Today is the 3rd installment in the series “Starting a business in Ecuador”.

After defining your business idea, how you plan to fund it, and what type of legal entity your business will be, the next very important step in Ecuador is obtaining your tax ID number, or “RUC”.

If you’re thinking about ever doing any type of business in Ecuador it all starts with obtaining your “RUC”.

To get your RUC as a foreigner you need to be on any type of visa other than the simple automatic 90 day tourist visa stamp you get if you enter Ecuador with just your passport.

Tourists can get a RUC if they are on the 12-IV visa, applied for at an Ecuador consulate before coming to Ecuador.

If in the country on a visa other than the simple passport stamp (12-X) visa, all you have to do is go to your local SRI office in Ecuador (The IRS of Ecuador) and within a few hours you’ll have your RUC for free by taking a few copies of your passport and current visa and a utilities bill of your current residence in Ecuador (doesn’t have to be in your name).

Once you have your RUC you can get official numbered receipts made in your name, called FACTURAS.

Everyone you sell to will ask for a factura, it is the only way they will be able to write the expense off their taxes.

As a business owner in Ecuador its important to know that for most products you are required to collect a 12% sales tax called the IVA.

The good news is that the SRI is not as quite as sofisticated as the IRS in many ways and most people write off EVERYTHING they buy, right down to the KFC chicken for their kids, and in most cases at the end of the month don’t end up paying much IVA.

At the end of the year there is an income tax based on your gross profit on ECUADOR INCOME called the IMPUESTO A LA RENTA an approximate is the scale below:

up to $8910…you pay $0 tax
$8910-11350…you pay 5% tax
$11350-14190…you pay $122+ 10% tax
$14190-17030… you pay $406+ 12% tax
$17030-34060… you pay $747+ 15% tax
$34060-51080… you pay $3301+ 20% tax
$51080-68110… you pay $6705+ 25% tax
$68110-90810… you pay $10963+ 30% tax
$90810-and up… you pay $17773+ 35% tax

Most people, myself included, have an accountant that helps them sort out and minimize their tax liability in Ecuador but its still good to know what you are getting into.

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There’s a lot of bad information out there on this topic.

And it can cost you thousands.

I for one have been burned due to choosing my business type inconrrectly.

Lawyers are supposed to know the difference, and they’ll say they do.

But most don’t.

The first step to starting any new business in Ecuador is constituting it legally.

So in Ecuador, which business type is best for you?

Here is an overview of your 3 primary options…

Sociedad Anonima:  This is a type of limited liability corporation that is best suited for people who wish to sell shares to raise capital from investors.  This is the only business type permitted on the Ecuador stock exchange.  Shares can be bought and sold without consent of other shareholders and without the use of a notary.  Must have assigned board of directors and present quarterly and yearly balance sheets to government with the aid of a certified accountant.  The legal responsibility of the shareholders is only up to the amount they have invested in the company, their personal assets are not at risk.

Compania Limitada:  Another form of limited liability corporation where a shareholders personal assets are not at risk.  This type of Ecuadorian corporation is usually for family businesses with less shareholders because before one shareholder can sell their shares they must get consent from ALL the other shareholders.  Also, any transfer of shares must be done through a notary public in which case they usually charge around $400 to oversee the transaction.  Must present balance sheets to government and must hire certified account to manage the monthly tax payments who usually charge around $100 a month or more depending on the complexity and sales of your business.

Sociedad Civil:  The easiest form of business to start, this type of business is looked at legally as more of an “entity” and not a “business” for commercial purposes although can be used as such.  The personal assets of the parties involved are at risk if business flops.  In this business type you are given a tax ID number (RUC) like the other business types but you do not have to hire a certified accountant to manage your tax declarations nor do you have to present balance sheets to the government.  Not regulated by the Mercantil Registry like the other business types, the shareholders can act according to what is stipulated in the original contract.

Other fast facts…

Non-resident foreigners CAN create businesses in Ecuador.

For all the above business types you need at least 2 people in the association.

To form any of these businesses a lawyer can assist you from start to finish for the going rate of about $800.

Just like in the US, you can own property in the name of your corporation.

Which business type would I recommend? for that please subscribe to my weekly Ecuador Insiders Newsletter below, you can unsubscribe at any time:

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I think everyone should be in two types of businesses… in Ecuador.

Hospitality and agriculture.

Agriculture is self-explanatory.

Some people invest in metals, others the stock market, others rely on their pensions, but I say, if/when the sh-i-t really hit the fan, I think its best to have something real, something people need… like food.  And although small farmers may have been pushed out in places like the US, they still thrive in Ecuador.

And I like hospitality because I like to sleep.

Seriously, I often will sleep in well past 9 or 10am.

Now past 11am I just feel guilty so I usually don’t do it.

And in hospitality it’s one of those businesses where you go to sleep, wake up and have more money than when you went to sleep.

It’s nice.  And its something that doesn’t have to consume you if you can trust someone enough to hire a good person to run it for you (not all can do this).

Plus at least I’ll always have a free place to sleep if I need it.

You can be in both these businesses types and still keep your day job.

There are many types of hospitality businesses.  And you can find ‘em all in Ecuador.

Hotels.  Self explanatory, usually places with 20 rooms or more that cater to the short stay crowd.  Before starting beware of the amount of services your guests expect and the number of employees you will need.  A 24 hour business.

Hostels.  Caters to the younger backpacker crowd and usually has rent-by-the-bed dorm rooms.  A 24 hour business.

Bed and breakfast.  Usually a house converted into a small hotel.  More cozy personal feel for guests, some prefer B&Bs while other travelers prefer the privacy of a big hotel.  Like different flavors of ice cream, all good just different.  A 24 hour business.

Vacation rentals.  This is the least hands-on hospitality business where you can easily manage from a distance and do not need to have full time employees like the other hospitality businesses require.  This is when you rent out a whole housing unit (apartment or house) by the day, week or month to vacationers.  A growing international trend.  People who plan extended stays in places like it cause it allows them to cook and feel like they are getting a closer immersion to the local environment than a hotel can offer.  Not a 24 hour business.

