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Where's ya put the money, honey?

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Restingnow
  10/7/2017 07:49 EST

Greetings. Am getting ready to plunk down the $25K for an investor's visa. Anyone care to share recent experience/advice? Am leaning towards keeping it simple, i.e., getting a CD from JEP or Pichincha Bank. I believe it will be easier to open an account with JEP and that they'll offer a higher interest rate. Or does anyone have a suggestion for an investment (muy seguro) that would hedge against a decline in US dollar value? All ears. Thanks.

Restingnow

kmarch
  10/7/2017 07:53 EST

Consider a 3-yr. CD instead of one. Every time you renew your CD you must go through the process to prove the renewal and transfer the new CD to the Banco Central in Quito. It's - to me - a pain in the butt. Once every three years instead of annually makes life a little easier. 29-de Octubre Bank offers 3-yr. CDs with rates equal to JEP.

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MontanaExPat
  10/7/2017 13:36 EST

Hello
Why exactly do you need to put $ 25,000 in a CD? I dont live in Ecuador so I am trying to learn.

Are you opening a business? Buying Real Estate?

Johninnv
  10/7/2017 14:12 EST

One of the methods to obtain long term or permanent visa is to "invest" $25,000 in Ecuador. There are other ways, but this is one method to get approval.

gerat1
  10/7/2017 15:51 EST

How do you open the JEP account without the cedula ? They would not let me unless I had a utility bill in my name. I am only here on a tourist visa for 6 months so do not have a utility account.

Restingnow
  10/7/2017 19:24 EST

Hola Gerat1,

Someone told me that I'd need the utility bill from my address, but that it could be in the landlord's name. Haven't verified that yet. Anyone else out there with experience in this? Thanks.

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Restingnow
  10/7/2017 19:28 EST

Much appreciated kmarch... I like the idea of not having to repeat the process each year. Thank you.

kmoriarty45
  10/7/2017 22:36 EST

When opening a bank account it is required to show proof of a permanent residence address - ie. a copy of a utility or cable bill with your home address on it. In a case where all your utilities, cable and home phone are covered through your rent, then I suggest you get either a letter from your landlord with their signature and cedula # and the address of the property , ( certified ? ) stating you live there or a monthly rent receipt with all the information on it. Check with the bank or credit union that you've chosen to see what their specific rules and regs - each has their own little idiosyncrasies.


I think, years back, when I opened my first account, I used my TVCable bill or contract, since the utilities were in my future wife's name.

icemeister
  10/8/2017 09:29 EST

When I opened bank accounts the banks accepted recent utility bills only (<3months) and if they were in the name of the landlord, a photocopy of your lease was all that was needed.

I too use my TVCable bill because it's the only paperwork I have with my address on it, other than that lease agreement.

Restingnow
  10/17/2017 15:49 EST

Following up kmarch (others with interest?)
Went into the coop JEP in Guayaquil today and was told I'd need an Ecuadoran social security account in order to bank with them. The manager said she thought it was something political, that I should try a commercial bank.
Would you know if 29-de Octubre now also has this restriction? I'd certainly like to earn 8 1/2% on a 3 year CD. Any suggestions? (I'd call them myself if my Spanish was mejor.)

Restingnow, though a little bummed.

kmoriarty45
  10/17/2017 15:58 EST

An Ecuador Social Security card ? I assume you are referring to a cedula ?

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Johninnv
  10/17/2017 17:00 EST

Is this a classic "catch 22"? You need to invest $25,000 for an Investor Visa but you can't invest without a cedula....which you don't get until your visa is approved?
Who's on 1st?

OceanHideaway
  10/17/2017 20:19 EST

You were requesting the wrong account to start with...

You need a cedula for a checking account and for a CD.

You begin your visa process with a "cuenta de ahorros" a saving acoount and then transfer to a CD for your visa.

Chat with Dana Cameron, our visa guru and she can explain how it all works.

