Category: Ecuador for Investors

“So what percentage interest did you want?” She asked.

“Well, for me to deposit money with you in a CD, I’d need 10%.” I said to the bank rep in Ecuador.

“But for the smaller amount you’d like to deposit we only offer 8% (annual interest).” She responded.

Then continued.

“Well, OK, OK, we can offer 9%.” She added.

“And I can only deposit it fixed for a month, in other words, I need to go month-to-month. It can rollover into the next month if I don’t need it.” I said.

That’s what the conversation was like this week as I negotiated my interest terms with a “Coopera” where I do business here in Guayaquil, Ecuador.

Cooperas are like credit unions back in the States.

Not quite banks, but they offer better interest rates than the normal banks.

And foreigners can open an account there with just a passport whereas the normal banks in Ecuador often ask for proof of residency and other tedious requirements.

For amounts over $20k you can usually get around 10-11% annual return.

For amounts less than that usually about 8-10% APR.

But whatever rate they quote you, its highly negotiable.

Don’t be afraid to walk out.

They’ll probably call you.

But are they safe?

Just choose a reputable one with a proven track record.

I like Coopera Ltda as they offer good rates, have 12 yrs of experience and have offices in Guayaquil and Cuenca.

But remember you money is not insured nor regulated as it is in normal banks or even like credit unions in the US!

A great first step to any property search in Ecuador is to open an account and deposit your money (probably just sitting around doing nothing) on a fixed month to month CD deposit so that if you need the capital you can get it, and if you don’t it’s at least producing something.

It also gives you an account in Ecuador where you can transfer money to in case of a property purchase.

This is exactly the stage in my property search where I’m at right now, today is the first of a series of updates you’l get from me detailing EVERY step of the way as I begin a new property search and investment on the coast of Ecuador.

I’ll buy.

Then make a play with it.

Maybe re-sell, maybe not, we’ll see what the situation dictates.

I’ll fill you in on all my mistakes, highs, lows, and successes too.

You’ll have a great ‘birds eye view’.

My budget for this experiment is $30k or less, and basically I’m looking for a good investment on the coast.

Other than that, I’ve got an open mind (like you should too when property hunting in Ecuador).

So, stay tuned, my money is now in the Coopera making 9%, this is going to be good!

And I won’t be emailing once a week, I’ll email the important updates to you as they happen.

And for more helpful, useful info try my weekly newsletter on Ecuador living and investing, you can unsubscribe at any time:

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The Panecillo near where I was robbed.

“Are you serious, an apartment for a total price of $9000 in Quito?” I thought.

I gotta see this one myself.

You see, I’m in the market for a place in the north of Quito in the area starting from the Old Town all the way until about the airport.

This 1 bedroom condo for sale was in the old town, a one bedroom suite in a refurbished, subdivided, old colonial house.

Now, myself, like most folks who have spent significant time in Quito know that there are parts of the old town that are “shady” to say the least.

So I did diligence by doing a quick search for the exact location of the property on Google Maps and the spot checked out, right near the rejuvenated area near the famous “Panecillo” or virgin angel statue on the hill. Well, I doubt the “virgin” part if shes in Quito.

So off I went.

As I pulled up to the property, as can be expected for the price I wasn’t blown away with the house itself, but the suite was nicely finished, and I was right at the base of the Panecillo hill a short walk from the center of the Old Town.

The location was decent, just a block or two away from the nice part.

As I was walking out of the suite I turned left and started walking down the hill on the sidewalk with a big wall to my right.

After about a block 2 younger guys who previously walked past me in the other direction sprinted towards me from the back, one grabbing my shirt ripping the collar, the other pulling out a knife from his belt.

They were yelling something at me and trying to pin me against the wall.

When I saw the knife my heart jumped, this was for real, I was being robbed.

First time in my life. Couldn’t believe it.

Without thinking I reacted.

I threw my left arm up to shield me from the man lunging towards me with the knife and I dove.

Head first.

Right onto the concrete through the little gap that remained between one of the men and the wall.

I slid through, pushed myself upright and started running.

I didn’t look back until about a block later.

And they were gone.

And my hands were covered in blood from when I dove away baseball-style right onto the concrete.

I had lost chunks of flesh in my hands from the fall and my shirt was badly ripped.

I then walked a few more blocks.

I didn’t know what else to do.

Until I flagged down a taxi with my fists closed hiding the blood. I didn’t think they’d pick someone up with bloody hands.

And off I went.

Now, to be fair, in 5 years of being in and out of Ecuador and one year of permanent living, and a whole lot of dumb walking around at night, I can honestly say this is the first time I’ve been robbed in Ecuador and it’s NOT common.