Motels.  As it applies to Ecuador, different from the US, these are pay-by-the-hour places you go to shack up.  Usually on the outskirts of the cities in Ecuador.  Profitable yet slightly sleazy and it can be hard to get a permit.  A 24 hour business.

Eco-lodge.  Prevalent in the Amazon, its where people stay in local-style housing among a local indigenous community.  Can be profitable if marketed right.  Email me for help.  A 24 hour business.

Camp sites/RV parks.  Neither are common in Ecuador, due to lack of demand.  Everywhere in Ecuador except the Galapagos you can pitch a tent on the beach and sleep, but most opt to not do it due to security concerns.  Camp sites are few and far between and RV parks simply dont exist.  Not good business ideas for Ecuador.

Boarding house.  Common in Ecuador near larger universities, often a larger building or house with multiple rooms that rent room by room to primarily students who come from other towns to study, usually for around $100-150 a month per room.  Sometimes with ensuites bathrooms, sometimes not.  Not a 24 hour business.

Apart-hotel.  Usually a small hotel made up of independent multi-room apartments with furnished kitchen that can rent by the night, week or month.  A 24 hour business.

Retirement home.  Only the first couple are starting to pop up in Ecuador due to zero local demand.  For Ecuadoreans in Ecuador, it is a huge sin to put your parents in one of these homes.  Demand mainly caused by foreigners in Ecuador.  A 24 hour business.

Can’t say I don’t practice what I preach, come visit me at Quito Airport Suites.
So wheres best for these types of hospitality businesses in Ecuador?  For that dont miss my next installment by subscribing to my weekly Ecuador Insiders Newsletter, you can unsubscribe at any time:

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This week I sold a business I owned and ran for a year and half, Hostal Murali in Guayaquil, Ecuador.

It was going good, in fact, January of this year, 2013, was a record month in sales for us.

It wasn’t even really for sale.

I just got an offer and took it.

Business is business.

You can’t be too sentimental about these things, sometimes its just time to move on.

So what sticks out as big lessons learned?

Well, even if you’re the type, like me, that prefers to do things on your own, when starting a new business in a foreign country you’re not familiar with it sure helps to have a local partner you can trust.

In Murali, I had one Ecuadorian partner, a wealthy friend of mine who I had known for several years prior from a short stint I did in the country as a marketing consultant.

I probably would not have had the balls to throw everything I had into a business in a new country without having the local support network to rely on.

Of course we had our differences but we worked well together, I learned a lot, and we ended well.

You can find trustworthy Ecuadorians, just maybe not your first week or two in the country!

Also, I’d say the best way to learn a business is to just do it. You’re not going to learn it by taking courses (although universities would try to tell you otherwise), interning or consulting (you’re still an outsider).

The only way is being that 9-5 employee or owning the business.

Once you know the country a bit the local partner isn’t entirely necessary anymore, in fact, a month ago I started Quito Airport Suites as a solo operation, a small hotel near the airport in Quito, and everything is going good so far.

So if you’d like to meet stop by my new business and say hello!

So where would I invest on the coast right now in 2013? Which areas are moving and which aren’t? For that, sign up for my weekly Ecuador Insiders Newsletter below, you can unsubscribe at any time:

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I get this question a lot…

“Should I Rent or Buy property in Ecuador?”

Complicated question, with a simple answer.

Most people who move to Ecuador wish to at least maintain their standard of living, if not improve it, while seriously lowering their cost of living.

To do that, you should buy on the coast of Ecuador while rent in the highland areas of for instance Quito, Cuenca, Loja, Cotacachi.

Why?

Well, the rentals in the highland towns are cheap and high quality with nice two bedroom apartments usually starting around $300 a month unfurnished.

Heck, my friend rents a decent 3 bedroom house in the highlands in a valley near Quito for $150 a month.

While on the coast the area is more rural, there is less to choose from and you likely will have to settle for a very cheap, very Ecuadorian rental existence usually with cement floors and leaky roofs (which most of us foreigners can’t handle) or pay a premium for a decent rental, usually not under $600-700 a month for a decent 2 bedroom place.

Meanwhile, land on the coast can still be had VERY cheap, starting around a few bucks a meter, especially if you are willing to live a few blocks off the ocean, obviously beachfront would be more expensive.

Yet it can be difficult in the highlands to find a decent 2 bedroom place in a nice area for sale under $50k or cheap land in town either.

That’s why if you ask me this very general question I give you this very general answer.

Buy on the coast, rent in the highlands.

It’s best to buy and build/ renovate something to your own standards on the coast, while consider renting in the highlands.

So where would I invest on the coast right now in 2013? Which areas are moving and which aren’t? For that, sign up for my weekly Ecuador Insiders Newsletter below, you can unsubscribe at any time:

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Teak wood is at a premium.

India craves it.

And Ecuador has it.

And right now the Ecuador government is offering an incentive for reforestation projects reimbersing 75% of the operating costs of any reforestation project for the first 4 years of growth, which happen to be the most costly years of the harvest.

Teak wood is a hard, luxury wood that grows in dry, tropical climates. Specifically it grows well with 9 months of dry and 3 months of wet just like in many areas of coastal Ecuador.

Often Teak trees in Ecuador that are 8 years old look like the Teak in Costa Rica of 12 years.

You see, Ecuador has the dry climate Teak love, their roots are deep roots that reach the deep undertable water making rainfall unnecessary.

Entry costs: Where best to grow?

For me, the most idela areas for this business is the Emalme to Quevedo coastal plain areas… the average price of raw land in the area ideal for Teak farming is going for $1500 per hectare. It’s best to buy vacant land and grow your own plantation. But land ideal for teak is raising in price.

The hottest opportunity area I see for starting a Teak farm is the Pedro Carbo area where the climate is right, a few savvy farmers are already having success and land is still cheap at $800-$1200 per hectare.

Flat land is needed for optimum Teak farming. Plus, the land should never flood.

The harvest:

Trees are usually planted 3 meters apart to all directions meaning you can fit about 1100 trees per hectare of land. To have the most profitable farm it is preferred to have around 100 hectares.

Projected Operating costs:

For a new 100 hectare Teak farm your biggest expense will be the labor costs. You will need one Agricultural Engineer to manage the farm for the first three years. Agro-engineers in Ecuador in this role as farm manager usually make around $1000/month. You’ll also need about 14 minimum wage workers ($318/month) to water the farm and clear the undergrowth among other general farm maintenance work. That’s $5452 per month or $65,424 a year.

