entreprenural Single mom wanting to move to cuanca

skinnysmartmom wrote:

Question 1 - does an extensive savings constitute the "pension" requirement of 800USD /month?

Welcome to Expat.com Ecuador, Elle.

The pension-income requirement for a residency visa is for income and not savings.

So it appears you'll have to allot at least $25,000 from your "extensive" savings for an investment visa, unless you are a "professional" and/or plan to work for an Ecuadorian employer.  There are separate visa(s) for that.

The $800-per-month threshold is for documented, reliable income such as Social Security, private pension, or an annuity.  Actually, the figure in your case would have been $900, adding an extra monthly C-note for your dependent child.

cccmedia in Quito

skinnysmartmom wrote:

How did other non-retiring American's obtain their resident visa?...Is it better to buy property (like a condo) and in doing so become an "investor" for permanent resident status? Or does "investor" mean the money literally sits in the bank until you leave?

I bought a condo in Quito ten years ago when I was still working in the U.S., so when I finally moved to Quito two years ago it was a no-brainer to have the condo qualify me for residency through an investment visa.

The advantage of that route is living rent-free.  Property taxes on my unit are only $32 per year.  That's right, per year!

The disadvantages might be the same as in property ownership anywhere:  having to sell if you move (I don't recommend overseas property ownership/management)...and responsibility for repairs and maintenance (not usually too tough with a condo).

The other investment option is a 25K bank CD.  The money typically draws a few percentage points of interest while it "sits" in your bank account.  Withdrawing the money would invalidate your residency visa unless you convert to a different class of investment (real estate) or a different class of visa.

An advantage of the bank-investment visa is that you can live/move anywhere in La República without having capital tied up in your old condo or, alternatively, having to find a buyer.  The investment is more liquid than real estate, and thus is an easier investment to cash out when the time comes.

cccmedia in Quito

Thanks so much CCCMedia... I guess I'll be buying a condo:)
Since you mentioned professional visa, if I am a teacher by profession (art, ICT and English), would I qualify for a professional visa. Some of the work I will be doing is online teaching and educational consulting. Of course, I could always teach part-time, but the idea for the move is to work flex hours from home to spend more time with my daughter when she's not in school.
Thanks again,
Elle

Just read this second part! You are awesome thanks. I am an international school teacher and have been living abroad for over 10 years! I have a friend in Ecuador who knows me really well and thinks this is the place for me, so I am ready to give it a go. The condo idea makes the most sense because I am very very particular about where and how I live and I know I will "retire" abroad so why not choose the place sooner than later. Question about buying your condo - did you have to pay it all up front in cash or did you make a down payment then essentially pay a mortgage? I do however like the come and go as you please 25k bank cd. This may also be a good option if for some reason (only a financial one), I need to return to my "day job" in Asia. Then I guess I's have to start all over again.... hhhmmm.
thanks,

skinnysmartmom wrote:

If you have sole custody and are not in communication with the father (we were never married and he lives in another country), how do you go about the travel authorization from both parents?
I am getting in contact with the embassy here but I like to have some answers first before I go.

Due to the apparent lack of child-custody lawyers on this blog, I wouldn't rely on us laypersons for dependably useful information about the peculiarities of international custody and travel rules.  The fact that you were not married to the father may further complicate the matter beyond a layman's competency.

Better to seek official advice from an experienced attorney in the relevant jurisdiction(s) or from the Embassy you mentioned.

One more thing, Skinny Smart Mom.  If you want to appear even smarter, this relates to the title you assigned to this thread:

There is only one 'a' in Cuenca.

cccmedia in Quinto*


*Oops, there is no 'n' in Quito.

You rock,
thanks!

skinnysmartmom wrote:

I have a friend in Ecuador who knows me really well and thinks this is the place for me, so I am ready to give it a go. The condo idea makes the most sense because I am very very particular about where and how I live and I know I will "retire" abroad so why not choose the place sooner than later....I do however like the come and go as you please 25k bank cd. This may also be a good option if for some reason (only a financial one), I need to return to my "day job" in Asia. Then I guess I's have to start all over again.... hhhmmm.

This looks like a no-brainer to me, Elle...

Go the bank CD route to obtain your visa, and after living in Ecuador for awhile, decide whether to convert to a real-estate-investor visa.

Here's my reasoning:

1. Real estate transactions can take a long-time to transpire and to close in Ecuador, and you also would need time at the outset to find your investment-condo.  Until you found it and took ownership, you could not apply for the real-estate-investment visa. 

Now, you could use your tourist T-3 stamps on arrival for 90 days stay in Ecuador and extend another 180 days with an extension visa, but who's to say that that would be enough time in a new country with uncertain variables to close on the TBA condo?  You're extremely particular about where you live -- I got that! -- and it might be a problem buying the right property by a deadline.

2. If your plans change -- for instance, you get a great job offer in a city other than Cuenca -- the CD gives you much more move-flexibility.

3. Do not violate the #1 rule for arriving Expats in Ecuador:

Do not buy property in Ecuador until you have lived in the target area for at least one year.

Too many things can go wrong.  I'll give you one example.  Some people do not adjust to living at high altitudes.  Cuenca is several thousand feet higher than Denver, the mile-high city!

4.  If you have to return to Asia, you may regret having to go through the often-tedious process of selling real estate in Ecuador.

cccmedia in Quito

skinnysmartmom wrote:

Question about buying your condo - did you have to pay it all up front in cash or did you make a down payment then essentially pay a mortgage?

I bought a pre-construction condo, and -- while I didn't pay it all at one time -- I paid in full before the project was completed.  I received a big discount for doing so.  

You understandably have no credit history in Ecuador, so your prospects for obtaining a mortgage would be questionable at best.

This is another reason to start as a CD-investor.

cccmedia in Quito

skinnysmartmom wrote:

You rock,
thanks!

Thank you.  Rockin' is a requirement in my sideline as an Elvis tribute artist.

Now about that professional visa....

Based on what you told us about your teaching background, I'd say this:

I think you'd have an excellent shot at a professional visa provided that you have a degree from any of the schools (in whatever country) on Ecuador's 'approved' list of universities.

My compañero Osage Archer was kind enough to research the link to that list, and he shared it with us in Report #1 of the recent Expat.com Ecuador thread titled Ecuador 9-V professional visa universities list.

To navigate over to there, just type the last three words of that thread into the Search Expat.com box at the top of this page, and then click on the search icon to the right of that box.

FYI, it would be up to the foreign ministry or Cancillería to determine whether you would need to pass a competency exam in your professional field of expertise. 

Along the way, professional visa or not, here's a recommendation from the Hazme Caso Department...and if you are unable to translate what that department is all about, then double up on this piece of advice:

Start learning or expanding your knowledge of español now.  It'll be like you hit the ground running when you get to Ecuador.

At any point, if you want to contact an experienced immigration attorney in Quito, or want a visa-facilitator contact in Cuenca, let me know which city (via PM or personal message), and I will forward you the contact information.

cccmedia in Quito

gracios!!