Retirement Visa Income Requirement Triples

Feels a lot like playing Calvinball:
https://calvinandhobbes.fandom.com/wiki/Calvinball

Dependents income requirement upped to $250/month.

In addition to the primary visa applicant's new requirement, his or her dependents now have a higher monthly requirement -- $250 per dependent.

For more on the dependents requirement for the Rentista Visa and commentary on the anticipated Digital Nomads Visa, visit expatsecuador.com ...

Other visa-related changes for 2022.

Other changes include a reduction in which types of relatives may qualify as dependents .. a reduction in how many years (from five to two) a permanent resident may spend outside Ecuador before losing visa rights .. and the introduction of a Commerce Visa.

For the details, view the 11-minute video titled Visa Rules Updated that is currently posted at www.expatsecuador.com ...

cccmedia

Note that most changes to visa rules affecting Expats in 2022 were technically passed or instituted in 2021 .. as is reflected in some of the headlines at the ExpatsEcuador site.

"This $1,275 a month thing is scaring a lot of people off," says Manta-based Expat Don Shader on his YouTube channel.

The tripling of the income requirement for a single Expat (it was $425 for a while) is causing prospective Expats to hesitate on planning an Ecuador relocation, according to Shader, who moved to Manta on the Pacific Coast one year ago.  His views may be skewed by the fact that he pays extra rent for an ocean-view apartment.  His monthly costs top $2,000 per month, which amount is inflated by his love of alcoholic beverages.

Search at YouTube.com...

budgeting in retirement in ecuador shader

Alternatives to a $1,275 per month income for visa purposes.

The $1,275 income is for a single person;  a visa seeker with a family has to show extra income for dependents.

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Visas can be granted to arriving Expats who don't meet such an income requirement.

For instance, college/university graduates with degrees from accredited schools can get visas.  There's an official list of such schools;  however, degrees from schools not on that list can sometimes be deemed visa-acceptable.

Investment visas are granted if the applicant invests in a certificate of deposit worth about $42,000 at an Ecuadorian financial institution.  About $32,000 of the investment can be guaranteed by the agency COSEDE.

Check with a visa specialist or an immigration attorney about what visa may be most appropriate for you if you are considering a move to Ecuador.  Many immigration experts will entertain an email gratis  if asked a simple question one time.

cccmedia in Quito

2023 pensioners visa requirements.

$1,275 remains the minimum monthly income to

apply for a pensioner visa .. and $250 per person

continues as the additional income per dependent.

However, the $250 doesn't have to be from a pension,

according to Amelia and JP, the expat couple that

has been looking into this.

The couple also reports that pensioner-visa applicants

still have to show they have private insurance, although

this requirement has been dropped for applicants

for other visa types.

Search at YouTube.com's Amelia and JP channel,

¨Ecuador Visa Updates... Tourist, Digital Nomad,

Pensioner...¨   

Who qualifies as a digital nomad.

According to the same couple on YouTube, Ecuador

has an immigration goal of welcoming 20,000

digital nomads into the country under the rules

recently implemented.  However, Amelia and JP

say such an influx will not happen under the

new rules because the requirements to be a

digital nomad as too stringent to work well.

I'm at a slight disadvantage on all visas, it seems. Not working online, so no proof of employer (and no intention to go back to that). Not receiving Social Security or a pension, so no retirement visa. Haven't gone through the process to get my tiny state college degree recognized for Professional. Not married to an Ecuadoran.

I have monthly distributions from my taxable investment account that sustain us. Plus, I have to take semiannual RMDs from inherited IRA. It doesn't seem like I conform to any of their scenarios.

It's probably cart before the horse, though, as we haven't even come to Ecuador to evaluate living suitability, yet. Everything in its own time. But we do need six months or longer on this trip, for dental implants to heal.

If you need a visa, your 'tiny state college degree'

may be the best bet, given the general ease

(via an attorney) of obtaining a professional visa.

Your IRA withdrawals are probably not declarable

as income since it's not income, is it, rather a

transfer within your portfolio(s) of an asset

you already possess.

Contact the best attorney I know in Quito,

Sebastian Cordero, at sebascordero1975(at)

gmail.com

I used (at) instead of @ because the site's

editor bot is probably lurking.  You should

use @, known as 'arroba' in Spanish.

cccmedia

@cccmedia Thank you! That's all very helpful.