Water is attained through wells. Electricity isn’t a significant cost.

On average all inclusive, the first year you can expect to invest about $2000 per hectare of crop, but thereafter you can cutback on farmhands to the point where the most efficient farms spend about $400-600 per hectare annually.

Harvest time:

Your first harvest can be at the 8 year mark when your wood is sold by the cubic meter. 1 tree = 3 “trozas”, 9 trozas = 1 cubic meter = $230 based on diameter min 44cm $110. At the 8 year mark you can expect to have around on average 800-900 trees remaining per hectare. So from 900 trees which are 8 years old we can expect to make 300 cubic meters of wood for sale at the current prices (which are likely to rise) of $230 per m3 giving us a gross income per hectare of $69,000.

The real money can be made if you can wait to the 15 or 18 year mark when each single Teak tree can command $300. But only expect to have around 350 Teak trees remaining of the original 1100 you planted at the onset. This would give you an income per hectare of $105,000.

The sale:

The sale of Teak is VERY easy. No marketing needed, you produce it and the buyers will come hunt you out! You make the deal, they come, they cut and they usually handle the rest including the export.

The potential profit:

Assuming you bought in the Pedro Carbo area for around $800 per hectare, then proceeded to invest $2000 the first year in each hectare, then $600 for each year thereafter for 7 more years, your total investment per hectare comes to $7000. So in 8 years if you can generate an income of $69000 from that same hectare you will have multiplied your investment about 10 times.

Of course, the set-back for this business model is that you need money to play, big money, and time too.

The kicker:

But what makes this business REALLY profitable, right now, in Ecuador, as mentioned earlier is that the government is willing to pay 75% of your operating costs the first four years you are in operation. To qualify for this “type of grant” whether you are Ecuadorian or foreigner you need to fill out the application documentation and submit it to the MAGAP (Ministerio de Agricultura, Ganaderia, Acuacultura, y Pesca) and solicit an inspection of your farm.

Upon approval of the grant you will then need to begin harvest. At the end of one year the MAGAP will once again inspect your farm and refund 75% of the money you have spent on the upkeep depending on what percentage of the original trees remain alive. And for the next three years you can get the refund following the same process.

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Recently, I completed my first export from Ecuador. 

Ecuador-themed 2013 wall calendars. 

A big 9 kilo box of them. 

What did I learn? 

Well, it’s not as easy as just taking them to DHL and “chao”. 

1. First, you have to check to see if the product you’re shipping will have to pay import tariffs upon entrance to the country you are shipping to.  To do that, you’ll need to find out the HS Code, every product has one.  The fastest way to find it is to “Google it”.  For instance, “HS Code calendars”.  Or in Spanish “partida arancelaria calendarios”.  Or you can go to this link from the Ecuadorian Customs and search it by the name of the product (in Spanish)… http://sice1.aduana.gob.ec/ied/arancel/index.jsp

2. Then, you can use the handy free tool online at macmap.org after free registration to see if the product you are exporting will incur an import duty to the country you are exporting to based on the country you are exporting from.  Register than follow the link that says “Market Access Map” and fill in the blanks with the HS code of your product. 

3. (If applicable) In the Mac Map tool from the last step, if it appears that the product you are exporting would incur a duty yet doesn’t because it falls under a special bi-lateral treaty then in order to take advantage of the benefit you will need to get a Certificate of Origen (Certificado de Origen).  It’s not as hard as it sounds, to get one in Ecuador you will need to register in the website of the Ecuapass, portal.aduana.gob.ec .  Choose the option “Solicitud de uso”.  In the menu choose “Ventanilla Unica” then fill in the form at “Elaboracion de DJO”.  Then choose “Elaboracion de CO” and fill in that form completely, but you will need to pick it up physically at the local offices of MIPRO where you reside in Ecuador.  The cost is minimal.  But my wall calendars according to Mac Map enter the US at 0% duty so I could skip this step. 

4. Then choose your shipping carrier.  For important documents I recommend DHL, you can get items from Ecuador to the USA quick, usually in about 2 days (for about $60).  But for a box that weighs 9 kilos like mine it would cost $350 to ship, while with the general post of Ecuador CORREOS ECUADOR it only cost me $150.  Correos Ecuador does give you a tracking number where you can check the shipping status online and works with the government post services of other nations. 

However, if I register as an exporter at ExportaFacil.gob.ec I can ship internationally with Correos Ecuador at about half the price of the normal shipment of $150.  For me, it cost just $72 to ship the box.  You will need to obtain an Ecuadorian tax ID number (RUC) from the SRI to sign up for the discount program. 

5. Once your goods make it to the final destination the easy way is to pay a friend or relative to ship them off one by one to their final destinations or if exporting to the USA, you could use a service like Webgistix.com.  They receive, unpack, warehouse and ship products to their final destination for a fee. 

My calendars arrived. 

They sold.  All good. 

But I underestimated how long they would take to arrive. 

Allow 4 days to arrive in Miami from Ecuador with Correos Ecuador.  Then allow another 2 days for the package to clear customs, more if your package hits the US on a weekend when offices are closed.  Then another 2 days for it to get to its final destination in the USA.  Then give it 2-4 more days when mailing the items within the US unless you’d like to pay more to overnight them. 

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“I’d love to offer my marketing service to Ecuador businesses, but what would they pay me?” A friend told me recently over a coffee in Ecuador.

He was right.

Did Ecuadorian businesses need his service, just like businesses in the US do?

Yes.

But were they willing to pay him what the service is worth?

No.

After a year and a half in Ecuador, I feel like I got a bird’s eye view of this s-h-i-t.

Like in most ‘third world’ countries, in order to make money in Ecuador you have to sell a product.

Your own product.

So stop thinking like an American, or someone from a service-based economy, and stop trying to sell services.

I mean…

Don’t start a travel agency… build your own specialty tour and sell it through the travel agencies.

Don’t become a real estate agent… flip your own properties.

Don’t become an ESL English teacher (it doesn’t pay like it does in Asia)… start your own English school.

Don’t offer a service to exporters… export something.

