Eucador Investment Visa | An Incomplete Guide

Overview:

You may have heard about promotions regarding obtaining residency in South American countries through deposits, and Ecuador is one of the well-known countries on the South American continent where you can achieve residency through investment.

According to local laws, regardless of the type of investment, if a foreigner invests an amount equivalent to 100 times the national minimum wage in Ecuador, they can obtain a two-year temporary residence visa (Residencia Temporal Inversionista).

Ecuador’s national minimum wage (salario básico) requirement changes annually, so the minimum investment required for the visa also changes annually. In 2024, this requirement is $45,000.

So, simply put, any foreigner who invests more than $45,000 in Ecuador can obtain a local temporary residence permit.

You can deposit $45,000 in a two-year fixed deposit in an Ecuadorian bank: after making the deposit, you only need to maintain the principal amount, and you can withdraw the interest monthly. The interest rate for a two-year fixed deposit in an Ecuadorian bank ranges between 3% and 8%.

You can also purchase property in Ecuador with an assessed value (tax value) of more than $45,000. However, the market value of real estate in Ecuador is generally higher than the tax value. For example, you may spend $50,000 on a house, but the tax value of the house might only be $30,000. In such cases, you would not be able to apply for an investment visa.

You can also invest $45,000 in establishing a company locally and engage in business operations.

Regardless of the type of investment, you need to maintain the investment for the entire two-year duration of the visa.

Application Process:

If you want to apply for an Ecuador investment visa, you need to complete the investment first and then submit your application. The main process can be divided into the following steps:

1. Complete the Investment: The first step requires the applicant to enter Ecuador at least once, open a bank account locally, transfer funds, and choose an investment field to invest in.

Ecuadorian banks do not support online account opening, so the applicant must go in person.

2. Submit the Application: After completing the investment and gathering all the required documents, you can make an appointment with the Ecuador Ministry of the Interior or an overseas consulate to submit the visa application in person.The required documents for this program include:

• Identity Documents: Passports and copies of passports for all applicants; two 5cm x 5cm color photos with a white background; proof of relationship documents such as marriage certificates and birth certificates.

• Criminal Record Certificate: A criminal record certificate issued within 180 days before the application date for each adult applicant.

• Application Form: Can be filled out online; the link is provided here.

• Proof of Health Insurance:Proof of Investment: If you provide a deposit certificate, it must be issued by the Central Bank of Ecuador, and the deposit must be made in one of three local Ecuadorian banks: Pichincha, Pacifico, or JEP.

• Proof of Financial Means: Generally, you need to provide the bank statements of the primary account for the past six months to prove financial means.

All documents from outside Ecuador must be notarized, and all non-Spanish documents must be translated into Spanish.

If you apply for the visa at the Ecuador Ministry of the Interior in Quito, you can usually receive the visa on the spot, and you will immediately receive an electronic investment visa upon approval.

The visa fees for the entire program vary by applicant: the primary applicant needs to pay a $1,500 fee, the spouse $1,400, and each child under 18 needs to pay a $600 visa fee.

Dependents:

For the Ecuador investment visa, the primary applicant’s spouse and financially dependent children can settle in the country as dependents.

Visa Validity:

The Ecuador investment visa is valid for two years and can be continuously renewed under the original conditions. You are not required to actually reside in Ecuador.

Ecuador’s minimum wage, salario básico, changes annually, but for investment visa holders, you only need to renew your visa based on the investment amount required at the time of your first application.

For example, some people who obtained an Ecuador investment visa in the 2010s with a deposit of $30,000 still only need to renew their visa every two years with the original investment requirement of $30,000, not the current $45,000.

Regarding actual residence, if your goal is permanent residency in Ecuador, you will need to reside in the country for 21 months after obtaining the investment visa, with no more than 90 days spent outside Ecuador during that period.

In the first two years of permanent residency, you also cannot leave Ecuador for a total of more than 180 days.

Foreigners can apply for citizenship after three years of permanent residency in Ecuador.