Ecuador

Ecuador, situated in South America, blends diverse landscapes and a rich cultural heritage. With around 17.5 million people, the nation marries indigenous traditions with Spanish colonial influence. Quito, its capital, rests high in the Andes. The economy is built on petroleum, agriculture (notably bananas and flowers), manufacturing, and a growing tourism sector. While Spanish is the official language, various indigenous languages are spoken. Ecuador adopted the US Dollar as its official currency in 2000. The country’s natural beauty, from lush rainforests to the iconic Galápagos Islands, is complemented by its cultural diversity, making it a captivating South American destination.

The residence program in Ecuador involves obtaining a residency visa, which comes in two types: temporary and permanent. Temporary residency visas are valid for two years, with the flexibility to leave Ecuador for up to 90 days annually. After three years and being on your second temporary residency visa, you can apply for permanent residency, maintaining the same physical requirements as temporary residents. Spending 183 days or more in Ecuador qualifies you as a tax resident. To obtain a residency visa, you’ll need to provide the necessary documentation and clear criminal background checks for yourself and other applicants

• Low investment requirement: The minimum investment requirement for the residence by investment program in Ecuador is US$31,500. This is one of the lowest investment requirements for any residence by investment program in the world.
• Short processing time: The processing time for the residence by investment program in Ecuador is typically 3-6 months. This is much faster than the processing time for many other residence by investment programs.
• Path to citizenship: After three years of permanent residency, holders of a residence by investment visa in Ecuador are eligible to apply for citizenship.
• Tax benefits: Ecuador offers a number of tax benefits to foreign residents, including a tax exemption on foreign-earned income and a capital gains tax exemption on the sale of real estate held for more than 10 years.
• Stable economy: Ecuador has a relatively stable economy with a low inflation rate.
• Pleasant climate: Ecuador has a pleasant climate year-round, with average temperatures ranging from 65 to 85 degrees Fahrenheit.
• Beautiful scenery: Ecuador is a beautiful country with a diverse landscape, including mountains, rainforests, beaches, and the Galapagos Islands.

Here are the essential requirements for obtaining a residency visa in Ecuador:

• Valid passport with photocopies
• Police record report
• Birth certificate
• Marriage certificate (if applicable)
• Medical certificate (e.g., proof of private health insurance)
• Proof of income

In addition, if your official documents are not in Spanish, they must be translated by a recognized translation agency and then notarized. Your documents also need to be apostilled for authentication. It’s advisable to have clear, color copies of your passport, and those of any dependents you wish to include in your application.

Residency with a Rentista visa

A Rentista visa is a temporary residency visa that allows foreigners to live in Ecuador for up to two years. It is available to foreigners who have a guaranteed monthly income of at least $1,275 USD. This income can come from a variety of sources, such as a pension, social security benefits, or investment income.

Residency through bank deposit

Another option for obtaining residency in Ecuador is to deposit a certain amount of money into an Ecuadorian bank account. The required deposit amount varies depending on the age of the applicant, but it is typically around $25,000 USD. Once the deposit has been made, the applicant must maintain it for at least three years in order to keep their residency status.

Residency through real estate

Foreigners who purchase a property in Ecuador worth at least $35,000 USD are eligible to apply for a temporary residency visa. The visa is valid for two years and can be renewed indefinitely.

Investment visa

The Ecuador investment visa is a permanent residency visa that is available to foreigners who invest at least $250,000 USD in Ecuador. The investment can be in a variety of forms, such as a business, real estate, or government bonds. Once the investment has been made, the applicant and their family members are eligible to apply for permanent residency.

Fees:

Notes:

The application fee is a one-time fee and is non-refundable.

The visa fee is payable annually and is non-refundable.

The administrative fee is a one-time fee and is non-refundable.

The renewal fee is payable annually and is non-refundable.

Dependents can be added to your residence for an additional fee.

Please note that these fees are subject to change at any time. It is always best to check with the Ecuadorian government for the most up-to-date information.

Is it required for me to renew my Andorra investor visa?

Initially, the investor and their family are granted a one-year residence permit, which can subsequently be extended for two years, followed by another two years, and ultimately for ten years. During the renewal process, the investor must demonstrate their presence in the country for at least 90 days, timely payment of bills, and regular income credited to their account.

What are the tax benefits of relocating to Andorra?

Andorra’s highly advantageous tax policies make it a preferred destination for the affluent, drawing individuals from Spain and France who seek residency to benefit from favorable tax regulations. Residents enjoy various tax exemptions, including income from government bonds, dividends, and capital gains on certain investments. Capital gains tax is waived on assets held for over ten years, with no double taxation if the investor has already paid more than 10% in capital gains tax in their home country. Personal income tax rates range from 0% for income up to €24,000 per year to 10% for other scenarios, with self-employed individuals contributing €450 per month for social security. Corporate tax stands at 10%, with the potential for a 2% reduction in specific cases. Andorra’s VAT rate is only 4.5%, resulting in cost-effective prices for goods and services compared to neighboring countries. To obtain tax residency, spending more than 183 days annually in the country is required, and active residency status necessitates a specific request to the tax office.

Is dual citizenship possible in Andorra?

No, individuals who are citizens of Andorra cannot hold dual nationality; they must renounce their previous citizenship.

Will my child automatically acquire citizenship if born in Andorra?

No, a child born in Andorra to foreign parents does not automatically gain citizenship. Instead, citizenship is granted after their parents have chosen to relocate to Andorra and have resided there for a period of ten years.

Make Ecuador your second home 

Visa-Free Countries

POPULATION

18,245,500 (2023 est.)

GDP (per capita)

$11,700 

GDP (purchasing power parity)

$33,900 

CAPITAL CITY Quito

TIME ZONE Ecuador Time (UTC-5)

TOTAL AREA 283,561 sq km (109,484 sq mi)

LANGUAGES Spanish (official), indigenous languages (e.g., Quechua, Shuar)

CURRENCY United States dollar (USD)

MAIN INDUSTRY Agriculture, oil and gas, tourism

SCHENGEN/ EU Not part of the Schengen Area or the European Union

KEY ADVANTAGES

• Affordable cost of living
• Diverse and stunning natural landscapes
• Rich cultural tapestry blending indigenous and Spanish influences

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Disclaimer
The materials contained in this page are provided for general information purposes only and are not intended to provide legal or other professional advice. Processing times and costs will vary depending on a number of factors. CitizenMatch is not responsible for any changes to the time and cost estimates; we can provide specific information on an individual basis. All rights reserved.