Don’t be a financial advisor… sell shares of your own niche investment fund.

Don’t offer your service as an electrician, plumber or builder… start your own specialty lighting business.

Don’t offer your service as a professional video editor… make your own videos.

Don’t look for someone else to hire you (employees start out making $318USD a month)… start your own business.

I can’t stress this enough, you need your own ‘thang’.

My first few months in Ecuador I spun my wheels trying to sell a marketing service to Ecuador businesses, I learned the hard way, now you don’t have to.

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Man, I wish someone would have told me this a year and a half ago.

Really, sometimes info is worth money.

The door to Ecuador residency really is wider open than it even seems to be.

Now, the easiest way to get a resident visa in Ecuador is to prove you have a pension of over $800/month.

But what if you don’t have a pension?

Then you have to buy your way in with an investor’s visa.

But it’s actually cheaper than advertised.

Sure, you can lock up $25k or more in a one year CD which than qualifies you if you trust Ecuador’s banks.

Or…

You can buy a property municipally valued over $25k.

Here’s where it gets interesting…

You don’t actually have to pay $25k.

Or scowl the earth in Ecuador looking for a property that is municipally valued over $25k, many properties, although worth well over $25k are municipally valued far under that.

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The new airport scheduled to open February 20 will have profound effects on the city of Quito.

Skyscapers will now be allowed to be built higher, which could drive already high (for Ecuador) property prices downward.  The area around the current airport will probably wither on the vine, it already is a seedy area that will not get any better now that the legit airport-related businesses will be on their way out.

Many travelers whose final destination is somewhere in Ecuador other than Quito will probably opt to go through now more convenient Guayaquil or not bother to pass through the city of Quito at all scheduling their connecting flights back to back to their international arrivals.

The short Quito-Guayaquil flight is the most trafficked route in all of South America, but may not be any longer as more people will choose not to travel as often or use the bus considering the increase in travel times.

The area of the current airport will  be converted into a park, convention center and several large roads servicing the different areas of Quito.

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“They paid …how… much?” …

… I said earlier this week while visiting a wedding on a hacienda (small country home) outside of Quito. 

“$1500, just for the day.” The owner of the hacienda told me. 

“Damn.” I responded, “and they don’t even sleep here.”

It’s true, from my time in Ecuador I’ve noticed no matter how much or how little Ecuadorians make, they spend BIG money on three things…

Clothes.

Beer.

And weddings (Often over $10-12k). 

Big money.

And weddings are a commonly overlooked rental opportunity here in Ecuador. 

Where I’m at now, just outside of Quito, as I check in from my smart phone, the haciendas charge anywhere from $8-12 per person charging for a minimum of 100 people.  (That’s $800-1200 minimum daily rate for the hacienda owner.)

For even larger wedding receptions with up to 400 people, which are common in Ecuador, most haciendas will charge a flat daily rate usually around $1500-2500. 

The only costs to the hacienda owner (you) are what you’ll need to pay to a guard for the day (around $20) who helps park the cars and a cleaner that takes care of the bathrooms and premise in general during the event (around $20 for the day). 

You’ll also have to pay for the cost of running the electricity generator for the day (DJs and weddings use a lot of electricity) and you’ll put the toilet paper (not much). 

Everything else is organized and paid for by the bride and groom or the wedding planner. 

In order to rent your place like crazy, your hacienda needs to be at least 2000m2 in size and have plenty of space for the tents and have well-kept green grass. 

It needs to be excellently gardened. 

Have at least two outdoor bathrooms (the wedding guests won’t even use the house on your premise!)

And an attractive entry gate. 

Plus have an electric generator. 

And a small room with a mirror and couch where the bride and go and freshen up (like an actor’s room). 

Additional extras that aren’t necessary but helpful include… a small wedding chapel, a small pool in the shape of a lake with a small bridge over it (the bride and groom will stand over it while the parents give speeches (a cheesy Ecuadorian tradition)). 

In Ecuador, it’s common to get married in the church around 11am, then go to the reception around 1pm which usually lasts until about 8pm, but can go as late as 12 midnight.  

Folks pay you the hacienda owner the daily rent and must leave by 12 midnight or pay extra.

Where’s best to have your hacienda for wedding rentals in Ecuador?

Keep in mind Ecuador has two main cultures.  The people on the coast live one way and the highland people have their own customs. 

The same goes for weddings. 

On the warmer coast, hacienda rentals is not much of an opportunity, because most folks prefer to get married in the church and have their receptions in air conditioned hotel ballrooms or on the beach. 

In the highlands, its common for folks to get married in the church, then go to a hacienda near the city but in the countryside for the reception. 

By far, the most in demand area for hacienda wedding rentals are the valleys near Ecuadors capitol city, Quito. 

Specifically the Cumbaya or Tumbaco areas. 

How much is land going for in the Cumbaya area?

If you look like the locals look in the way I describe in my full guide to housing hunting in Ecuador you can find haciendas going for around $70/m2.  Many go for more though and I’ve seen prices as high as $200/m2. 

How do you promote your hacienda for wedding rentals once you have it? 

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“This is insane, feels like a job interview.”

I thought this week as I found myself being interviewed for the “priviledge” of renting an apartment in Quito.

Next to me was another guy who was being jointly interviewed for the same apartment.

“So why should I choose you?” The owner of the apartment asked.

As I sat up in my chair I replyed… “Well, I’m clean, quiet and pay on time.”

Then she asked the other guy the same question and said OK I’ll call you tonight if I choose you.

As we left other folks interested in the apartment were entering.

She never called back.

I didn’t get it.

Now, I’ve rented in hot rental markets like San Diego, Honolulu, Madrid and China, but I’ve never seen a place where its so competitive to find a decent rental at a decent price.

The demand is huge. Certainly one of the best opportunity areas to own a rental in Ecuador.

It’s definitely not like the vacant, abandoned buildings in many areas of my home city, Cleveland, Ohio.

Quito is at capacity.

But I’m not surprised.

The planes to Ecuador are packed.

People are coming in droves.

The price is right.

Like one friend told me Brazil was like 10 years ago.

Now, the planes to Brazil are practically empty.

It’s too expensive due to the exchange rate. Nice country, but they’ve priced themselves out.

