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Investment Visa by Getting Ecuadorian CD

We will likely be getting a $25,500 CD at an "approved" Ecuadorian bank in order to obtain our Residency Investment visa. I am wondering if people feel that this CD money is "safe" - will be there for us when we want to cash it in? (I know it can't be cashed in as long as we're using it for visa requirement.) It seems that I've read something about bank money being "insured" up to a certain amount, similar to FDIC in the US. Does anyone know anything about this? And what about fees when cashing in the CD? Approximately what is the current interest earned on CDs? What banks do you especially recommend?

Thanking you in advance for any thoughts on the subject,
Rose

I have the investment CD- it's safe as long as you use an insured bank (they insure up to $31,000). Actually my bank unexpectedly closed last year, but I was able to get my money back and put it in another bank. I recommend Produbanco, 6% interest. There are a few other banks that are just as good.

I'm also interested in applying for an investor visa via CD. I have a few questions and hopefully can get help from the forum.

1) Does the CD setup require a personal trip to Ecuador? Right now I'm still in the document-collecting stage outside Ecuador (never been there yet), but eventually I'll need the CD as it's part of the required application documents. Is it possible to submit my residency visa application at an overseas Ecuadorian embassy or does it have to be in Ecuador itself? If embassy is an okay option, how can I get the CD without traveling to Ecuador? Is it at all possible to set up the CD without going to Ecuador? If I do have to go there to obtain the CD, then I might as well submit my visa application in Ecuador, right?

2) Many of you have suggested doing the CD with an insured bank. Do you have any specific recommendation? I've heard about ProduBanco, Austro, Pichincha, Guayaquil, and Bolivariano. I suppose they're all insured, right? Can I use Citibank Ecuador? Also, I don’t think the bank that holds the CD needs to be the same bank I use for daily transactions, though it'd be nice if I use the same one. Which bank has the largest branch and especially ATM network in Cuenca, and which one has the best expertise in dealing with US-originated transactions?

Ford

I'm not sure if you can set up a CD without going to the bank; however, there's a couple of people on Facebook Ecuador Expats group that may know the answer: Dana Cameron or Maite Duran. You can find the group by searching Ecuador Expats on Facebook.

I have read that there is a tax when taking money out of the country..5% or so... a little caution perhaps when bringing money in , in case one day one wants to move some other place.

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Olga

Hi,

Hoping for good day? What does really CD stands for? we need to fix the amount for certain period of time? Can we buy a property instead fixing an amount and can this property will be of own use?? how come we will get to know the actual value of the property instead sale vale? suppose if we purchase a property in $25000 wil we be eligible or govt asses on its own and normally how much property could fetch a real value of 25000$? do we have to go to muncipality or somehwre to asses the value? even if we buy the property on 25,000 and its assessing value is less then we buy we want be eligible? any foriegner can buy property or there is some certain rule??

Your replies appreciated

Where ever you make your property purchase you can ask the local municipality to affirm that the value is at least $25,000.  If it is assessed at less than $25,000, the municipality will gladly raise it to $25,000, for they get more taxes that way.
CD = Certificate of Deposit.  $25,000 at least must remain in the bank to keep your investor visa status.

Are you from Sharjah UAE?
Judy

I just read that all the banks closed their doors in 2000. I read about one man who only got back 17 of his 30 thousand dollars.

Judy

Judee wrote:

Are you from Sharjah UAE?
Judy

Hi Judee.. yes I am living in Sharjah....

Judee wrote:

I just read that all the banks closed their doors in 2000. I read about one man who only got back 17 of his 30 thousand dollars.

Judy

Hey Judi.. are u sure about it??? so it means even banks are not good there??

According to Gary A. Scott, who writes "Ecuador Living". In his latest newsletter he doesn't recommend keeping cash in Ecuadorian banks for this reason.
He sells courses and such on investment in countries. I don't know how credible he is or isn't. I tried to copy and paste the post where he mentions the banks closing in Ecuador in 2000, but it didn't work.

He can be reached at gary[at]garyascott.com

I love the UAE... taught in Dubai and Oman.

Hope this helps,

Judy

Judee wrote:

According to Gary A. Scott, who writes "Ecuador Living". In his latest newsletter he doesn't recommend keeping cash in Ecuadorian banks for this reason.
He sells courses and such on investment in countries. I don't know how credible he is or isn't. I tried to copy and paste the post where he mentions the banks closing in Ecuador in 2000, but it didn't work.

