International Livings seminar, Worth it?

Update:  Still not worth it

what city are you in or near?

im planning to rent in salinas and since im severely physically disabled, seems most of time will be taken up with basic food security and needs,

can you help me at all to learn what i need to know/

I SPEAK BROKEN SPANISH SO IT WONT BE COMPLETELY HARD TO FIT IN I HOPE?
  MY E MAIL ADDRESS IS;   carolynhunter@wildblue.net

and  it is not the best but is affiliated with myexpensive sattelite service. whichi cant get the cheaper ones fom living in a hole.....a dead zone sort of.

Wasn't paying attention to timestamps... sorry.

Cut to the chase, the bar NONE best way to garner intelligence on a new place is boots on the ground.... As a means of communication, talk can be cheap. It's a simple and proven path, Go, See, Question, Gut Check, Decide.
100's of people can tell you their story all day long, until you see it for yourself, you will not know if it will work for you. My view of great is not yours etc.
I don't mean to detract from all the good information here, but. You don't buy a car without driving it, you don't eat new food without tasting it. The bottom line, if sounds to good to be true, it is!
I talk to people everyday about a potential move to Ecuador, the very first thing I tell them is, "Come for a visit". There are some who would rather jump right in, I very strongly advise against it. Leaving your home country for the unknown is daunting. It is well worth the money to take the time and come see it for yourself, first.

IL and others while they may have good intentions are not always 100% on the bubble. The sad fact is that there are people out there, yes even in Ecuador waiting to part a fool from his or her money.
My wife and I currently help people make their decisions and transition to Ecuador, we regularly go to the offices involved to verify information, we recently (Last week) where in Cuenca doing the same.

The best thing about free advise is you don't have to take it, but this is what I know;

1. You do not need a lawyer or even a service to make your move.

2. The key is to have ALL your paperwork ready, and in the right time frame IE background checks.

3. You can't look at Ecuador in 3 days.

4. You must have realistic expectations. Quality of life, needs, wants, costs.

5. Life in Ecuador is not at 100mph, if you can't slow down and take a breath you will be a nervous wreck.

6. Ecuador is a great place, there is much to see and do, but if you are coming to simply enjoy cheaper prices. Stand by.

7. Yes, you can live here for less than in the US and many other places, if you live within your means.

8. If you don't assimilate into the society, and try to bring home with you, you are not going to like it or survive.

I am not one for sugar coating things, I try to do Black and White whenever possible. I was lucky enough to have many good resources, and still I had doubts, any sane, responsible person will. In the end I did it, I'm happy, life is good.

There are many people on this Blog with a wealth of information, I have and will answer any questions or provide any assistance I can to whomever would ask it. I cannot tell you fairy tales, but I will provide factual, current information. If I don't know the answer, I will say so and I will find out.

That's it, nuff said,

GMC said it all with just one post.  I too was lucky enough and patient enough to research all that I could but nothing will work like boots on the ground.  I just returned from 10 weeks in Cuenca and I loved the place.  I will be returning next year.
     I will also answer any questions that I possibly can but bear in mind that my lifestyle will probably vary greatly from yours.
    My total cost with air fare from Canada, studio apartment and living cost was just under $6000 Canadian dollars..  I did go alone and my restaurants varied greatly.  I lived very well for my type of lifestyle.

I think the seminar is worth the money.  Where else can I meet and make connections with folks that have done what I want to do and probably some of the areas I am considering? Just the contacts on the ground is worth the price.  I am not going on any tours as I don't want to pay someone to try to sell me property. I say this but think real estate agents are very important to helping navigate the process.

.

ScottR wrote:

I think the seminar is worth the money.  Where else can I meet and make connections with folks that have done what I want to do and probably some of the areas I am considering? Just the contacts on the ground is worth the price.  I am not going on any tours as I don't want to pay someone to try to sell me property. I say this but think real estate agents are very important to helping navigate the process.

