Legal questions

Why don't you just post your questions?

But legal questions, unless they are very simple and straightforward, are best answered confidentially by a paid lawyer - that's why the profession exists.

Why not simply post your question!?

The expat community has a lot of combined knowledge; unfortunately, some of that may be out of date, or based solely on personal experience. 

As others have said, post your questions, but don't accept your answers as gospel.  The best sources for legal advice are legal professionals. 

If you're wondering about residency related issues, I highly recommend my attorney Lina Ulloa, IMO the best attorney in Cuenca.  Website:  [link under review]/   Free consultation

Ok  so the general consensus seems to be, ask questions here, so here goes:

1)  if I am already living in Cuenca and the income requirement goes up and that exceeds my ss amount, what happens?

2) if I buy a home does that satisfy the investment requirement for residency as long as the home price meets or exceeds the investment amount?

Any help will be greatly appreciated 

Terry

1) If you're relying on the income amount, then yes the minimum must be met, and you will not qualify for a visa or residency based on less than the required amount. At last posting that I am aware of this amount was 3x the average monthly Ecuadorean Income ($450) = $1350 / Mo.

2) You are correct, you can alternatively meet

visa and temporary residency requirements through an investment visa, with the benefit of a reduced minimum monthly income amount equal to the average Ecuadorean monthly income = $450 / Mo. (currently; always check for updates as it is reevaluated from year to year)

The investment visa options are as follows:

Investment Visa (Category 9-II) w/ Temp. Residency:

   - Temp. 2 Year term, requires:

   * No travel over 90 days during 21  Mo.

   * Min. $450/ mo. USD income

   * Min. $45,000 USD invested

     + $500 fee/ dependant in one of:

   Opt.1

     • Ecuador CO-OP Cert. of Deposit (CD)

        held min. 730 days (8% + /Yr. interest!!!)

      . CD only insured up to $32K

      . Wire transfer to Ecuador bank

      . Open account w/ passport + visa appl.

    Opt.2

     • Real estate; Assessed by municipality

        at minimum of $45,000 USD

     Opt.3

     • Company shares minimum $45,000 USD

- Apply for perm. res. after 21 months

- Update visa after renewing passport!

Note: Property Investment

There are no restrictions on foreign real estate investment in Ecuador. Anyone can freely buy property in Ecuador upon their arrival using only their passport as identification.

The Ecuador constitution guarantees the right to buy and hold property for everyone, citizens and foreigners. Additionally, there are no restrictions on owning beachfront property as there is in some other countries. Furthermore, if you purchase a property for $45,000 USD or more, you will automatically be granted a temporary residency visa as an investor in the country, after completing the required paperwork.

Side note:

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 to present for general visa requirements here in Ecuador. Of course, I put enough away to continue paying me this monthly income until I start to receive CPP and OAS, not only to meet my needs, but also to ensure I continue to show the income for obtaining my permanent residency, and renewing residency as required until I obtain citizenship.

I’ve gone the investment visa route - depositing the current minimum $45,000 amount into an Ecuadorean bank CD (Avg. monthly income x 100) and showing at least the minimum $450 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. Other visas can require larger monthly income, i.e.: $1350 / month (3x average monthly Ecuadorian income) for retirement visa, etc..

I recommend dividing large lump sum’s into at least two Ecuadorean banks, to reduce the costs of wire transfer fees, not to mention the horrible exchange rate from Canadian to US dollars. Two different banks, for the reasons noted in the section below*, and chosen for the following purpose:

1- To obtain an investment visa route to temporary residency, as noted above.

2- To begin investing for a future home, etc. at the incredible 8 to 9% interest rates through banks and co-ops here in Ecuador! (I can’t even make that much money investing in stocks in Canada)