Banking and buying property

We arranged to buy property before having a bank account set up. It is fairly easy to wire funds to the seller from anywhere in the world, so a bank account in Ecuador isn't necessary for the transaction.

(On a side note: a pensioners Visa uses provable regular income to obtain citizenship, while an investment Visa uses real estate or cash holding to prove financial independence. Two totally different types of Visas with different requirements.)

My husband receives his pension into his account in Canada and we withdraw as necessary from bank machines here, but we do have an Ecuadorian bank account to pay for things like utilities etc.
You didn't mention if you were in Ecuador already. Which ever you choose to do first is really a personal choice, it's not like one needs to come before the other. I hope that helps.

Thanks for the fast reply

I am currently living and working in the UK, I retire next year (sep 16) age 60 with a lump sum of approx. 65000 usd and a weekly income of 120 usd. These are from my work pension, which I can access before my state pension..

I can't claim the state pension until I'm 66, and if I'm living abroad my state pension has to be paid into a bank in my (new) country of residence

With this in mind visa 9-11 seems to me to be the applicable visa.

so once I've found a property I like and having done the required checks title / lien etc I arrange for the money to be wired from my uk account into the sellers account

does this sound feasible ?

thanks in advance for your reply

philadams11 wrote:

I also am looking at buying property in Ecuador, which will  allow me to get a resident's / pensioner visa, which should I do first - get the bank account set up or buy property ?

Everything Red told you is correct.

Answering your final question definitively may depend on your situation.

For instance, if you already have a property picked out, a solid attorney in place and are not in a rush to move to Ecuador, you might commit to buying the property now before someone else beats you to it.

However, under normal conditions, most expats should obtain a residency visa first if that is a priority.

Reasons:

1.  Property transactions can take much longer in Ecuador, so if your visa would be based on one, it could be delayed a long time.

2.  It is widely advised not to buy or build on property in Ecuador until you have lived in the target area for at least one year.

3.  Typically, it is much easier to invest in a 25K bank CD than to complete a real estate transaction.  Either is good for the residency visa.  Later, the CD-based visa can be converted to a real estate-based visa and, at that point, you can convert the CD back to cash if you wish.  Work with an experience immigration attorney, at least for a consult, if you do this: for example, Sebastian Cordero in Quito, scordero(at)gcabogados.com

cccmedia in Quito

philadams11 wrote:

buying property in Ecuador...will  allow me to get a resident's  visa, which should I do first - get the bank account set up or buy property ?

Don't presume you can open a bank account in Ecuador before you have a residency visa and the national ID.

It may be technically possible at one or two banks, but they may have other difficult requirements to meet.

Have you visited Ecuador yet?  Many of us love it, but it is not for everyone.  Some find the coast too warm or the elevation of the highlands (over 8000' for Cuenca, over 9000' for Quito) causes health challenges.  Some find it daunting to learn Spanish and leave after the ensuing sense of isolation or the constant need to rely on other Gringos to get things done.

There's no indication in your profile or your posts that you have visited Ecuador.  If not, please consider coming for a visit before making any drastic moves.

cccmedia in Quito

thanks   the credit deposit idea is certainly worth serious consideration

much appreciated

In 2002-3 I lived in Bolivia for 9 months : 3 months at height in la paz   the rest in the amazon basin

so I'm fairly certain I can handle  the physical aspects

philadams11 wrote:

In 2002-3 I lived in Bolivia for 9 months : 3 months at height in la paz   the rest in the amazon basin

So I'm fairly certain I can handle the physical aspects.

No, amigo, you cannot make that assumption at age 60, based on how you did 13 years or so earlier.

I started coming to Quito in 2001 as a visitor, and I find the uphill walking and physical activities markedly more challenging nowadays.

You have to experience it now to know for sure.

cccmedia in Quito