You can get that info on here for free

Mugs, ScottR has just one, and only one, post on expatblog. Exonerating the usefulness of spending his money on International Living seminars.

So.....yeah.

gardener1 wrote:

Mugs, ScottR has just one, and only one, post on expatblog. Exonerating the usefulness of spending his money on International Living seminars.

So.....yeah.

If the man believes in IL, then why not go to their #1 spot Panama?
Why is he settling for #2?  Did he used to work for Avis?

No doubt, as they say, "You can lead a horse to water but, you can't make him drink"...

Looking to relocate, open to anywhere warm, near water. Need info for cost of living, quality of life, maybe business opportunity/partnership, We would like to be at about $1500-$2000 per month max.
Anyone who is living the expat life please contact me. We plan on spending 1 month in the top 4 countries, then make our choice for our new life.
Thanks

Shepellis wrote:

Looking to relocate, open to anywhere warm, near water. Need info for cost of living....We would like to be at about $1500-$2000 per month max.

We plan on spending 1 month in the top 4 countries, then make our choice for our new life.

Warm and near water, eh, Shep?

That would be the Pacific Oceanfront of Ecuador.  Yes, a couple could live there for under 2K/month, including rent.  Run down the COL at numbeo.com ...

If you'd like a high-season honky-tonk touristy city, that's Salinas.

Bahía de Caraquez routinely gets high marks from Expats.

Be careful of the small fishing villages.  Quaint, yes, but many lack the infrastructure that Gringos have come to depend on.

Now a word about Belize, the supposedly English-speaking country in Central America that you clearly favored in your profile.

The kind of "English" spoken there is a Tortured Tongue.  You can't say you haven't been told.

cccmedia in Quito, Ecuador

Before I came to Ecuador I went to an IL seminar in Panama, came for 3 days to Quito immediately after the seminar and fell in love with what I found, purchased an apartment in the historic center and eventually moved here.  I speak Spanish fluently.  I'm happy I attended the seminar first, but this was in 2004.  A lot has changed since then.  I did need a lawyer to get my residency.  Others don't.  I've never looked back.  I live here for under $800 a month and can eat out any time and travel on the bus system anywhere in Ecuador.

I prefer the high cool mountains because mosquitos  don't like it here.  The latest news is that throughout Central America, the Caribbean and the coastal warm cities of South America chicungunya and denque fever are common from the mosquito population and there's no vaccine or cure.  The elderly and those with compromised immune systems are most at risk of possible death... just my 2 cents worth.

Andrellita wrote:

I prefer the high cool mountains because mosquitos  don't like it here.  The latest news is that throughout Central America, the Caribbean and the coastal warm cities of South America, chicungunya and denque fever are common from the mosquito population and there's no vaccine or cure.  The elderly and those with compromised immune systems are most at risk....

Which, of course, means that Expat retirees as a group are specifically at risk in places at lower altitudes.

Especially since upon arrival their systems have yet to adjust to a new environment.

This is an important factor to consider in deciding highlands vs. coast.

cccmedia in Quito

Andrellita wrote:

I came for 3 days to Quito immediately after the seminar and fell in love with what I found, purchased an apartment in the historic center and eventually moved here.  I speak Spanish fluently....A lot has changed (since 2004).... I live here for under $800 a month and can eat out any time....

What changes have you noticed in El Centro...regarding security, real estate and attitudes toward Expats?

cccmedia in Quito

cccmedia wrote:

Andrellita wrote:

I prefer the high cool mountains because mosquitos  don't like it here.  The latest news is that throughout Central America, the Caribbean and the coastal warm cities of South America, chicungunya and denque fever are common from the mosquito population and there's no vaccine or cure.  The elderly and those with compromised immune systems are most at risk....

Which, of course, means that Expat retirees as a group are specifically at risk in places at lower altitudes.

Especially since upon arrival their systems have yet to adjust to a new environment.