He can be reached at gary[at]garyascott.com

I love the UAE... taught in Dubai and Oman.

Hope this helps,

Judy

Oh really judi u were here??? Where are u from?? yes UAE is an amazing place!!

I'm Canadian. I taught in Dubai, Lebanon and Oman.
I love the Middle East.

Judee wrote:

I'm Canadian. I taught in Dubai, Lebanon and Oman.
I love the Middle East.

Happy to hear...!!

mugtech wrote:

Where ever you make your property purchase you can ask the local municipality to affirm that the value is at least $25,000.  If it is assessed at less than $25,000, the municipality will gladly raise it to $25,000, for they get more taxes that way.
CD = Certificate of Deposit.  $25,000 at least must remain in the bank to keep your investor visa status.

for how long we need to keep the money in bank? nd after how long we will get the citizenship??

ODAN wrote:

for how long we need to keep the money in bank? nd after how long we will get the citizenship??

As long as you have investor visa status.  Someone else will have to help you concerning citizenship.  you need to speak and write Spanish to qualify.

You have to keep the CD for 3 years then you can apply for dual citizenship (then you can take the $ out). You do not have to speak and write Spanish to qualify. (Where did you read that??)

Maybe I was thinking of The Philippines, where you must be able to speak and write Tagalog to become a citizen.

amyf wrote:

You have to keep the CD for 3 years then you can apply for dual citizenship (then you can take the $ out). You do not have to speak and write Spanish to qualify. (Where did you read that??)

Thanks amyf,

for the best answer u also on invester visa? DO u like ecuador is it safe living there?? But one can not go to europe visa free with ecuadorian passport?

One must have to live in ecuador to claim citizenship?

Yes, I have an investor visa. I love Ecuador and yes, I feel safe here.
You have to live in Ecuador with a Residency Visa for 3 years before you can apply for dual citizenship.

amyf wrote:

Yes, I have an investor visa. I love Ecuador and yes, I feel safe here.
You have to live in Ecuador with a Residency Visa for 3 years before you can apply for dual citizenship.

I see.. But are there Job Opportunities?? LIke I am in my late 30's... I heard salaries are less and If u do not know Spanish then its almost no way one will get a job!!!!

Since How long you are in Ecuador? And I also heard that These Bank guys don't return ur full amount indeed the return a bit more then half? is that true as you told your initial bank close down and then u need to change the Bank??

:)

Jobs are limited if you don't speak Spanish- unless you're an English teacher- then there are some jobs available. I've been here for almost 3 years.  You should put your money in an insured bank- they will insure up to $31,000. Actually, my bank closed last year- but my money was insured so i got all the money back and had to open up a new CD in a different bank.

amyf wrote:

Jobs are limited if you don't speak Spanish- unless you're an English teacher- then there are some jobs available. I've been here for almost 3 years.  You should put your money in an insured bank- they will insure up to $31,000. Actually, my bank closed last year- but my money was insured so i got all the money back and had to open up a new CD in a different bank.

How come one Insured their money in Bank and what is insured bank and how we will get to know this bank is insured? Which bank you place ur money now? did u get ur citizenship alo?? and If someone knows spanish he or she can get jobs?? any idea what are the normal salaries there??

There is a list of banks that are accepted for the Investment Visa- most are insured. You just have to make sure first.
I will apply for citizenship in 2 years.
Minimum wage in Ecuador is very low-  around $320 a month.

It is true!
A few banks just closed their doors to the public and never opened again. I had a big lost at that time. We blame on the politicians, specially to Jamil Mahuad (the President at that time) they made the wrong decisions. Is a very long history that we can talk one day.

As Ecuadorian, I check wich banks did not quite working and I will put a little money in several of them. If this happen again I will be able to collect my little money faster and easier.

The Ecuadorian Gov insures the money in the banks. The banks needs to be in legal situation (its means have license to work from SuperIntendencia de Bancos)and if the bank closes the Gov pay the money back.

You can check it here:
cosede.gob.ec/?p=2072

The other thing that someone can do is keep the money in a international bank, maybe had a savings account at yen (chinesse currency) Wich will some extra protection.

FB: GoodLifeInEcuador.