The sweet spot right now, or the rentals that get taken the quickest in Quito are the ones in the north of the city anywhere from the Mariscal/Floresta/Catolica area of Quito up until about the area of the “Y” and the Jipijapa area.

The most in-demand area is the very centric Carolina Park area near the biggest malls in Quito like Quicentro.

That’s where most locals and foreigners alike want to be.

The long-term rental apartments that go the fastest are the 2 bedroom ones in the above area in the $250-400 a month range.

Literally, for decent rentals in the above-mentioned area in this price range if you publish an ad in the local paper by the afternoon you’ve found a long-term tenant.

Really its the quick.

And the wait is only a bit longer if your rental is higher-priced.

Now, you could buy in this area starting around $35-45k and if renting long-term for the above prices would generate a 10% annual return not to mention the capital gains the market is experiencing.

Annual property taxes for an apartment in Quito of this value usually run less than $100. And condo fees are usually less than $40 a month, and the tenant usually pays that.

Nicer and newer 1 and 2 bedroom apartments in the same area can go for around $60k and you could command a bit more rent.

Quito rentals are hot indeed.

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Parque Machalilla near Puerto Lopez, Ecuador.

At the start of 2013 it was reported by the INEC (Instituto Nacional de Estadisticas y Censo) that the consumer price index in Ecuador was at $595.70 (per month) compared to $578.04 at the end of 2011.

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As reported by the INEC (Instituto Nacional de Estadistica y Censos) in Ecuador in 2012 the annual inflation was 4.16% compared to 5.41% from 2011. A noticeable decrease.

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The President of Ecuador announced this week the new minimum wage in Ecuador would be raised for 2013 from $292 USD per month to $318 USD per month due to inflation and production figures.

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People often complain about how expensive it is to fly to Ecuador.

But it’s true when compared to closer destinations like Costa Rica or Mexico.

Flights from the US/Canada to Ecuador can often cost $1000 or more.

For some it’s a deal-breaker.

But it doesn’t have to be.

I’m spoiled.

I often get to Ecuador from the US for under $180 and now you can too.

Here’s how… But first, remember I said “cheap” not necessarily “comfortable”.

To start, you have to get from where you live in the US to Miami or New York City.

I buy two separate flights. One to Miami/NYC and another to South America.

Or I do it even cheaper and hitchhike, AMTRAK or take the Greyhound bus to Miami.

Then once you’re in Miami (or New York) buy a one way flight from Miami to Armenia, Colombia on my favorite budget airline (that doesn’t yet fly to Ecuador) Spirit Airlines.

Armenia in western Colombia is the closest city to Ecuador they fly.

If you buy at least a month in advance you can get a flight often less than $150, for instance, now I’m seeing flights in late January and early February on the Spirit website for around $135 to Armenia from Miami with taxes and everything included.

In fact, you’ll find Colombia to actually be a nice place to visit.

Plus, Colombia is a place that doesn’t require a roundtrip ticket to enter. Whereas Ecuador officially does require the return although most the time they don’t enforce it yet sometimes the airlines will not let you on the plane to Ecuador without the return passage.

I know, it’s confusing but it is what it is.

Colombia is far removed from the bloody 80’s, 90’s and Escobar years. I should know, I lived there for a year recently and learned of this strategy because I wanted to visit some old friends and get from the US to Ecuador cheap.

A really nice area to visit near Armenia is the “Coffee Triangle” or “Eje Cafetero”.

Once in Armenia take the 2 ½ hour bus ($4-5) to Cali, another interesting town and a famous salsa dance Mecca.

Once in Cali hop a little crop-duster-type plane to Tulcan on the Ecuadorian border with one of the several tiny Colombian airlines that aren’t well advertised on the net like Satena. I’ve caught flights as low as $65.

Or to it even cheaper hop one of the frequent daily buses (15 hours, $20-30) from Cali to Tulcan.

It’s a scenic ride and one beautiful stop along the way is Popayan, a pearly-white colonial town in the southern hills of Colombia.

Then from Ipiales, Colombia cross the border to Tulcan (Ecuador), get your passport stamped and hop one last bus 4-5 hours ($5) to Quito.

That’s it! You made it!

If you’ve been keeping track, if you fly to Colombia and bus it the rest of the way you can get from Miami, USA to Ecuador one way for around $175 in 2013.

Especially great for people who are coming to Ecuador one way!

OR if you are over 65 and have an Ecuadorian Cedula meaning you are an Ecuador resident OR Ecuadorian citizen, you can buy national or international flights for HALF PRICE, any time of the year with the Ecuadorian airlines of Aerogal, LAN or TAME. Preferably buy in person at the airports or by over phone to get the senior discount.

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It’s nice to be treated special just for being a foreigner in Ecuador.

In fact, for those that know about the program, foreigners don’t even have to pay the sales tax on items made in Ecuador.

It’s true, the Ecuador government is now refunding foreign “tourists” the sales tax they paid on items made-in-Ecuador and on hotel stays when the invoice amounts over $50.

The sales or VAT tax in Ecuador is 12% and that is the amount that is refunded.

All you have to do to receive your refund is save your receipts (facturas) and fill out the brief form you can pick up on a little stand just outside of the check in lines for international flights in Guayaquil and Quito.

Also, you’ll want to bring an envelope and a copy of your passport.

Then present your goods at the SRI-CAE counter in the check in luggage lounge in Quito or Guayaquil or if no one is attending deposit the envelope with your invoices, copy of passport and form in the mailbox located in the pre-boarding (departure) lounges in the international airports in Quito and Guayaquil.

The refund accreditation is carried out only through a credit card that must be under the name of the applicant.

There are no limits to the refunded amount, so if you’re not sure if an item you bought qualifies for the refund, just deposit the invoice anyway and see what happens.

Afterward, you can check the status of your refund using your passport number through the official Ecuador SRI website sri.gob.ec.

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Some get one for the “show”.

Some get one to feel like Bond when the cute airport clerk asks for their passport…

…so their reply can be “which one?”

Some get a second passport and dual nationality for tax, business or other personal reasons.

At least if you are an American who likes to travel you should seriously consider it.