[email protected]

Restingnow
  10/17/2017 20:29 EST

I thought that the JEP manager was referring to a social security account, and that this was different from a cedula. Someone else just told me he thought that this was required for doing economic activity in the country. Any experts out there? I'd surely rather earn 8 1/2%.

kmarch
  10/17/2017 21:18 EST

I never heard such a thing as no account without an Ecuador Social Security Account.
Contact Giovanna at the Main JEP Office in Cuenca and ask her your specific questions. She speaks English.
Her Email: Giovanna Rivera - [email protected]

kmoriarty45
  10/17/2017 22:32 EST

I'm with kmarch, I've never heard of an Ecuador Social Security Account.


I think you may have misunderstood the JEP manager. Follow kmarch's advice and check with someone higher up the food chain.

gerat1
  10/18/2017 10:55 EST

The JEP office in Quito insisted that I need a cedula for a CD as well.
Maybe it is different in Cuenca.

Restingnow
  10/18/2017 14:23 EST

Interesting isn't it... One world, such diversity! :-)

Received a very nice and detailed response from Giovanna at Cuenca JEP, where they would need confirmation of a USA social security #, not an Ecuadoran account. Don't know if I misunderstood them at Guayaquil JEP, or if they actually have different requirements. And I probably won't be finding out soon. Have decided to go with Pichincha Bank. They have branches in Manta, where I expect to settle, and JEP hasn't found a foothold there yet, though they're getting closer.
And so it goes. Is it free-will that guides us in making decisions like this? I doubt it... but that's my Hindu background talking.
Y'all have a great day, and thank you for your caring input.

Resting

Restingnow
  10/18/2017 14:37 EST

Also kmarch, I checked out 29-de Octubre's website (they are in Manta) and had the impression that they're requiring a cedula for their CD's. So I canned the co-op idea without going any further. Thank you for the suggestion.

Johninnv
  10/18/2017 15:38 EST

Hi Restingnow,
Welcome to Manta area. I am a newish expat from the las Vegas area currently living in Santa Marianita, about 20 mins from Manta.
Been here 6 weeks on a tourist visa and will be soon applying for an investor visa when I return from a 2-week stay in USA where I will get the final copies of my apostilled forms to bring back with me. email is [email protected]
Keep me posted on your continuing experience please...and I'll buy you a nice lunch and beer!

Restingnow
  10/18/2017 18:59 EST

Uuuurrp :-)

gerat1
  10/19/2017 09:34 EST

I don't think you will have any better luck at a bank without a cedula. I ended up getting CD's at several small Coops at 10,000 in each one.
This would not be helpful as a means of qualifying for investment visa though.

WVolpe3
  10/19/2017 10:09 EST

You need cedula because most banks in the world don't want to open accounts for Americans. The international reporting requirements for the banks suck since our country's debt is so big they are the only superpower on the planet trying to tax you wherever you are.

Johninnv
  10/19/2017 10:38 EST

You are correct that the international reporting requirements for US CITIZENS are onerous for US CITIZENS and Corporations...but the reason is not because of the US Debt....it is because ultra-wealthy US CITIZENS and Corporations try to illegally hide legitimate US Taxable income by hiding it in foreign banks. Their unbounded greed makes it much harder for us little folks to bank in foreign countries because we are all tainted with their illegal practices. If you don't want to be subject to US tax laws you can always give up your US Citizenship.

kmoriarty45
  10/19/2017 11:02 EST

WVolpe3 has a point.

Banks in Ecuador are required to report to the IRS any U.S. taxpayer's accounts and banking activities here. You are liable for U.S. income tax on your yearly savings and earnings in Ecuador.


Before investing, I would recommend discussing it with a U.S. tax accountant - preferably one familiar with international banking regulations and specifically, those pertaining to expat residents in Ecuador.

