: the decree expands the permitted options, but does not guarantee higher returns or, by itself, determine how portfolios will change.
The repeal thus amends a general geographic rule, not the criteria AFPs must consider when managing pension resources. The actual composition of investments will remain subject to the regulations in force and to each administrator’s decisions within those limits.
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