I’d say violent crime is far less common in Ecuador than in the US, but petty theft is rampant just like you’d expect in any poor country.

In other words, if it’s not tied down, it’s gone.

The most common ways I’ve seen people get robbed in Ecuador is by taxi drivers who drive off with all the bags in the trunk of an unsuspecting, overtrusting traveler (seen it happen twice in a year) or when you’re in the bus and the workers of the bus line rumage through the bags and see what they can quickly find (seen guys do this once) while everyone is already boarded.

How can you avoid getting robbed like this?

Travel light, with only one bag so you don’t have to put things in the trunk of a taxi. And have a simple, cheap cell phone, maybe one you buy down here for $40 you can quickly pop an Ecuadorian SIM card in to connect to the local network.

And don’t walk long distances at night in the 3 major cities of Ecuador (Quito, Cuenca and Guayaquil).

Ecuador’s an AWESOME place that I highly prefer to the US, but there is a downside you should know about.

You gotta keep “yo head on a swivel” but for most that’s just part of the fun.

Cowboy rules.

And for more helpful, useful info try my weekly newsletter on Ecuador living and investing, you can unsubscribe at any time:

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There’s a lot of bad information out there on bringing your household goods to Ecuador.

Let’s clear the air.

Foreigners moving to Ecuador DO qualify to bring one container… one time… of their household goods TAX FREE just like Ecuadorian migrants living abroad who move back to Ecuador.

In order to qualify you need to have a residency visa and your goods need to arrive in Ecuador within 6 months of getting the visa.

Or within 2 months of your arrival in Ecuador.

Here are 5 common mistakes many foreigners experience when moving their goods…

This info was attained through an interview with Vicente Villafuerte, an agent for montreal movers and Storage Company, which can handle your move to Ecuador door-to-door. Contact Vicente at 1-866-942-4229 or at montrealmovers.com.

1. Shipping before getting the visa. Many foreigners ship before actually attaining the visa, which can be a grave error! Often, the visa process is delayed and your belongings may have to sit in costly storage in customs until you get your visa stamped in your passport and can clear your items. Get your visa first!

2. Applying for the visa from a distance. I recommend getting your visa once in Ecuador, it is much easier, faster and less expensive than applying from abroad but you will need to bring a few documents from your home country so do your homework beforehand.

3. Shipping prohibited items. Alcohol, and things like wine collections can not be brought into the country tax free, period, nor can guns or weapons of any kind. Guns are not permitted to be carried by the general public in Ecuador.

4. Not following the different rules for foreigners. Understand that different rules apply to foreigners when bringing their tax free container when compared to locals. Foreigners can not bring anything with an engine (like a car, motorcycle or plane) tax free in their container. While Ecuadorians moving back to Ecuador CAN bring one car up to 4 years old and with certain CC restrictions. Ecuadorians moving back can also bring one motorcycle or other type of motorized vehicle. The moving company you choose can help advise you if in doubt.

5. Not professionally packing their items. Have your moving company do the packing for you, it is usually included in the same cost and having professionals pack your items could save you a lot against having your items broken in transit. Before packing contact your moving agent to be sure your documentation and packing list are right, often even when you ship fully insured the insurance companies will fight not to honor claims. while a public insurance adjuster can assist with the claims process, he or she cannot get you more money than you are entitled to under your insurance policy. If you choose to pack yourself, Affordable Removals sells a variety of removal cartons and Packing Material Services both new and second hand to suit your needs. Cartons can be purchased back after your removal.Should you decide to move with us, we offer a carton loan service whereby we deliver as many cartons as you need to your door with an out of pocket expense of only $25. We will even pick up the cartons when you have finished with them, free of charge of course. We also supply TV boxes and portable wardrobes to use on the day of the removal at NO CHARGE.

By air or by sea?

Generally, if you have more than 15 cubic meters of cr@p it’ll be cheaper and make more sense to ship by sea.

How much will it cost to ship your goods to Ecuador?

Here are a few prices based on recent real-world examples…

Canada-Cuenca 8m3 $6,400

Miami –Cuenca: 1×20’ $7,000

Houston-Cuenca: 1×40’ $12.000

And for the exact process you’ll need to follow in order to bring household goods to Ecuador tax-free, without headaches and at the lowest cost try my weekly newsletter on Ecuador living and investing, you can unsubscribe at any time:

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Find more information at nobelrelocation.com/.

Thanks for sticking with me so far in this 15 day series…

We’ve covered many of the essential aspects of Spanish grammar, for beginners…

From here on out I recommend you read everything you can get your hands on to improve your vocabularly.