Except that in many parts of the coast, like the dry, desert-like southern coast, mosquitos are a minor nuisance, if that and not an epidemic problem. It also needs to take into account personal lifestyle health issues. The high altitudes of the Sierras can create medical problems for people, especially those with COPD or heart issues. There is no "one size fits all" dynamic.

This is an important factor to consider in deciding highlands vs. coast.

cccmedia in Quito

Hector is an expert concerning the coast and Ecuador's economy, and I welcome him to insert a few sentences in my copy from time to time. Please credit him with the paragraph that began "Except that in many parts of the coast...."

cccmedia in Quito

I don't know what Hector posted and then deleted - but I would surely liked to have seen it before he took it back. Hector is one of our best informed members.

_What was it Hector, what did you say? -
(we will never know)

I'm sure it must have been juicy.



*sigh*

I do not know how the heck something I wrote wound up inside someone else's post. Not the thread...the actual original post that I had merely quoted. Apologies to party in question. All I said was that in some parts of the coadt, such as the arid desert-like southern coast, mosquitos are not much of a problem atll. I also stated that in the highlands, folks can suffer from the altitude, especially if the have a history of COPD or heart disease. That was all.

The main change, of course, was the change of presidency from Lucio Gutierrez to Rafael Correa.  Rafael has implemented the hourly tour bus with a full day fare where you can stop anywhere at any time and board anywhere without having to pay more.    Police and transit officers have been replaced and shifted around.  Rafael wants tourists to be safe and enjoy.  He's working on the taxi problem and on all transit constantly trying to improve things. 

Property prices have gone up and in the Centro there's always something being repaired.  He's put in trash bins where there were none.  Attitudes towards gringos haven't really changed, but because of an influx from different countries that surround Ecuador, pickpocketing  has escalated to robberies from those coming in that can't find work in Ecuador... there's more of this happening in North Quito.  I actually feel safer in the Centro,,, but I don't do nights anywhere.  Most Ecuadorians are very helpful.  I've fallen and needed an ambulance, and it was called for me, and the EMT's waited at the hospital emergency room until they made sure I got attended to... all at no charge.

Andrellita wrote:

Rafael has implemented the hourly tour bus with a full day fare where you can stop anywhere at any time and board anywhere without having to pay more.

Thanks for sharing your experience, Andrellita.

Are you referring to the Quito Tour Bus (quitotourbus.com), which recently raised its Monday-Friday (9am-4pm) daily rate to $15 for riders under age 65?  If not, to what bus or bus line are your referring?  Are you using this tour bus regularly?

cccmedia in Quito

Andrellita wrote:

The main change, of course, was the change of presidency from Lucio Gutierrez to Rafael Correa.  Rafael has implemented the hourly tour bus with a full day fare where you can stop anywhere at any time and board anywhere without having to pay more.    Police and transit officers have been replaced and shifted around.  Rafael wants tourists to be safe and enjoy.  He's working on the taxi problem and on all transit constantly trying to improve things. 

Property prices have gone up and in the Centro there's always something being repaired.  He's put in trash bins where there were none.  Attitudes towards gringos haven't really changed, but because of an influx from different countries that surround Ecuador, pickpocketing  has escalated to robberies from those coming in that can't find work in Ecuador... there's more of this happening in North Quito.  I actually feel safer in the Centro,,, but I don't do nights anywhere.  Most Ecuadorians are very helpful.  I've fallen and needed an ambulance, and it was called for me, and the EMT's waited at the hospital emergency room until they made sure I got attended to... all at no charge.

Exactly - Correa's positive impact has been outstanding!

Why would I use a tour bus when I've been to all the stops and this before the city tour bus was implemented?  I use the trolley and regular bus line for 12 cents a ride as a tercer edad (sr. citizen) -- twice as much for all the way to Mitad del Mundo since I have to transfer.  At the end of the regular trolley line, I can board a bus to the airport for $3.  Not too far from my apartment I can board a very safe bus (not the regular one) for $3 all the way to Cotacachi.