Fact is, a quickly growing amount of countries these days charge Americans a stiff fee for entry visas when other nationalities walk in free or for pennies on the dollar.

China, India, Brazil and Bolivia all fall under this category.

As I discovered last year traveling through the middle east, other surprisingly nice countries are sadly off limits to Americans.

Many in fact.

Thankfully, Ecuador still warmly receives Americans as they do Europeans or Canadians.

And it’s relatively EASY to get dual citizenship and thus a second passport from Ecuador.

After sitting down with an immigration official this week, in December of 2012, here’s what I learned about how you can apply for Ecuadorian dual citizenship…

The main requirement is you need to be a resident of Ecuador for a minimum of 3 years from the date in which you get your first “cedula (Ecuador ID card)” or 2 years if you have an Ecuadorian kid.

You then need to gather the following documents:

1. Birth certificate apostilled (if from a country from within the apostille treaty like the US) or legalized by an Ecuadorian consulate abroad and then translated.
2. Copy of passport notarized and the original with the current resident visa.
3. Copy of cedula notarized and original.
4. Certificate from both the SRI (the Ecuadorian IRS) and the BIESS (Social Security) stating you have no outstanding debts to either. (Certificacion de no ser deudor.)
5. Your Ecuador police record and immigration movement documents. (Movimiento migratorio y record policial)
6. 4 passport photos.

The cost is $700, $200 paid up front, then $500 after being approved.

And there are no language tests, dorky Ecuadorian history tests nor required military service or further obligations upon attaining Ecuadorian citizenship.

Ecuador income is taxed by the Ecuador government, foreign income is not, regardless of if you are a citizen or not.

Currently, unless Peruvian or Colombian all foreigners need to apply for citizenship out of the Quito immigration office on Av. Carrion and 10 de Agosto.

That’s it.

Now you’ve got your Ecuadorian passport and can waltz freely through South America, the Galapagos, the Middle East and Cuba without paying a cent of visa fees or hassles.

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I’m done. Six weeks, 3 tiki huts built with oceanviews near Montanita.

3 VERY different styles.

Non are luxury, but two of the three are nice for the middle-end or middle-higher-end traveler while one without much of a view is for the budget backpacker/surfer type.

Remember when I got quoted $3000-3500 for each tiki hut? And when I said I knew of others in the area that pull in around $50 a night on the weekends and $20 or so a night on weekdays?

Well, I built mine with kitchenette, balcony, 1 bedroom, 1 bath ensuite with WIFI for new arrival expats and travelers looking to rent anywhere from 3 days to one month, maybe while they search for something else long-term.

Well, here are the exact FINAL COSTS of the construction of each…

Tiki Hut 1, The budget option with little ocean-view built with a cement floor and cement block with the “Sing” metal sheet roofing so common in this area of Ecuador. It has WIFI and a mini-stove and bathroom (all in the same room) while the shower is behind a curtain out back. I hope to rent it to a surfer or backpacker for around $100 a month or $5 a day for shorter time periods. It’s good enough for me and someone not very picky, I could live there if I needed to live somewhere rent-free. It is very soviet-esque but comes furnished with bed, table, chair, Wifi internet, electric cooker, sink, and a half bath with the shower around back which does have a curtain. Currently its listed for rent at $85 a month.

Total build time = 6 days. (One Ecuador workweek).
Total size = 16 m2 or 172 ft2

FINAL COSTS

Floor and mini-support columns
-8 sacks of cement at $6.65 = $53.20
- 1/2 m2 of sand = $9.15
- 1/2 m2 of rock = $10.20
- 6 Rebar of 8mm = $31.86
total= $104.41

Walls
Cement block (250 units) = $77.50
6 Sacks of cement = $39.90
Door = $45
Lock and door knob = $12
No glass windows installed, only cement block windows with mosquito screens.
=$174.40

Roofing
7 sheets of metal “Sing” = $77
4 wooden support cross beams = $36
Mosquito netting = $25
= $138

Installations
Toilet and sink = $95
Shower head = $8
Electricity installation of one light = $24
3 points of water and plumbing installation (toilet, sink, outside shower) = $60
Random plastic tubing, wiring and electric/plumbing accessories = $34.68
Electric stove = $14
= $235.68

Labor = 2 men, one lead builder (maestro $150) and an assistant (oficial $90) for one week, total = $240

TOTAL COST $892.49

Tiki Hut 2, I bought this All-wooden hut pre-built from a builder I know from the Ecuadorian Amazon, Tena region. It took 3 days for them to install it on my location elevated a few feet above the ground. It has a wooden balcony, wooden floor, wooden walls, a “sing”roof, a beautiful oceanview, one bedroom, one bathroom, a sink, kitchenette, mini-refrigerator, WIFI, one queen bed, closet, one full bathroom with a hot electric-powered shower with a tile floor and vinyl-covered walls.

I had to tile the floor myself first laying a small web or rebar, then laying a 5 cm layer of cement, then laying the tile… and then I had to stick vinyl on the bathroom walls with rubber cement as well as install the water and electricity outlets and hook up. For rent (based on market prices) at $20/ night, $95/week or $230/month, the price is the same for one or two people.

Total build time = 7 days.
Total size = 24 m2 or 258 ft2

Total cost of pre-fabricated wooden hut installed on site= $3200.

Total cost of bathroom supplies, tile for floor = $56
Vinyl for bathroom walls = $72
Installation of plumbing (4 points) = $84
Installation of electricity (4 points) = $48
Toilet and bathroom sink set = $85
Electric shower head = $24
Sink for kitchenette with accessories = $56
Electric wiring, plastic tubes and other plumbing and electric accessories = $78
Labor (2 days to install bathroom floor, lead maestro) = $50

Total cost = $3753

Tiki Hut 3, This was my baby, and boy I had no idea what i was getting myself into. By far the most labor intensive and time consuming, I designed the hut myself based off similar “mixed” models in the area. Due to inexperience building these types of huts (it was my first time) I made mistakes all along the way that caused me to go about $2k over budget (see the end of this email for details).

By “mixed construction” I mean a building that uses a mix of both eco-materials like bamboo and normal construction materials like cement and brick. My idea was to build an elevated structure a few feet off the ground with a cement, tiled floor and walls made partially of brick and bamboo.

