Investment Visa (securities) into an Investment Visa (real estate)

Dear Pater,

Real estate deals in Ecuador typically take longer than Expats expect.

Ipso facto, I usually recommend what you are suggesting -- that you buy a certificate of deposit at an Ecuadorian bank in order to meet the visa requirement. 

Visa requirements changed in recent months, so choose a closing attorney who can keep you abreast .. and also supervise the asset acquisition(s) and subsequent transfer of asset class for the visa.

The time requirement to hold the CD could vary from bank to bank or depending on the interest rate you choose .. so you or your attorney should get that clarified going in.

cccmedia

Tx cc..you always good advice. I will be near Montanita so I will probably have to get an attorney out of Guayaquil. Let me know if you have any recommendations.

The CD has to be done for the time indicate by Ecuador Migration, then you can change it to buy a property but be careful and make sure before buy it that your are following the rules from Migration and the bank.

Make sure your attorney understand and knows the procedure.

Vinny

Tx Vinny,

I will not need that money to buy the house, I will just need to change my visa over. Does make sense? I am not sure how that process works.

Paternostro18 wrote:

Tx cc..you always good advice. I will be near Montanita so I will probably have to get an attorney out of Guayaquil. Let me know if you have any recommendations.

My excellent Quito attorney goes to the coast frequently.  In fact, he told me most of his client work is there these days.

His name is Sebastian Cordero, email scordero(at)rcpabogados.com

  -- cccmedia

Tx:)

You can make the switch, but ... a VERY important "but" ... there can be no lapse time in between, so timing is critical and the use of a knowledgeable attorney essential. If a gap exists, then you could be in technical violation of your visa, depending on the mood of government officials on that particular day. Luck of the draw. I saw Sebastian Cordero's name mentioned, out of Quito. I have used him in the past and can vouch for him. We currently use the services of Guillermo Camacho of Vivanco y Vivanco. Their HQ is in Quito, but they have a large office in Guayaquil and Guillermo works out of the Guayaquil Office.