And watch movies first in Spanish with Spanish subtitles, then without, to improve your listening abilities.

And once in Ecuador, talk.

Talk talk talk.

You will make mistakes.

But it doesn’t matter as long as you get understood, you’ll get better as the weeks and months pass.

But the first step is the grammar, of which we covered pretty thoroughly these 10 days together.

Now, today on our last day together, let’s take a look at some need to know phrases... phrases you got to know right from your very first day in the country…

Take a moment, and memorize these guys, print out this email and bring it with you if need be…

a. Greetings and Common Small Talk

Hello = Hola
How are you? = Cómo estás?  (informal, “tu” form) / Cómo está usted? (formal, “usted form)

Important Note: In Spanish, they have two ways of saying “you”: an informal way “tu”, and a formal one, “usted”, but you can communicate yourself fine just using one all the time for now, so let’s focus on how to say everything using “tu” for “you”.

Good, and you? = Bien, y tu?
What is your name? = Cómo te llamas?

My name is ______ = Me llamo ______
It’s a pleasure to meet you = Mucho gusto.

Where are you from? = De dónde eres?
I am from _____. = Soy de _____.

How old are you? = Cuántos años tienes?
I am _20___ years old. = Tengo _veinte_ años.

Goodbye = Chao
Excuse me = Disculpe

Thank you = Gracias
You’re welcome = De nada

Yes = Sí
No = No
OK = Está bien

b. Translations

Do you speak English? = Hablas ingles?
Yes, I speak English = Sí, hablo ingles.

How do you say ______ in Spanish? = Cómo se dice _____ en español?
I don’t understand. = No entiendo.

Can you repeat please? = Repitalo por favor.
What does _____ mean? = Qué significa____ ?

c. Taxis

How much to _________ ? = Cuánto es para……?
Take me to _______ please. = Lleveme a _______ por favor.

That’s expensive. But I only have ________. = Está caro. Pero solo tengo ______.
I get off here. = Me quedo aquí.

d. Asking for directions

Where is ______? = Dónde está _____?
I’m looking for … = Busco …

Turn left. = doble a la izquierda.
Turn right. = doble a la derecha.

Go straight = siga derecho
street = calle
block = cuadra

esquina = street corner
here = aquí
there = allí
Is it far? = Es lejos?
Before/After= Antes de/ después de

e. Buses/Trains (autobus/trenes)

Where does this bus go? = Para dónde va el autobus?
When does it leave? = Cuando se va?
One ticket, please. = Un boleto, por favor.

f. Lodging (Alojamiento)

Are there any rooms available? = Hay habitaciones disponibles?
Id like a … for _____ nights.(Quisiera un _____ por ____ noches.)

Single  = Simple
Double = Doble

How much is your cheapest room? =  Cuánto es la habitación más barata?
How much per night? = Cuanto es por noche?

Can I see the room? = Puedo ver la habitación?
I am leaving now. = Me voy ahora.

Hotel: El hotel
Hostal: El hostal

g. to Eat (comer)

One table please. = Una mesa por favor
The menu please. = El menu por favor.
What is that? = Qué es eso?

Do you have…? (Tienes…..?)
-chicken (pollo)
-fish (pescado)
-beef (carne)
-pasta (pasta)
-rice (arroz)
-bread (pan)
-purified water (agua purificada)
-salt (sal)

Check, please. = La cuenta, por favor.
Where is the toilet? = Dónde está el baño?

h. Shopping and Bargaining (Ir de compras)

How much? = Cuánto cuesta?
I´m just looking. = Solo mirando.

Can you give me a discount? = Me puedes dar un descuento?
How is $5? = Qué tal $5?

Give me… = Dame…
expensive/cheap = caro/barato

Do you accept credit cards? = Aceptas tarjetas de credito?
Only cash. = Solo efectivo.

I. Money (Dinero)

Where can I change money?= Dónde puedo cambiar dinero?
Where is an automatic teller machine (ATM)? = Dónde hay un cajero automático?
What is the Exchange rate? = Cuál es la tasa de cambio?

J. Health (La salud)

I am sick. = Estoy enfermo.
Please take me to the hospital. = Por favor, llevame al hospital.
I am feeling better. = Me siento mejor.

K. Relationships (Las relaciones)

Do you have a boyfriend/girlfriend? = Tienes novio/novia?
Are you married? = Estás casado/a?

I am single = Estoy soltero/a.
Do you have a phone? What’s your phone number? = Tienes celular? Me podrias dar tu número?

My number is…. = Mi numero es ….
Want to have a cup of coffee sometime? = Quieres tomar un cafe algún día?

To continue reading and to go onto the next lesson please fill in your email below:

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