Invest In Ecuador

What would I do with $30k in Ecuador right now entering 2018? I'd put it in a CD with the JEP credit union in Ecuador.They offer 1 year certificates of deposit earning a yearly interest of 9%. And you can even opt to get paid the interest monthly. Hard to beat that. Even countries that historically pay good interest rates are paying low now on their CD's, Russia is paying around 4%APY and Brazil only around 3%APY. I know, I'm invested there as well.... Anyone can open an account with them with just a passport, it's not as strict as the normal banks. But I think you'd have to be stupid to invest more than $32k with them because that is the maximum amount deposits are insured until per depositor. Now I did lose money a few years back when that other credit union closed in Ecuador, the Coopera, but there is a big difference between the JEP and Coopera, the JEP is insured by the government of Ecuador, Coopera wasn't. $30,000 deposited at 9%APY generates a nice income of $225 monthly. Not a bad way to start 2018. And if you have more money you'd like to invest I'd consider the inexpensive beach property in Ecuador. Dom Buonamici

Doing business in Ecuador is actually quite EASY comparatively to the USA. But you gotta know the basics. And hire a good local accountant, they don't charge much, mine charges me around $35-50 a month.... But here's 6 things you HAVE TO KNOW before you start a business in Ecuador. ALL of which my buddy who was already actively doing business in Ecuador had no clue about and was not doing! 1. First, if you buy a business or a property with a business attached, i.e. a hotel, have the previous owner fire all the current employees before you start, you can hire one or two of them back if you want, but don't just keep them on, because when you fire people in Ecuador you have to pay them quite hefty "liquidation payments" based on how long they've worked for you so be sure the previous owner takes care of that before you get on or you will inherit their accrued time. 2. Next, know you MUST affiliate all your employees to the IESS social security system and pay a percentage of their wage to said organism every month. Even part-time employees, the only exception is when hiring contract work in which case ask for the factura or official receipt for the work rendered. 3. Also, know that any business must get a tax ID number called a RUC (foreigners can get one) and then you must give all your clients official receipts for their purchase based off the RUC called FACTURAS on which you charge the 12% sales tax called IVA, and once a month declare with the help of an accountant your sales and expenses and pay the sales tax you collected on the claimed profit. 4. Especially if you are going to have a sign on your establishment in the street, permits are necessary yet generally easy to attain in Ecuador. Inquire at your local Municipal which are necessary for your specific business type. 5. There is an income tax in Ecuador called IMPUESTO A LA RENTA that needs to be declared and paid every March. It's much lower than in the USA and for most income brackets it's less than or around 15%. Ask accountant for assistance. 6. You must pay employees two bonus payments yearly, one equal to the minimum wage in August (which hovers around $400) and one equal to their monthly salary in December. You must make them sign a document (ROL DE PAGOS) once you pay them that your local accountant can give you upon request. That's it! Know that, hire an accountant for the particulars and you're off to a great start! Dom Buonamici

Banos de Ambato (like the Galapagos) is one of those places in Ecuador I can confidently tell anyone to go, and know they´ll like (if not love) it. For me, it reminds me of Switzerland in the summer, a quiant little town packed into steep green mountains and next to a volcano with a bunch going on. Very inexpensive, great nightlife, nice mild year-round climate, a bunch of adventure sports to try, the list goes on. But here are 5 of my personal musts while in Banos...... 1. Where to stay: Best value place and where I stay is the HOTEL GALA INN. Conveniently located near hot spring baths and town center, clean, friendly staff, on-site parking and all for around $15 per person. 2. Where to eat: If you are not eating the delicious trout off the grill try the BAMBU steakhouse in the town center. Best steak I´ve had in Ecuador for reasonable prices around $10 a plate even for the T-bone or filet mignon. 3. What to do: You can raft, bike, rent a moped or four-wheeler and more but one cool thing I just did that most tourists don´t know about is the beautiful hike up to the Virgin Mary above the town. Very safe and picturesque. Took about 1 hour. Free. Starting point is near the cementery. 4. Also try... be sure to check out the "columpio" or swing on the top of the mountain overlooking Banos. You can swing out into the abyss. Then finish your day soaking in the hot thermal springs like the locals do as sunsets. 5. Pamper yourself with one of the cheap massages with prices ranging from $15-20 for 1 hour. They seem like clean, professional places, sorry no happy endings this time.

I Retired Early Thanks to Ecuador's Affordability By Janette Sullivan Nearly four years ago, my husband, Brian, and I decided to pull the pin and move from Ontario, Canada to Cotacachi, Ecuador. This is not all that uncommon...except that we were 45 and 33 years old respectively....Continue reading

I Could Never Afford This "Private Beach" Paradise in the U.S. By Todd Gorishek My wife, Heidi, and I moved to Ecuador from Utah just over a year ago. We wanted to swap the regular routine back home for a more stimulating, affordable lifestyle. We first lived in the beach community of Bahia de Caraquez but moved to the temperate mountain city of Cuenca last April. While we enjoyed the city's grandeur and the natural beauty of the mountains, I realized I wanted to get back to ...Continue reading