WVolpe3
  10/19/2017 12:05 EST

NO! It is because of the debt whether you want to believe it or not. We went to war with England over 3% in taxes and now people think that 30%-50% is ok and taxing me from a place I don't live with infrastructure I don't use is ok. BTW, even if you decide to renounce your US citizenship, there's an exit tax. The country is broke and destined for failure. Again, the only superpower on the planet that taxes you out of the country. The largest debt in history of any country that EVER existed. No country in history has ever recover from more than 90% of debt to GDP. NEVER. Obama took it from 62.4% to 106%. Wakeup and smell what they are shoveling.

FrankNichols
  10/19/2017 13:38 EST

And I never use the public schools so I shouldn't pay for those, and I never yuse the police so I should pay for those, and I never use the firedepartment, so I shouldn't pay for those, and in fact, I am against war, so I shouldn't have to pay for the military, and I didn't vote for 1/2 of Congress, so I shouldn't have to pay for them, and and and... never mind, your argument is a tad weak.

WVolpe3
  10/19/2017 14:13 EST

Frank, give them your money if you want, but I don't pay for every customer's meals in the restaurant because I walked by it.

kmarch
  10/19/2017 15:03 EST

Correct - The CD related to your visa must be one single CD.

ronwatral
  10/19/2017 20:09 EST

FRANK... I agree with you but I must admit..........I buy insurance......and.I support the emergency services.

boquetebob
  10/19/2017 20:52 EST

The contraction "where's" stands for "where is". Try using that phrase and see if it makes sense.

Johninnv
  10/19/2017 22:01 EST

War with England? WOW! There's certainly a sensible and cogent argument. IF Corporations and the top 2% paid the same effective tax rates now that they did in the 50's, 60's, and 70's we wouldn't have a big debt! Guess what? Lower taxes on Corporations and the top 2% DO NOT create good jobs nor do they "pay for themselves". never have, never will.

Johninnv
  10/19/2017 22:04 EST

Weak? It's much worse than that...it is greedy, selfish, and destructive. I would rather live in a civil society where people work together rather than simply for themselves.

WVolpe3
  10/19/2017 22:57 EST

Unbelievable, sheep will always be sheep.

Johninnv
  10/20/2017 07:02 EST

I agree........the greedy and uninformed will always be prey for con men,, and those who are uneducated in macroeconomics will always believe that ma and pa sitting around the kitchen table have the same economic drivers as sovereign nations in a world marketplace with different currencies and commodities.

WVolpe3
  10/20/2017 07:37 EST

lol

Restingnow
  10/20/2017 10:14 EST

boquetebob

Of course you're right. I hit "s" instead of "d" and didn't realise it until too late. Please excuse.

May we all have a great day, even though "s" hit happens.

Couldn't resist :-)

WVolpe3
  10/20/2017 10:41 EST

John, I have to say your post has made a lot of people laugh today, so thanks for that. To refer to the greedy (a.k.a. rich) as the uninformed and uneducated is extremely humorous and then to say the greedy (a.k.a. those that don't won't to give up their money) are prey for con men, was just awesomely funny. Please keep up the comedy routine and don't let logical get in the way because it's just not your thing. ROTFLMAO!

WVolpe3
  10/20/2017 11:13 EST

Also, John, your reference to the 50's, 60's, and 70's is completely ignorant. Before speaking of people being uniformed and uneducated, you should become informed and educated yourself. It doesn't matter how much is collect in taxes if morons in office spend more money than there is. AGAIN, Obama ran debt to GDP up from 62.4% to 100% in 1 term. That's like almost double. Now, if you think that is good and we should keep giving, will you send me some of that cash you don't like?

boquetebob
  10/20/2017 11:32 EST

Just another unobservant liberal whistling past the grave yard of socialism. Venezuela, Nicaragua, and so many more failures of stellar socialism. Hey don't overlook Illinois! When will they learn that at some point they run out of other people's money; that govt. corruption is a gigantic sinkhole with no bottom? NEVER.

mantatiger
  10/20/2017 12:22 EST

You can get a bank account with just a passport. For I have one. But there are some hoops you have to go through. Without a Cedula, the best form they will require is a copy of your condo rental agreement and have your landlord go with you to prove who they are. Since you wont have a power bill or utility bill in your name.