Thank you for the information in your reply to the International Living seminar.
What I would like to know is where, in Ecuador, can a couple live on only $700.00 per month?  What city, town, village or area do you live in for such a reasonable monthly amount?  This is really wonderful news to me and I'd love to find out where a couple can live on such a reasonable monthly budget, as I recently read (on a blog) some quite negative news about the true costs of living in Ecuador.  If a person believes everything they read in the International Living publication, I guess they are going to be quite surprised and unhappy about the actual reality of living in Ecuador.
Does your monthly budget of $700.00 include a rent payment or a mortgage payment?
If possible, I would like to buy a house instead of renting, because I want to live outside of a town, in the countryside on a few acres (but not in a gated community) but for modern, newer houses, the real estate ads show prices higher than those in the U.S.  I don't want to have to deduct a mortgage or a rent payment from my monthly check.  I'd rather buy a house outright, with the money I receive from the sale of my house, but I'm doubtful there are any houses for sale there that will be within my budget.
Also, I'd like to know if it is possible to live without using dangerous gas.  Is it possible to run all of one's appliances on electricity instead of gas?  Are there appliances available to purchase in Ecuador that do not run on gas?  If not, is it possible to bring those appliances with you from the States, when you relocate to Ecuador?
I have read that there is no such thing as central air or heat in Ecuador.  If that is true, is it possible to purchase a window type of air conditioner (for just one room) for when the daytime temperatures go up to 75/80 degrees?  Does the temperature exceed 70 degrees Fahrenheit where you live?  Is it possible to purchase a space heater for those cool nights that go down to 50 degrees Fahrenheit?  Do any of the homes have actual working fireplaces instead of only the decorative ones?
Another really important question I have is:  How does a person open up a bank account for automatic deposit of their monthly checks without an address in the United States?  What do people do who have permanently relocated and who no longer have property or an address in the States?
Sorry I have so many questions.  Hope you will be able to answer some or all of them.  If not, please try to give me an idea as to where to go to get the info.  Thanks for your help.  I appreciate any info. you can give me.  I wish you good luck, much happiness, and good health during your retirement in Ecuador.  Thank you, graniadeburgos@ymail.com

GranuaileOMalley wrote:

How does a person open up a bank account for automatic deposit of their monthly checks without an address in the United States?  What do people do who have permanently relocated and who no longer have property or an address in the States?

We'll presume you mean to do your banking in Ecuador.

When you get to Ecuador and have a residency visa, an EC identification card and an EC home address, the Embassy here will assist you in having your monthly check directly deposited into a local bank account.

Of course, you'll need to open that bank account with your cédula, the ID card, before your meeting at the Embassy.

Need guidance for any of the above?  Further questions are welcome.

cccmedia in Quito

Let me tell you, My monthly income is in excess of $2000. I am a single mail, renting a furnished apartment in Quito for $450 a month. My other monthly expenses are Internet/cable TV $62, groceries, $175, taxis, @$20, eating out, $150, laundry, $25, medical, $18, pharmacy, $50, dance lessons, $75, misc$100. I think it would be hard to find a place where a couple could live on $700 per month.
Also as far as IL is concerned they are a scam. I volunteer for a program that helps street/ market children and heir families. The mothers make bags and jewelry out of recycled materials to sell in gift and souvenir shops here in a Quito. I saw that IL was having a seminar. I went to ask if they would allow us to set up a table to sell these items. The really nasty IL lady at the door said it would cost us $1500 for a table! I tried to argue that this is helping the poor, but no dice.

