Very Interested in Investing In Ecuador

Posted in the Ecuador Forum

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Michael St Louis

Lake Saint Louis, MO

#1 Jan 1, 2010
My business in the USA is construction and Dev.I have been looking at investing in Ecuador.Possibly building waterfront condo's or homes.I need some feedback of what the locals think.Some questions that I would like answered are 1.Are Americans welcome to become part of the business community.2.Will this country remain a democratic society 3.Is there any chance that Correa will impose a dictatorship such as Chavez is concocting.Will the people rebel against such an act? 4.Is there a chance that the american dollar money system will be revoked ? What seaside area's are the safest with the best local government? 5.Is crime as rapant as stated on these forums against Americans and Europeans {light skinned}? I would like to converse with those that live in Ecuador presently to get the best pulse.Thank you
Jose and Lola Jorge

Miami, FL

#2 Jan 5, 2010
Ecuador is a democracy, but unfortunately in the last 2 decades it has been a victim of corrupt government, so people voted for a change apparently represented by Correa. I don't think that he will be allowed to implement a radical program since he has an increasing opposition for passing laws in the legislative assembly.
I think the dollar will stay as a national currency otherwise there will be social and economic chaos. Americans are welcomed as tourist and/or investors. I have met many foreign investors, not only Americans, but also Italians, Swiss, Norwegians, Canadians, Chilean etc...
The seaside areas are safe. They recently built "La Ruta del Sol" or "Ruta Spondylos", a beautiful highway parallel to the ocean and crossing multiple picturesque fisherman towns and resorts.
I am currently selling an oceanfront property in a fisherman village called Puerto Lopez, the capital for the observation of the humpback whales, close to Machalilla National Park, a very important tourist attraction in Manabi Province. It is the best hosteria in the area. The land is partially developed, 60 X 177 METERS, you have plenty of space to build whatever you want even apartment building and/or houses.
For your enjoyment, please visit our website: www.hosteriaoceanic.com where you will find about 180 pictures, 2 videos and more detailed information. Also, please feel free to e-mail me at gmjorge76@gmail.com.
Michael St Louis

Lake Saint Louis, MO

#3 Jan 5, 2010
Thank you Jose ,any one else out there I was hoping to get more responses.Have a great day.
Michael St Louis

Lake Saint Louis, MO

#4 Jan 7, 2010
Any more info ,need help plesae respond
latino_gringo

Guayaquil, Ecuador

#5 Jan 7, 2010
Michael St Louis wrote:
My business in the USA is construction and Dev.I have been looking at investing in Ecuador.Possibly building waterfront condo's or homes.I need some feedback of what the locals think.Some questions that I would like answered are 1.Are Americans welcome to become part of the business community.2.Will this country remain a democratic society 3.Is there any chance that Correa will impose a dictatorship such as Chavez is concocting.Will the people rebel against such an act? 4.Is there a chance that the american dollar money system will be revoked ? What seaside area's are the safest with the best local government? 5.Is crime as rapant as stated on these forums against Americans and Europeans {light skinned}? I would like to converse with those that live in Ecuador presently to get the best pulse.Thank you
1. Americans in general are welcome, but be warned that building here is totally different than in the USA. Cement block is the building technic, there are no ideas about energy conservation, or how or why to insulate a home or apartment. As you know there is a light weight insulated building block to build a home, but it does not exist here. Selling condos, homes, and apartments have gone up dramatically and most natives can not afford to buy what your going to build. Seaside areas will command the best prices for you.

2. At present this country is become less of a republic as the new constitution gives Correa powers he should not have and his party is the controlling party in the assembly. He just took over the private electric company here, and he wants the state to take away the water and mining rights of the indigenous people here. HE has started to take over media outlets and just recently suspended the license of a TV station that speaks out against him.

3. Several month a go on his weekly radio address he stated that for Ecuador to go to the US dollar as its currency was a mistake. He is going to try and bring back the sucra as the countries currency this year. The sucra was the previous currency and the new sucra will be shared with Bolivia, and Venezuela. This will totally mess up the financial system here. I have not met to many people who want to change from the US dollar.

4. Seaside areas are safer than the cities. In Guayaquil there is still a lot of crime. Crime is up due to no jobs, and if you can find a job, the pay isn't enough to stay barely alive. Robberies, murders, and express kidnappings are still happening almost daily here. The streets are not safe, especially at night. Unemployment is over 14%. Crime here has no American, or European side. Even Ecuadoreans have been robbed, rapped, and murdered. I guess lighter skinned people here are targets because they do not dress and look like they are natives.

