If you have read our article Why Pursue A Second Residency, you already understand the benefits of having an additional residency. You have many countries to choose from, so make sure you do your research! To get you started, we will be highlighting key aspects of different residency programs — beginning with residency In Ecuador.
Ecuador is a small South American country known for its amazing climate, diverse landscapes, friendly people, and well-preserved historic architecture. The U.S. Dollar is Ecuador’s official currency, but costs of living are quite low.
Ecuador’s residency by investment program is relatively affordable, but there are minimum stay requirements. To apply you will need a valid passport, birth certificate, police record report, proof of income, and proof of health insurance. You will need to have all of your documents translated into Spanish and apostilled.
A temporary residency visa is valid for 24 months, and can be extended indefinitely if you continue to meet the requirements. After three years, you can apply for a permanent residency visa. As a temporary or permanent resident, you are permitted to leave the country for 90 days per year.
If you want to pursue Ecuadorian citizenship, you must have your permanent residence visa for three years, and you cannot be outside Ecuador for more than 180 days/year during those three years. Please note that Ecuador does allow dual citizenship.
Some Ways To Obtain Ecuadorian Residency:
Prove Steady Monthly Income. If you own a rental property you can apply for the “Rentista” visa. This type of temporary visa requires you to prove that you earn three times the basic minimum wage in Ecuador. To apply in 2023, you will need to demonstrate that you have a tenant with a 2-year lease agreement, and the rental amount is at least $1,350/month.
If you are a freelancer or work remotely for a company, you can apply for the digital nomad visa. As above, you would need to prove monthly income of at least $1,350/month. You will need to provide bank statements for the previous 3 to 12 months and prove that you work for (or own) a real corporation or LLC.
Prove You Have a Pension. If you are a Retiree, you can apply for Ecuador’s Jubilado visa by proving that you will receive at least $1,350/month for the rest of your life, from a verifiable retirement fund or pension scheme. You will also need to provide proof of accommodation in Ecuador (a deed, or 2 year + rental agreement).
Deposit Funds in The Central Bank of Ecuador. You can obtain an Investor Visa by depositing at least $45,000 and keeping it in the bank for at least 2 years (the length of your temporary residency visa). However, if you keep the $45,000 in the bank for over 4 years you can apply for citizenship.
Purchase Real Estate. Another way to get an Investor Visa is by purchasing real property worth more than $45,000. You can buy a house, apartment, office, or empty land, so long as it is registered in the property registry and properly assessed by the municipality. Please note, you need to own the property for the duration of your visa, selling it will void your residency.
The above is a brief introduction to Ecuador’s residency program, and please remember that requirements can change anytime. Start by consulting the Ecuadorian government website to better understand the application process. If you think Ecuador is the right fit for you, be sure to contact a local immigration lawyer to discuss your residency options in more detail.