After decisions 220/88 and 291/91 of the Andean Pact, Colombia enacted law 9 of 1991. Law 9/91 empowered the National Economic and Social Policy Council (COMPES), a private government consulting agency, to promulgate rules on foreign investment. In the same year, the COMPES promulgated resolution 51 which is the base of the foreign investment regulation in Colombia. The purpose of this study is to analyze the legal aspects of foreign investment of Colombia and compare them with the international standards in order to determine whether the Colombian regulation acts in accordance to those standards or even exceeds them. The standards that will be considered are those established by the World Bank Guidelines of 1992. Finally, If the standards are not met, I will give some recommendations that could be useful for the country. Despite of the fact that political and economic aspects are extremely important for foreign investors select a country to make an investment, these aspects are not going to be considered in this thesis because of its complexity.