I own my apartment - since 2004.  I have a million dollar view of the whole historic center from my 4th floor mini balcony.  It's just right in size for a single person with everything I need, including a laundry/storage room.  I don't want or need more.  I live on almost-not quite $700 a month Social Security.  I live in the Centro Historico in Quito.  As for air conditioning - no need.  It never reaches 75 degrees here.  And for heating, I only use a small heater for shower time.  I've always loved sweater weather, layering when necessary.  I never use gas.  I cook on appliances that can be bought here.  Although I mailed my large toaster oven from the States.  I eat healthier than I ate in the States since I'm surrounded by hole-in-the wall produce stores.  There are at least 3 different grocery stores to walk to in the Centro for anything else, but I prefer to buy my meats and fresh salmon from El Jardin shopping mall grocery store which I taxi to for about $3 each way.  I insure my apartment for everything from fire to earthquakes, etc. for a little under $200 a year.  Taxes can be paid all year, but the earlier you pay, the more you save... I pay about $25 a year.  I don't care for TV and my cost for fast internet is about $55 to $60 a month as a senior citizen. One phone per senior household is free.  I eat out and go for short excursions often.  For two people, I suggest you double the income.

I forgot. Add about $40 per month for electricity.

Pajaroazul wrote:

I am a single mail, renting a furnished apartment in Quito for $450 a month. My other monthly expenses are Internet/cable TV $62, groceries, $175, taxis, @$20, eating out, $150, laundry, $25, medical, $18, pharmacy, $50, dance lessons, $75, misc$100. I think it would be hard to find a place where a couple could live on $700 per month.

Thanks for sharing your COL information with us, Bluebird.

In the comparing-apples-to-apples department, the $800 budget Andrellita is on is for a single person, not a couple.  I live in El Centro too, and -- although I personally spend a lot more than she does -- I believe her budget is possible for a single.

Unlike you, Bluebird, she already owns her own place, so your biggest expense, $450  for rent, is out the door for her, replaced by the pittance needed for senior-discounted property tax.

Also as a senior, she can get free medical including medications. 

She also gets or can get 50 percent off on utilities.  (I don't know what you're doing to run up a $40/month electric bill.  My bill is always under 10 bucks a month.)

She proudly rides the buses at 12 centavos a shot (the seniors rate), so saves compared to your fancy taxi rides.  (Actually, if you're only spending 20 bucks a month on taxis, you're not splurging.)

And I'm guessing that Andrellita is not budgeting for dancing lessons.

cccmedia in Quito

So I'm a big spender!

GranuaileOMalley wrote:

Thank you for the information in your reply to the International Living seminar.
What I would like to know is where, in Ecuador, can a couple live on only $700.00 per month?  What city, town, village or area do you live in for such a reasonable monthly amount?  This is really wonderful news to me and I'd love to find out where a couple can live on such a reasonable monthly budget, as I recently read (on a blog) some quite negative news about the true costs of living in Ecuador.  If a person believes everything they read in the International Living publication, I guess they are going to be quite surprised and unhappy about the actual reality of living in Ecuador.
Does your monthly budget of $700.00 include a rent payment or a mortgage payment?
If possible, I would like to buy a house instead of renting, because I want to live outside of a town, in the countryside on a few acres (but not in a gated community) but for modern, newer houses, the real estate ads show prices higher than those in the U.S.  I don't want to have to deduct a mortgage or a rent payment from my monthly check.  I'd rather buy a house outright, with the money I receive from the sale of my house, but I'm doubtful there are any houses for sale there that will be within my budget.
Also, I'd like to know if it is possible to live without using dangerous gas.  Is it possible to run all of one's appliances on electricity instead of gas?  Are there appliances available to purchase in Ecuador that do not run on gas?  If not, is it possible to bring those appliances with you from the States, when you relocate to Ecuador?
I have read that there is no such thing as central air or heat in Ecuador.  If that is true, is it possible to purchase a window type of air conditioner (for just one room) for when the daytime temperatures go up to 75/80 degrees?  Does the temperature exceed 70 degrees Fahrenheit where you live?  Is it possible to purchase a space heater for those cool nights that go down to 50 degrees Fahrenheit?  Do any of the homes have actual working fireplaces instead of only the decorative ones?
Another really important question I have is:  How does a person open up a bank account for automatic deposit of their monthly checks without an address in the United States?  What do people do who have permanently relocated and who no longer have property or an address in the States?
Sorry I have so many questions.  Hope you will be able to answer some or all of them.  If not, please try to give me an idea as to where to go to get the info.  Thanks for your help.  I appreciate any info. you can give me.  I wish you good luck, much happiness, and good health during your retirement in Ecuador.  Thank you, graniadeburgos@ymail.com

