CID deposits

silviayd wrote:

Can I invest in a CID with a tourist Visa in Ecuador? I would like to apply for a 9-II visa after.

Dear Sylvia,

Welcome to the Ecuador forum.

Tourists with little experience in Ecuador and minimal knowledge of investing in Ecuador should not invest significant money into a certificate of deposit that can be obtained on a "tourist visa" basis.

1.  Lacking an Ecuadorian cédula, few newly-arriving Expats can obtain a bank account so the certificate of deposit might have to be purchased through a cooperative association where the funds would not be federally protected by the EC government.

2.  The apparent fact that you refer to a certificate of deposit as a CID and not a CD indicates inexperience as an investor.

3.  The fact that you may not understand the difference between a tourist stamp and a visa is another red flag.

4.  Until the incoming Administration of Ecuador (president sworn in last Wednesday) issues the new immigration rules based on a recently-enacted immigration law .. Expat visa aspirants should be especially wary of making new investments in Ecuador.

If any of the above sounds harsh, it's because I want to tell you what you need to know, not what you may want to hear.  Learning hard facts now may save you from financial and other difficulties down the road.

Make sure you understand the new visa regs (not yet published) before you make any big moves.

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One should also realize most expats keep their investments off shore because there is a 5% fee to take money out of Ecuador.

Yes be aware of the current  requirements for taking money out of the country. I also have been told that if withdrawing large amounts of cash most banks do not have sufficient amts of 100. bills, requiring you to carry a huge amount of " lettuce" paper money in $20's. My  freinds were attempting to withdraw $ 15,000 in cash and 3 banks could not come up even close with sufficient 100 bills to cover the withdrawal, without advance notice.  l

Than which country will be a good investment and good return on your deposit?

ARGENTINA IS BEST FOR INTEREST RATES

sharmn27 wrote:

ARGENTINA IS BEST FOR INTEREST RATES

Argentina's hyper-inflation and years of defaults make it no place for Expats to try to exploit .. for interest rate income.

If you doubt that assertion, google this week's report on Argentina's financial woes .. in the Wall Street Journal.

And in any case, don't shout about it in online forums ..  Sharmn!

cccmedia