Brighton had agreed terms with Brugge and Izquierdo more than a week ago, but had to apply for work permit clearance.
Brighton had agreed terms with Brugge and Izquierdo more than a week ago, but had to apply for work permit clearance in order to secure a UK work visa and register the transfer, which breaks the club's record fee paid for the third time this summer.
"This has been a very complex deal, but I am absolutely delighted we are finally in a position to confirm it is completed. I would like to thank all those involved for their hard work and am delighted Jose is now able to begin work," said Brighton coach Chris Hughton.
Subject to international clearance, Izquierdo could make his debut in Tuesday's League Cup tie against Barnet.
In his three years in Belgium, the 25-year-old helped Brugge win the Belgian Cup and Belgian League.
He is expected to be named in Jose Pekerman's squad for Colombia's upcoming World Cup qualifiers in Venezuela on August 31 and at home to Brazil on September 5.
Brighton have suffered a painful introduction to the Premier League, losing both their opening games and are yet to score a goal.