Never heard of arroba before, so that's something you don't learn in conversational Spanish class. 

Seems like the Professional Visa requires a trip back to the US for fingerprints and apostille.  Good to know it is a potential vehicle to use.

I've heard it called algarrobo or algarroba (if I'm hearing it correctly)although arroba appears to be the dictionary answer.

@Anonymous User

I caught a bit of a recent YouTube video titled "Ecuador Visa Updates" by J.P. and Amelia. I don't know if he misspoke, but when he was talking about sources for the pensioner visa he mentioned in the same breath social security, 401k, and pension plan. An IRA is frequently a rolled over 401k, so not substantially different.  Check out the video at the 5:05 mark and leave a question for them if interested.

It might be possible to create an LLC and/or trust.

Then transfer income generating assets into the ownership of the LLC.

Then put oneself on the payroll or as benefactor with a paycheck or bank transfer issued and paper trail created.

I created a monthly “income” by depositing money in an investment annuity in Canada. This annuity then pays me a “monthly income” directly deposited to a Canadian bank account, from which I can print six months of regular income statements for general visa requirements here in Ecuador. Even though I'm not depending on it for my visa, as I've gone the investment visa route - depositing the current minimum $42,500 amount into an Ecuadorean bank CD - it's a nice back up to still show at least the minimum $425 (soon to be $450 ?) basic Income to match the national average monthly income.

I have been told you can do the same thing with any kind of investments or savings, by transferring from one bank / account to a separate & unassociated bank / account regularly depositing consistent amounts every month, to produce the required minimum “income statement‘s”. As long as the money is yours they don't request clarification or state specific requirements as to the source.

Wiring and transferring money from Canada or the US, or anywhere else, into Ecuador is a different story of course; Moving anything over $10,000 will attract “interest in your activities” in Canada from the CRA (Canada revenue agency).

I have been told you can do the same thing with any kind of investments or savings, by transferring from one bank / account to a separate & unassociated bank / account regularly depositing consistent amounts every month, to produce the required minimum “income statement‘s”. As long as the money is yours they don't request clarification or state specific requirements as to the source.

So that could be the solution for Anonymous User? Open a fresh account in the U.S  and begin making IRA distributions of $1,300 from his IRAs before heading to Ecuador. I would imagine immigration wants to see at least 6 consecutive months of bank statements at the time of application, although that is a guess.

I wonder if that works in Colombia. Qi (Quindio influencer) only speaks about getting an official letter from the Social Security Administration that is apostilled and translated.

@N.Barley … It's worth looking into. Yes I've been requested to provide at least six months of bank statements.

Yeah, it's all interesting and apparently a fluid situation. First thing is to actually get there with the wife and see how the experience goes and whether we will want to spend the required time to gain residency, regardless of method.

I am leaning primarily toward the Investor's Visa, as that amount of money at +8% would be better served than letting it continue to flounder to negative figures invested in equities and bonds.

Second choice would be to do the legwork on Professional Visa, as that is attainable with a lot of effort but not much cash up front.

I am too young to use the IRAs for income. Wife will get Social Security starting in about two years.

Effort is required for gaining ANY type of Ecuadorian visa.  Much time and work passed in acquiring all necessary items in order to meet the exacting requirements for an Ecuadorian Permanent Residency Visa.

@Anonymous User …that was exactly my thinking, when doing my financial planning. I can't even make 8% percent interest on investments in Canada. And the bank of Nova Scotia savings account paying 8% interest when I was 12 years old 40+ years ago is long gone.

…as Coxhere1 mentions, there are a ‘few' steps.

Before you leave your home country contact a visas & documents agent (Who can also translate) in your intended landing destination in Ecuador; Amelia & JP of YouTube have extensive information and their website LiveAbroadNow (dot com) has a free referral link for many of your initial expert needs in many major centres across Ecuador upon arrival. I can recommend someone in Cotacachi, Imbabura if you're headed this way.

Here's a short list of the top 7 things that I encountered in my adventures moving to Ecuador:

1.Obtain a certified & notarized criminal background check & fingerprints from your state / national law enforcement agency

(Canada: RCMP / US: FBI ?)

2.Certify & notarize a copy of your civil status documents (marriage licence, divorce certificate), or have your local registry and/or lawyer draw up a notarized & witnessed statement if you're single.