If somebody Invest in Ecuador,do he has to live there in order to keep his Investor visa valid? Suppose if someone do not want to live for a long may be at the moment but invest and come back to country of residence? then?? and can keep visiting each year for 1 month or so? is t possible or one has to live there?? and if one has to live then for how long? and for citizenship what is the criteria of living in ecuador?

To keep your residency visa you cannot be out of the country for more than 90 days per year. After 3 years of having residency visa, you can apply for dual citizenship.

amyf wrote:

To keep your residency visa you cannot be out of the country for more than 90 days per year. After 3 years of having residency visa, you can apply for dual citizenship.

After 3 years we can apply for Duel citizenship good.. and then we can live more then 90 days outside country? once we get citizenship? how long it take to get citizenship once you apply for it? and one has to be in country until and unless you get the citizenship?

Not sure how long it takes to get dual citizenship after you apply (maybe 6 months?) You can apply after you've had residency visa for 3 years. After you receive dual citizenship there are no restrictions on how long you can be out of country per year.

Well, people can ask for citizenship after 3 years HAVING CÉDULA.

The first 2 years (for investor visa) they cant leave the country for more than 90 days (it means 90 calendar days wich not always is 3 months) After that they can leave as long they want. I got this info from Migration oficce.

But, pay attention to something: Laws changes as a Gov need, accord to what is going on. Wich is normal.
goodlifeinecuador.wordpress.com

Odan notice what maria pia said about the law right below your comment to amy she is correct she is who i recommended to you as a Real Estate person shespeacks spanish and taught hersel english in two month..she is ecuadorian.

Thank you for your recomendation my Mom2!!
If someone can read spanish, here is some info:

http://cancilleria.gob.ec/wp-content/up … to_132.pdf

MariaPiaBlog wrote:

Thank you for your recomendation my Mom2!!
If someone can read spanish, here is some info:

http://cancilleria.gob.ec/wp-content/up … to_132.pdf

Hi Maria.. I think yesterday i send u an email regarding this and enquire about Bank CD... I am looking forward but making my research 1st!!

Maria pia list all the things you can guide people through while here for a price it saves time mistakes which means a lot.  they need to prepare before they come bring altitude pills with them plus certain paper work which could take months.  they also need an american mailing address or home mailing address...they need a bank acct they may keep even if iut of country,
And the one that does not charge you for wires or atm's you might have to hunt a little.
Maria pia will guide you from this side by computer
Guider on all kinds of ecudorian info
Real Estate
IESS insurancs info
Disability info
Cedula Card info
Tax Credit for seniors
Also info on bank proceedures abd choices
Maria pia has very good charactor referances......
 
Very good contact worth every pennie!!!!!!!  set up computer contact to discuss agreements  or email arrangement

smmr wrote:

Maria pia list all the things you can guide people through while here for a price it saves time mistakes which means a lot.  they need to prepare before they come bring altitude pills with them plus certain paper work which could take months.  they also need an american mailing address or home mailing address...they need a bank acct they may keep even if iut of country,
And the one that does not charge you for wires or atm's you might have to hunt a little.
Maria pia will guide you from this side by computer
Guider on all kinds of ecudorian info
Real Estate
IESS insurancs info
Disability info
Cedula Card info
Tax Credit for seniors
Also info on bank proceedures abd choices
Maria pia has very good charactor referances......
 
Very good contact worth every pennie!!!!!!!  set up computer contact to discuss agreements  or email arrangement

Mom 2 ... now i feel like Maria has 2 accounts? hehehee just joking you are praising her a lot :P

haha! We are not the same person. Im from Guayaquil, my mom2 from the States. We love one another really much. We share what people in gov is saying, the crazy things that they ask, we comment about real estate, etc.
If you need some info about something, you can check my blog.
goodlifeinecuador.wordpress.com

ODAN wrote:
MariaPiaBlog wrote:

Thank you for your recomendation my Mom2!!
If someone can read spanish, here is some info:

http://cancilleria.gob.ec/wp-content/up … to_132.pdf

Hi Maria.. I think yesterday i send u an email regarding this and enquire about Bank CD... I am looking forward but making my research 1st!!

Hey! I dont have your email. Can you please send it again?
or maybe you can check in Facebook: GoodLifeInEcuador.

here is another tip to use in Ecuador: Dont trust! Specially in lawyers, even dont trust me, if you read spanish check by yourself in the govs web sites.

Check out this can help you, all options for get a visa easily.
https://www.youtube.com/watch?v=4euRg1_3554

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