Let me try to offer some perspective. The issue isn't whether a couple or individual can live in Ecuador for $X/month? The question is "What lifestyle is acceptable for you as an individual?" For example, I am sure if you lived in a cardboard box, ate Spam every day and never recreated outside your cardboard box, then..."yes", you can live in Ecuador for $700/month...maybe less. Is that the lifestyle you are aiming to live? Perspective. It is a personal lifestyle decision that no one can define for you.

As for the rest...no...real estate prices here are, by no means, not higher than in the USA. This is one of the best real estate value countries on the planet, especially when weighted for relative risk.

However, as of right now, you cannot obtain a mortgage here in Ecuador, unless you are an Ecuadorian national. A handful of builders might provide 12-36 month funding, while constructing, for Expats, but this will require a 30-50% downpayment.

Electricity...without gas...not only is it possible, but it is precisely where President Correa is leading the nation.

Window a/c units or split a/c systems are readily available and much in use.

Space heaters readily available...occasionally in use.

Opening a bank account is in a state of flux, right now, and if you are a USA resident, you can thank your government and FACTA, for why it may become virtually impossible to open a bank account in Ecuador, effective 2016. For now, you have to be a permanent resident, first. Five years ago, you had to have a pulse and cash to open a bank account here as an Expat. Now, especially for USA residents, it can be a real issue. Not an Ecuador problem, but so long as Ecuador is on the USD dollar and reliant on the SWIFT system for international cash transfers, they will be responding to USA imposed FACTA regs.

What about Expats who already have residency and an EC bank account, Hector? 

Do you think the banks would force them to close their accounts due to FATCA issues?

cccmedia in Quito

HGQ2112 wrote:

Opening a bank account is in a state of flux, right now, and if you are a USA resident, you can thank your government and FACTA, for why it may become virtually impossible to open a bank account in Ecuador, effective 2016. For now, you have to be a permanent resident, first.

HGQ2112, can you expand on this 2016 "in flux" thing please? Do you mean US regulations, or Ecuador banks refusing American accounts? Is there some kind of proposed banking limitations for Americans being thrown around in Ecuador banking regulations?

With FATCA Americans are required to report foreign bank accounts, but there is currently no restriction that I'm aware of in Ecuador preventing Americans from opening bank accounts.

Anything you know that's in the pipelines, that you read somewhere, or that you could link to would be very helpful.

cccmedia wrote:

What about Expats who already have residency and an EC bank account, Hector? 

Do you think the banks would force them to close their accounts due to FATCA issues?

cccmedia in Quito

cccmedia wrote:

What about Expats who already have residency and an EC bank account, Hector? 

Do you think the banks would force them to close their accounts due to FATCA issues?

cccmedia in Quito

As of right now, Expats with pre-existing accounts are safe. However, the noise from Ecuador bank executives is that USA bank account holders will continue to be welcomed, so long as Uncle Sam doesn't make reporting requirements any more difficult than they already are perceived. USA resident accounts hang by a thread. And...I was labeled an "alarmist" when I warned for 5 years that FACTA was, defacto, the USA version of capital exchange controls. All over the world, banks are saying "no" to USA citizens, forcing their money to stay in USA banks. Objective achieved.

Fair enough, nobody is going to argue with that -

But do you have more to add perhaps on "the noise from Ecuador bank executives" and "2016 in flux"?

