With a PIP-5 Entry Permit you can stay in Colombia a maximum of 180 days in a calendar year.

You are given 90 days stamped in your passport when you enter the country. When those 90 days are due to expire you can extend another 90 days. 

Note: Once you have extended a tourist permit once, you cannot extend a second time.

Confused as to how it works? The following examples should give some clarity.

Example 1
If you arrive in Colombia on January 1st and stay for 90 days, you can extend your stay for an additional 90 days, from April to June, for a total of 180 days. Once you've reached 180 days in the calendar year, you'll need to leave the country and wait until the following January to be allowed to enter on another tourist permit.

Example 2:
If you arrive in Colombia on December 1st and use your first 90 days allowance, you can then extend your stay for an additional 90 days, taking you up to the end of May. Since you cannot extend a tourist permit a second time, you'll need to leave the country at this point. However, since you've only stayed 150 days in the current calendar year, you're entitled to another 30 days. You can take a quick "vacation" to another country, such as Panama or Ecuador, and upon your return to Colombia, you'll be given the remainder of your allowance.

Example 3:
If you want to stay in Colombia for the maximum amount of time possible, you can do so by carefully planning your trip. For example, you can arrive in July, use your first 90 days allowance, and then extend your stay until December. At this point, you'll have reached 180 days, so you'll need to leave the country. After a quick "Christmas vacation," you can return to Colombia in a new calendar year, which means a fresh stamp and another 180 days. This allows you to stay in Colombia for a total of 360 continuous days, with a mini break in the middle.

When your 180 days are up, you have to leave Colombia or face a fine. The fine is calculated arbitrarily and could range from one half to 7x the minimum monthly salary of the average Colombian. In other words between 580,000 COP and 8.1 million COP.

Whilst overstaying your visa was always considered no big deal in the past, recent examples would seem to indicate that Migracion Colombia are taking a harder stance on this issue. Overstaying your tourist permit may result in deportation, affect your ability to return to Colombia or negatively impact your request for a more formal visa (eg permanent residency) in the future. As per all things the situation can, and will change, frequently, always double check with Migracion Colombia.