The roof would have bamboo cross beams and a typical-for-the-area grass roof with a hidden layer of heavy-duty plastic and mosquito netting to keep the bugs out. The hut would have a balcony, one bedroom, one full bathroom with electric-powered hot shower and a kitchenette area complete with a countertop, sink, mini-refrigerator, one queen bed, closet, WIFI and a dining table for two. I did it, and it looks great, but not without learning a lot along the way. For rent (based on market prices) at $20/ night, $95/week or $250/month, the price is the same for one or two people.

Total build time = 5 weeks
Total size = 30 m2 or 322 ft2

TOTAL COSTS

Labor costs
4 laborers for 3 weeks (2 lead builders, 2 assistants), 3 laborers for additional 2 weeks (2 lead builders, 1 assistant)
Lead builders (maestros) I paid one $150 a week and the other $140 a week.
Assistants (oficiales) I paid $90 a week
Extra $80 for extra men the day we poured the floor
Total= $2250

Material costs unit cost total cost
5.5 m3 of rock for construction $20.35 111.93
3 m3 of fine sand for construction $12 36
5 m3 of large-grained sand for construction $18.30 91.50
72 Sacks of cement $6.65 478.80
1 screwdriver $1.34 $1.34
11 Material transport cost $7 77
25 Rebar of 12mm $11.77 294.25
39 Rebar of 8 mm $5.31 207.09
18 Rebar of 10 mm $8.19 147.42
31 steel wire for tying rebar $.88 27.28
1 Wire #14 100m $27.50 $27.50
2 Paintbrushes $1.87 3.74
2 Pairs of rubber gloves $1.60 $3.20
1 Flex meter $3.03 $3.03
1 Net to filter sand $3.16 $3.16
45 4-meter boards of low quality wood for construction purposes $3.40 $153
28 m2 large floor tiles for bedroom and kitchen 5.18 $145.04
1 SIKA 4kg Acelerante $5.37 $5.37
2 Red Teflon Paolo $.41 $.82
2 drain piece for shower $2.25 $4.50
10 nails for cement 2.5” .08 $.80
20 nails for wood 2.5” .84 $16.80
1 Tube Connector $2.09 $2.09
1 Tube 110 mm $10.04 $10.04
10 Viruta #8 $.60 $6
10 lbs of 2” nails $1.63 $10.63
3 lbs of 3” nails $1.63 $10.63
Tubes for plumbing $2.65
34 Bamboo thin 4 meter stalks for construction purposes $3 $102
3 4×4 wood cuartones $6.35 $19.05
1 mangle (wood beam) 5 meter $13
2 doors nicely finished $70 $140
2 Door lock $12 $24
6 Caja Rectangular Plastigama Plumbing accessories $.76 $4.56
1 Caja Octagonal .76
5 Tomac 1228 2.37 $11.85
1 Tomac P-68 2.14
2 Interruptor 1100 1.79 $3.58
8 Perfiles 4x4x2.3 2.61 $20.88
2 Brushes for wire 1.60 $3.20
2 Viruta #8 .58 $1.16
2 Windows with wood frames nicely finished $100 $200
25 stalks of diced Bamboo $3.50 $87.50
15 m2 of Beige tile $9.06 $135.90
7 m2 of Sabina Beige tile $7.81 $54.67
30 units of designer bathroom tiles $.76 $22.80
4 Bags of Porcelain, grout $1.73 $6.92
16 Sacks of Bondex Titania 20kg cement $4.24 $67.84
4 Sacks of Bondex Premium 20kg cement $12.41 $49.64
Varios Tubes and plumbing/electrical accessories $478.89
2 Electric saw blade $4.50 $9
10 Cabo ¼ $.22 $2.20
1 metal sink $28.57
30 m2 Black heavy-duty plastic for roofing $1.56 $46.80
3 units Maderol 1000cc $10.26 $30.78
2 Piola Nylon Ponte Selva #6 $1.87 $3.74
8 Sack Granite pebbles $2 $16
1 Codo 50×90 Plastigama 1.20
1 Sifon 50mm Plastigama $4.01
2 llave de pared for kitchen plumbing $21.87 $43.74
3 Tubes for toilet 1/2×7/8 2.36 $7.08
16 screws 8×2” .05 $.80
1 6” brush Wilson 9.55
8 Rosetron Bakelina .58 $4.64
1 Connectors for bathroom sink $9.82
8 Tiras (wood for construction) 1.56 $12.48
10 Cuartones (wood for construction) 2.93 $29.30 744.5
6 units sandpaper #120 .35 $2.10
3 units sandpaper #80 1.35 $4.05
3 units sandpaper #180 .35 $4.05
1 unit handicraft wood for balcony $60
6 bundles palm frowns for finishing roof $25 $125
Other wood costs for construction not calculated above $100
2000 Bricks .21 $420

Total material cost: $ 4306.86

Total cost = $6557.36

Final conclusions, lessons learned, notes to self + you:

- Buy pre-fabricated if you can find a design you like! It will save you time, hassle and money!

- Build on the ground, not with an elevated floor to save costs on rebar and time. This error cost me a bit over a $1000 and caused me to go over-budget!

- Build with cement block and the typical metal-sheet roofing when feasible to economize, use brick for decorating and highlighting only. Bricks are very time-consuming to build with.

- Shop around for doors and windows prices range greatly.

- When building an elevated floor or multiple floors find someone to rent you their construction wood planks, the ones they use to hold up the cement.

- Have your own pick-up truck type vehicle during construction and save greatly on transport costs.

- Once your floor and support columns are in most of the heavy lifting is done and you can reduce personnel.

- Always be prepared for construction projects in new countries to cost 50-75% more than you planned for if managing yourself.

- Although feasible and even a bit fun, if you aren’t a builder it’s really not a good idea to manage a construction project yourself.

- There is a reason Ecuadorians build like they do, and like I followed with TIKI HUT #1, don’t reinvent the wheel, try to build as they do to economize but maybe while adding a few “perks” that add value to your place and make it somewhere you’d like to live.

-Building with eco-products like Bamboo actually is MORE expensive than building with cement and cement block.

- Buy as many fixtures, furniture and materials as possible in the nearest big city to save costs, on the southern coast that would mean buying in Guayaquil.