So the usual path if you dont own a property down here and you want to come on an investor visa... Arrive on tourist visa with your visa paperwork gathered from your home country. Rent a property. Open bank account with your rental agreement. Open a CD. File for your Visa based off that CD.

And welcome to the Manta area, we just moved here full time 6 months ago and love Manta.

KStone
  10/21/2017 10:29 EST

We opened an account in Banco de Pichincha and I still hear it is the safest. We only had passport at the time. We used address of friends and their elecric bill too if I recall. You need reference letters of clients of the Bank so ise Ecuadorians you know if possible. Good luck.

Restingnow
  10/26/2017 11:42 EST

Completed a 3 year CD yesterday with Banco Pichincha, Guayaquil. It will pay 4.5% interest. It seems to me that your options will vary from city to city, even with the same bank or co-op. Using an experienced facilitator made sense to me. Not sure how someone could negotiate the curves without one. I recommend Dana Cameron: [email protected]

Buena suerte para ti.
Resting

kmarch
  10/26/2017 12:40 EST

4.5% for a 3-yr.?
That sounds terribly low . . . . Like 1/2 of what most banks were paying recently.

gerat1
  10/26/2017 16:24 EST

What documentation did you need? Utility bill? Rental contract?

Was the facilitator expensive?

Restingnow
  10/26/2017 16:41 EST

Yeah kmarch, 4.5 sounded low to me too, and in fact I had to negotiate that from their initial offer of 3.75 Is it a mistake to settle for that? It may have been... time will tell. I'd have been able to get 8.5 from JEP in Cuenca. I thought about busing over from Guayaquil for it. (for $3000, sure, why not). Personal decision. I just wonder if JEP will be able to weather a potential world economic downturn as well as Pichincha might. (I realise that both have gov. guarantees on account amounts up to 30,000.
So probably, even with a bank failure you'd eventually somehow be reimbursed.) I guess another factor was ease. JEP doesn't have branches in Manta, where I'll probably be living, though I suppose that shouldn't matter that much either. I'll just be letting the CD sit anyway, and could open a checking/savings account in some other local bank. But after being turned away from JEP Guayaquil and then starting the process at Pichincha (where I thought I'd be able to get 5%) it seemed best to just continue and finish it. Ease won the day, I guess. Less risk maybe, and ease.


.

Restingnow
  10/26/2017 17:20 EST

gerat1

Pichincha at Francisco de Orellana y Justino Cornejo makes it easy. (a rarity!) I'm pretty sure that all they needed was a beating heart with a passport. But check with Dana on that. I imagine she'd be happy to answer your questions gratis. I'd rather not quote fees. Get that from her, ok?

medutch
  10/26/2017 17:28 EST

Hello Restingnow....I'm not trying to be 'nosy', just hoping you can provide some info. You say you get (or can get) 8.5% on a $3000 CD from JEP in Cuenca...Is this still the case, and how long is the maturity period for the CD?
Thanks...Dutch

Restingnow
  10/26/2017 17:36 EST

I had a landlord letter and a utility bill with me, and the Pichincha rep. said that I didn't need all that paperwork! Check first, though. That certificate of enumeration that's listed as a requirement on the Pichincha website? Unnecessary : -)

Restingnow
  10/26/2017 17:53 EST

medutch

Go back to the top of the thread and a 10/17 post from kmarch. In it there's the email address for JEP in Cuenca. Giovanna (she was very helpful) can give you the details that you're after.

medutch
  10/26/2017 17:54 EST

OK...thanks Restingnow.

gerat1
  10/27/2017 16:45 EST

Hello I have not received a reply from my email to JEP. I am hoping you would be kind enough to post the requirements they gave you for opening an account? Many thanks in advance

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