Best way to remit funds for the investment CD?

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Member since 06 September 2013

footsoldierActive member28 November 2013 19:43:08

I'm outside Ecuador so I'm giving my attorney a POA so he can submit visa application on my behalf. He'll also open the CD account for me. Since the account won't be in place until he goes to the bank with the money, I'm told to remit funds payable to him instead of myself or the bank. Is this how this should be done in my situation? What's the best way to do it short of me going personally to the bank? Thanks for any advice you can give.

gardener1 Serial expat

Member since 08 May 2013

gardener1Serial expat29 November 2013 11:49:44

675

@footsoldier

I have no personal experience with Ecuador attorneys a la your situation, nor have I ever deposited many thousands of $$ into an Ecuador bank account for an investment visa.

But here is one thing I would never do: Give a random foreign legal adviser Power of Attorney under foreign law, and then turn my money over to them to 'invest on my behalf'.

I'm not suggesting that your attorney is dodgy in any way.
I'm just saying that what you proposed is full of risk.

Risk *I* would not take.

I would suggest that you consider this very carefully before you move forward.....

footsoldier Active member

Member since 06 September 2013

footsoldierActive member29 November 2013 14:39:25

Thanks gardener1 for your advice. I appreciate it. Yes, I do realize it's risky, but the thing is, due to personal circumstances, I must have the attorney open the CD account and submit the application for me. I wonder if anyone has gone or is going this route for visa application and how s/he has done it.

amyf Guest

amyfGuest29 November 2013 19:16:35

214245

I have the investment visa residency- I deposited the money myself into a CD- I had a lawyer help with my residency- but seriously, I would not send money to a lawyer here with a Power of Attorney- you can wire the money maybe to the bank- it's best to be physically present to open the account yourself. If not you are certainly taking a big risk.

footsoldier Active member

Member since 06 September 2013

footsoldierActive member29 November 2013 22:07:56

Thanks gardener1 and amyf for your advice. I've decided I won't take that risk so will insist on paying the money to the bank.

timo31750 Contributor

Member since 07 August 2013

timo31750Contributor30 November 2013 01:50:48

127

Go to airport, board a plane and go to the bank, once there open the account per investor specs and do not allow your attorney access to the money or poa,

He maybe absolutely legitamite but then again??????

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