Sometimes noise + flux add up to big problems. 2016 isn't that far away. There really are some nice people here who would just like to live a nice quiet homelife in Ecuador, pay their bills, and be left alone.

This usually requires a bank account. Perhaps a bank account opened in 2016.

No, you don't have to "live in a cardboard box and eat spam every day"  That;s an insult to those of us who know how to live within our means.  If you read my previous post, I live very well and take trips to boot - also I've discovered fabulous restaurants with very affordable prices.  Salinas is another story altogether.

HGQ2112 wrote:

As of right now, Expats with pre-existing accounts are safe. However, the noise from Ecuador bank executives is that USA bank account holders will continue to be welcomed, so long as Uncle Sam doesn't make reporting requirements any more difficult than they already are perceived. USA resident accounts hang by a thread. And...I was labeled an "alarmist" when I warned for 5 years that FACTA was, defacto, the USA version of capital exchange controls. All over the world, banks are saying "no" to USA citizens, forcing their money to stay in USA banks. Objective achieved.

As previously posted on a thread since closed due to the political commentary (https://www.expat.com/forum/viewtopic.php?id=258876), many or most Ecuador banks signed up on the IRS site as FFIs obligating them to eventually comply with reporting requirements.  HGQ2112 hits two key points:  (i) registering by the June 2014 deadline and essentially agreeing to comply by 2016 was easy to do and (ii) just because a financial institution registered does not mean it will accept new American accounts or even keep the ones it has.  Compliance with its responsibilities as an FFI is easy if it does not have any American account holders.  So, I suspect banks are still deciding whether they want to comply with IRS reporting and other responsibilities or simply conclude that these generally low balance accounts are too much of a compliance risk to justify the reward.

The degeneration of American expats to financial pariah status around the world began with Switzerland in maybe 2007 (When was the UBS scandal?)  At that time, Swiss banks generally declined to accept new American investment accounts and then most went further and required existing account holders to move on down the road.  The pendulum swung back rapidly in the sense that Swiss banks eventually established SEC registered investment advisory firms dedicated to U.S. clients.  These firms embraced all the required U.S. reporting (e.g., form 1099s) and grew their businesses for the U.S. client wanting an off-shore account with no intent to evade U.S. taxes.  Right now, I can go to any number of cities and open a Swiss bank account through the U.S. office of the foreign bank. 

Unfortunately, most checking accounts expats would maintain would not be very attractive to a bank when weighed against the risks and costs of compliance such that the banks might conclude the compliance burden does not warrant having the accounts.  In my case, my Panama bank is obviously required to comply because of the IGA (inter-governmental agreement) Panama signed, but Ecuador did not.  Based on a recent request for a W-9 and other information, it is clear that my Panama bank is verifying it has current information on its U.S. account holders so I do not see any indication it intends to close Americans' accounts.

One clarification (not a correction):  Some folks believe FATCA introduced the requirement that U.S. citizens must disclose foreign bank accounts.  Not so.  This requirement has been around a long, long time.  FATCA set up the concept of FFIs (Foreign Financial Intermediaries) and does NOT prohibit foreign bank accounts, but does require U.S. banks transferring money to a non-FFI (a foreign bank that has not registered with the IRS) to withhold 30% and remit as a withholding tax to the government.  The taxpayer will show the withholding as a credit on his/her/their annual income tax return.  Of course, the effect will be for the IRS to inquire whether the account to which the funds were wired had been disclosed on FinCEN 114, Form 8938 (Statement of Specified Foreign Financial Assets) and other forms depending on how the account is held.

Final point, so when folks say the answer for U.S. citizens is to simply maintain less than $10,000 in their account to not trigger reporting on FinCEN 114, don't forget that wire transfers to that account will not go unnoticed so disclosure might be easier than answering inquiries on why the account has not been disclosed over the years it existed.  Seems to me disclosure is easier than an audit.