-Buy all the rock, sand and cement bags you will need for the project beforehand to save time and costs considering you have a place to put it.

- If building on your own get at least a couple “expert” opinions beforehand, I only got one, wasn’t enough, wish someone would have told me at least what I just told you, it would have saved me thousands!

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This week I got a question from a friend…

“Dom, I heard you offer a free visa consultation for those interested out of your B&B in Guayaquil, I’m headed back to the US for 3 weeks, what documents and things do I need to bring back to Ecuador in order to get a residency visa?”

Great question.

As with any visa process, there is a laundry list of requirements all attainable rather pain-free once already in Ecuador. BUT there are a few requirements you CAN’T get in Ecuador, so you will need to bring them from your home country.

Regardless of your choice of visa, you will need to bring…

1. A birth certificate apostatized by your secretary of state (for US citizens only) or have your birth certificate certified/legalized by an Ecuadorian Embassy in your HOME country. I recommend getting your documents certified by an Ecuadorian Consulate, some state apostles no longer look like apostles so some immigration officials won’t accept them even though they should. Ecuadorians love STAMPS.

2. A local police record check from where you’ve lived the last five years… you’ll need this document apostatized or legalized by an Ecuadorian consulate in your home country. A federal or FBI check is not necessary.

3a. For MARRIED folks, you’ll need an official copy of your marriage certificate apostatized or legalized/certified by an Ecuadorian consulate in your home country.

3b. For SINGLE folks, your proof of “single” status can be obtained from the Secretary of State in your former home state (in fact NOT from a consulate like the Ecuadorian Cedula employee told me earlier this week), but a certified divorce decree, will also serve the same purpose. This document also needs to be apostilled or legalized by an Ecuadorian consulate in your home country. (THIS IS ONLY NEEDED FOR THE CEDULA, NOT THE RESIDENCY VISA.)

For folks applying for the PENSIONERS resident visa…

4. You’ll need a document serving as proof of your pension from the issuing institution legally apostatized or certified in an Ecuadorian Consulate in your home country. For instance, this can be a BENEFITS STATEMENT from a social security or disability pay out.

For folks looking to get an investors visa the first 3 requirements are all you need to bring to Ecuador, the rest is attainable once here and translations of foreign documents to Spanish IS necessary but can be done cheaper once in Ecuador.

Random visa notes and Q&A based on yesterdays email…

- First a correction, as of July of 2012, you can, in fact, get both your residency visa AND cedula (Offical Ecuador ID card) in Cuenca as well as in Guayaquil and Quito. I think many are still unaware of this, like I was, cause many folks still come to Guayaquil to get cedulas when they no longer have to.

- Sc@m alert… one subscriber emailed me.. “I was told by someone that there were coming changes that would make getting a residency visa harder and that if I give him $1395 that he could get me “grandfathered” in so that I wouldn’t have to deal with all the new requirements.” … my response. This is simply not true, the requirements MAY change, who knows, but their are currently no plans to do so. This sounds like a dishonest sales pitch.

- Question… “[one guy] said he could get me my residency papers right away, but I wouldn’t have to come down right off, they’d be ready for me when I came down. In other words, that’s all bunk too?”

My response… I would NOT start this process from abroad… just wait until YOU ARE IN ECUADOR to begin the residency process… AND DONT use a lawyer who will likely overcharge you and then not do the work! It is really NOT necessary to use a lawyer for visas in Ecuador. This is something you can do yourself if you speak Spanish or to save a bit of hassle you could hire a facilitator (like me when I have free time ), for instance, I charge $350 and within one month you can get both your residency visa and cedula. That’s about the going rate. Lawyers usually charge double or triple that and often take MUCH longer to complete the job.

- Question: “I just received my 12-1x visa yesterday and am going back the states next thursday. What effect does my leaving have on my visa. Do I save days on the 180 for time spent away?”

My Response… I’ve seen people leave Ecuador with time left on a visa and when they come back they are given ONLY the remaining time until the visa expires. For a different scenario, as for the free 3 month stamp upon entry, for example, if you come to Ecuador for 2 months, leave for a month, and come back they probably will stamp your passport upon entry allowing only a 1 month stay because in a year you are only allowed to be in Ecuador for 3 months on the free tourist stamp. It works similar for visas like in your case.

- Question: “Can you explain the requirements once a residence visa has been obtained? Must a permanent resident reside in Ecuador full time or is part time sufficient?”

My Response… technically, they say officially that you need to be in the country for at least 9 months a year your first two years, but unofficially I know several people who have spent less time in Ecuador with no problems. The only time I foresee a problem is if you plan to apply for Ecuador dual citizenship as allowed after 2-3 years of residency.

- Question: “How long is the residency visa or cedula valid?”

My Response… Residency visas in Ecuador are “Indefinite” meaning you never have to renew them as long as you meet the requirements of which you used to get your visa.

- Question: “I can’t move to Ecuador yet do to my job, but should I get the residency visa now?”

My Response… you can be in Ecuador up to 6 months a year on tourist visas, so just do that if you don’t plan on living here… why go through the hassle and expense if you aren’t even going to live here, for now. If you don’t move here now, chances are you never will… that’s just how life is, am I wrong?

- Question: “Dom, I’m already in Ecuador, but I forgot the aforementioned documents, can I still apply for the residency visa?”

My Response… no! You will need these documents before applying but you CAN send away for them from Ecuador if you have a good friend in your home country who can gather these documents for you and DHL them to you… I just did this this week for someone and from the US to Ecuador DHL delivered in 2 days!

- Question: “Dom, how long does it take to get the residency visa and cedula once submitting the application?”

My Response… 3 weeks to one month. If it takes longer there may be a problem or you may have selected the person to help you get your visa and cedula poorly.

- Question: “Dom, oops, I overstayed my visa in Ecuador, is there a fine or sanctions I will be subject to?”

My Response… As of 2012, there is no more fine for overstaying your visa although corrupt immigration officials may still try to charge you it… I’ve seen it happen, just a few weeks ago!…You can however hold firm and they likely won’t insist. There is however restrictions on when you can come back into the country unless you get approved for a visa before coming back to Ecuador. Always best to stay legal.

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