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5% tax on transfering fund out of Ecuador
Dec
30
2011
Hi, how do you think this recent law will affect our lives as expats in Ecuador? And what about any property we bought.
Thanks.
Answer #2
Hi Carina, I just opened a CD for my investment residency and I am getting almost 6% interest on it. If I had opened an account at a different bank I could have gotten at high as almost 9% for locking in for a year.
Seems to me when I do the math that it works out in my favor even if I took the money out in a year….not that that is likely since I’m not going ANYWHERE! I love it here. Ecuador is my new home.
Answer #3
Hi SanChel,
It sounds like you used your investment CD to qualify for your residency visa. I have read that you need to lock the CD in for a one year period in order to qualify for the investment Visa. Just wondering if you can share your experience on this?
Thanks.
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Answer #1
Hi Carina;
I dont think this will affect our lives much, if at all. As far as I know there has been a transfer tax in effect for quite some time. As an expat, I have yet to transfer money out of Ecuador, only into it for living expenses and items that I want to purchase such as real estate etc.
I dont personally see any effect on our property either, unless you are going to sell it and try to transfer money out of the country. I guess it depends on how you look at it in reality. Many things governments do have little to no effect on the daily lives of the people that live under that government and it is the same here. Many times the panic button is pushed when something comes along that, in reality, will have little to no impact on our lives. This is just my opinion of course and others will have differing ones…I just tend to not worry about the things I can not control and work around what I can.
larryp