For baby boomers and others looking for new options for retirement destinations, Ecuador is attracting a lot of interest. There are many reasons to retire in Ecuador that merit serious consideration.
Although often overshadowed by other Latin American hotspots in recent years, Ecuador’s rapid rise in expat interest is the result of a number of factors. Improvements in infrastructure, as well as increased governmental and financial stability, make the idea of living in Ecuador a viable option for retirees and investors.
Crayons121
The Number One Reason to Retire in Ecuador Is Value
Retirees that have a fixed income, or limited budget, are looking to maximize what they can get for their dollars. Ecuador has become a prime location where those retirement funds can go a long way.
In addition to having one of the lowest costs of living in the region, Ecuador also has a number of other financial benefits that make it the preference of many seniors and retirees. As a senior, there are a number of discounts for such things as flights, meals, and other types of entertainment.
For a small fee, you can qualify for the public health system. For those seeking health insurance to use at private facilities, the premiums are far less than those in the U.S.
Knowing exactly how much something will cost is much easier in Ecuador than other Latin American countries. The U.S. dollar is the currency of Ecuador, making it much easier to actually make and keep a monthly budget.
Property prices are still less expensive than in other retirement locations such as Panama or Costa Rica. As the volume of expats continues to grow, however, it can be anticipated that prices for sale or rental of residences will also increase.
Ecuador also has the potential for those who want to use their retirement as a time to work in a different field, or fulfill a dream. Work visa regulations are far more relaxed than many other countries and there is a strong interest in obtaining experienced workers in many fields.
I. Conoplasty
Many Options for Permanent Residency
If you are thinking about taking the step to retire in Ecuador, it is important to decide what type of residency you want. Ecuador has six different types of permanent residency, making it easy to “customize” how you envision this next phase of your life to be. Finding an experienced immigration lawyer can make this process much less complicated than it might seem at first.
Pensioner Visa 9-I
This is the most common type of resident/immigrant visa that retirees will apply for. The major requirement is that you can show that you receive at least $800 a month from a pension (plus an additional $100 per dependent).
This has to be certified by the issuing authority (in most cases a letter from Social Security) and authenticated by the local Ecuadorian Consul in your home country. This amount is less than the requirement of other Latin American countries, making it easier for expats to meet the dollar minimum.
Investor in Real Estate/Securities Visa 9-II
A second type of permanent residency can be obtained by investing at least $25,000 in real estate or securities. If you are considering buying property in Ecuador, this type of visa may a good option for you.
The prerequisites are that you are able to present a document showing clear title, without any liens or encumbrances. The title has to remain in this state for as long as you need the property to establish residency. A similar requirement involving clear ownership applies to securities and the money invested in them.
Industrial Investors Visa 9-III
As might be expected, this visa has a higher dollar limit required; $30,000 or the equivalent in capital. The appropriate business licenses, registration documents, etc. all have to be obtained and presented as part of the visa application.
Legal Representative, Work/Religious Visa 9-IV
This type of residency is not as common for retirees but, in some instances, may still be appropriate. If you are acting as a registered agent for an Ecuadorian entity, a technical expert or other professional working under an indefinite work contract for an Ecuadorian employer, you would qualify for this type of visa.
Again, the proper documentation, certified by the Labor Ministry is required. In the case of religious workers, documentation as to their duties would have to be supplied by their organization. The organization itself would also have to be approved by the Ministerio de Gobierno.
Professional Visa 9-V
For those seniors who wish to continue to work in some capacity as a professional, this type of visa would be the choice. Certified proof of a university, or other higher education degree, along with the ability to meet Ecuadorian standards for that profession are the requirements that have to be met.
Economic Dependence Visa 9-VI
For those expats who have spouses or other Ecuadoran relatives economically dependent on them, Ecuador has provided this type of residency. The paperwork showing both the relationship (i.e. marriage certificate, birth certificate, etc.) and the financial dependence is the essential element to gain approval for this visa.
J. Degenhardt
The Intangible and Compelling Aspects of Ecuadorian Retirement
The sheer beauty and diversity of locations in Ecuador is a major selling point for making it your retirement choice. Whether you desire the cosmopolitan and historical centers of Quito and Guayaquil, the tranquil atmosphere of Cuenca in the Andean Highlands, or the beaches of San Clemente and Bahia, there are lots of options for your Ecuadorian retreat.
The entire lifestyle is much more laid-back than that of the U.S. or Europe. Moving at a pace that allows you to appreciate the time you have to enjoy this new world is both intangible and priceless at the same time.
Medical and dental care, always a major concern, is of the same high quality found in North America but at a fraction of the price. Having peace of mind concerning any potential health problems (and their possible impact on a fixed income) is another compelling reason that Ecuador should be high on your retirement list.
Diane
What Should I Consider?
First, you need to ask yourself if the idea of retiring in a foreign country is something you’d enjoy. Obviously, if you aren’t comfortable in an environment where English is not spoken as widely as Spanish, and where you are the one trying to fit in to the culture, such a move may not be for you.
Second, if you’ve never visited Ecuador, you need to go – several times if possible – before deciding. Learn the country, what spots appeal to you, how much it would cost to move and live there, etc. This will go a long way toward making this retirement choice the right one.
Lastly, remember that this is the start of a whole new phase. Keep your mind open, do the research, and, above all, enjoy the discovery of Ecuador and all that it holds.