(civil status is EXTREMELY important in Central / South American / Latin countries, defining by default everything from joint ownership of assets to division of estates in the absence of a will)

3.Obtain a certified & apostilled drivers record with a minimum of 5 years history for transferring your drivers licence to Ecuador. Interestingly, different provinces and major cities have different requirements* for obtaining a licence (Cuenca vs. Quito for instance), and it might be worth your while to take a holiday in one of the two for a few weeks to take the written tests after taking the practice tests online: X:https://ant.com.ec/licencias/simulador

*In Quito you May be required to provide a sealed and certified copy of your degree/education certificates as part of your application for a drivers license in Ecuador. Whereas I'm told you won't need this in Cuenca (true? / false?), And possibly Ibarra, Imbabura… so other than taking a cognitive test, and a written test, and cramming for the exam by learning as much Spanish as you can, the process should be easy(ish).

4.Renew or update your cards & ID to extend the expiry dates, so you don't discover at the last minute you'll have to take an expensive flight back to your home town only a few months after moving, or arrange to have them shipped if you don't need to order them in person!:

-Drivers licence

-State / provincial ID cards (or any photo ID)

-Credit cards

-Debit cards

-Health insurance card

-Passport / Visa / security pre-clearance cards

(& make sure you have a birth certificate!)

5.Setup a ‘roaming' plan for your cell phone, and ASK if you need to ‘talk to another department' to remove any international restrictions! This one tripped me up 5 minutes after landing in Quito; Thought I had roaming, but couldn't even access WiFi calling in the airport because the idiot at Bell Canada ‘hadn't thought about' all the steps so I could call my hotel at 1:00am to let them know to pick me up! AAAAAhhhh!

Also, download WhatsApp for communicating with everyone in Ecuador… Using data on cell phone plans is not a common thing here; So save money: WhatsApp is free… It has the advantage that you can send and receive texts, giving you time to translate messages.

6.Make two paper copies of EVERYTHING, as well as photos of documents, cards, passport on your phone! Save backup copies on a Cloud platform in the horrifying event you forget your phone (containing your entire life) in the backseat of the driver* / taxi who picks you up at Quito airport at 1:00am after you're already flustered at not being able to use your phone because of the idiot at Bell Canada.

* ask your driver for a photo of him/herself and his vehicle on WhatsApp before meeting, and send him your picture, so you both know exactly who you're meeting and don't get “kidnapped” like I was my first bleary-eyed day of travelling in Ecuador… Long story, it all worked out. 🤷🏼‍♂️ The national and tourist police are very helpful; Big shoutout to the two officers in Cotacachi who helped me get to my hotel after the gentleman who pretended to be my driver at 8:00am just because he really needed the money (the morning after the 1:00am adventure) dumped me in the middle of town. Don't be put off, the majority of the people I've met in Ecuador are very friendly, helpful, welcoming.

7.Be prepared to WAIT, and wait… and wait for things to be processed, corrected, reprocessed… and ask questions about EVERY step, as it's a cultural quirk that necessary information to make your life easier will NOT be voluntarily given unless you ASK! Patience is a virtue. And embrace “Tranquillo”, it will all come together… again “Paciencia”.

If you find a good local translator / agent to help you through the process you may be able to simplify the process of legalizing your documents, and have them translated, notarized, apostilled (& a pear tree) in Ecuador, instead of waiting through the painful process of having both your national embassy & Ecuadorian embassy legalize everything in your home country…

Wow, thank you for putting all of that effort into this very comprehensive post, @rkg695!

That's extremely helpful information.  I think that we are going to do nine months of slow travel in South America before arriving at a decision about residency.

These locals' insights are very helpful.

your information is wrong the amount now is 1350 USD

@bitepourrie ...thank you! The numbers constantly change, and my notes constantly update!

    your information is wrong the amount now is 1350 USD
   

    -@bitepourrie

Have there been any changes in this regard?

@pjorgensen997 ... the amount is based on the average monthly income for Ecuador set by the government; at the moment that amount is $460/ Month...

• The amount for the retirement visa therefore is 3x that amount > $460 x 3= $1380

• the amount for the investment visa remains 1x that amount > $460 + an investment of that amount x 100= $46,000