5. Correa has already started his dictatorship and has begun to socialize this country. Looks like Correa is Chavez's lapdog as Correa has no brain of his own.

6. Ecuador has blackouts once a day now. There is no water here to generate electricity. There has been a sever drought for years here do to climate warming. Instead of harnessing thermal power, Correa is going to build another hydro plant....and no water. Dah! The first thermal vent was discovered off Ecuador in 1977 and is 1.5 miles down in the ocean. Hello, anyone home?
Michael St Louis

Lake Saint Louis, MO

#6 Jan 7, 2010
Thank you for your info.Im not sure if Im comfortable with some acts of Correa,such as kicking out the U.S base there.I am not there so dont really know why,it seems that it would bring quite a bit of dollars which is needed.That really scares me.Does he have plans to convert that base to a commercial airport? Im sure we see press releases here in the U.S that you dont see about some of his alliances with Chavez and Castro.Why in the world would any country think that Cuba is to be courted or praised for its welfare of the people.From what I see is you have only the very wealthy and the very poor.What I really dont understand are the import policies,why would anyone want to inhibit goods that are direly needed.Such as building material,electronics,automobil es.I am trying to put together as much info as possible.The country is so pretty.I have lived the rush rush life and am looking for a different pace.Thanks for your insight.
Terri St Louis MO

Saint Louis, MO

#7 Jan 8, 2010
Michael St Louis wrote:
Thank you for your info.Im not sure if Im comfortable with some acts of Correa,such as kicking out the U.S base there.I am not there so dont really know why,it seems that it would bring quite a bit of dollars which is needed.That really scares me.Does he have plans to convert that base to a commercial airport? Im sure we see press releases here in the U.S that you dont see about some of his alliances with Chavez and Castro.Why in the world would any country think that Cuba is to be courted or praised for its welfare of the people.From what I see is you have only the very wealthy and the very poor.What I really dont understand are the import policies,why would anyone want to inhibit goods that are direly needed.Such as building material,electronics,automobil es.I am trying to put together as much info as possible.The country is so pretty.I have lived the rush rush life and am looking for a different pace.Thanks for your insight.
Have you looked at internationalliving.com ? They are having a 4 day conference on investing and living in Ecuador in February. Perhaps you can get better answers from them as they have helped over 150,000 relocate overseas in their 30 years...when I'm ready to relocate, I'll definitely go to them as they even have the local banks and financing contacts as well. FYI and Good Luck!
Michael St Louis

Saint Peters, MO

#8 Jan 11, 2010
Terry,
Thank you for the response,see your from the Lou as well. I do study the Internationalliving.com website and news.Very informative but quite vague on doing business in Ecuador. Maybe hit me up at alliedlake@aol.com Michael
iluvthebeach

Milwaukee, WI

#9 Feb 2, 2010
just remember, IL is well known to sugarcoat everything
Another interested party

Quito, Ecuador

#10 Dec 30, 2010
Latino gringo, if you are going to do business and live overseas, at least learn a bit of Spanish. It's SUCRE, not SUCRA, which is exactly the sort of typical American "not-listening" which makes us look like idiots overseas.
Doug

Australia

#11 Jan 2, 2011
Suggest you forget anywhere in particular if you wish to invest go where the best opportunities are for instance a variety of people with the same ideas have varying opinions as to where the best opportunities are so do your due diligence then decide but being American or not you will get resentment and welcomes wherever you go it depends on how your own personality is just remember to behave as a considerate person and you will rarely go wrong.Sovreign man seems keen on Chile try his website
Michael

Saint Peters, MO

#12 Jan 12, 2011
Thank you for the response.I will continue to study.
dummamy

Hanoi, Vietnam

#13 Jan 23, 2011
4t34t34t34t

Since: Jan 10

Guayaquil, Ecuador

#14 Jan 24, 2011
Michael St Louis wrote:
Any more info ,need help plesae respond
One thing missing from the info you received so far....Correa has changed the tax laws on property in October or November of last year.

In the US you pay twice or once a year for your unimproved or improved land. The property tax is based on land or house values in your town, city, or neighborhood.

Here, the tax is paid at the town or city hall once a year in January. It used to be cheap but the tax has now gone up.

If your interested in buying new property or land, the new law now states the the first taxes you will pay will be for the land/house and the tax is a set tax of around $900 or more, BURT on top of this first tax, you will now pay a tax for EVERY PREVIOUS OWNER of the land or house you just bought!!

The small house, I just bought, had 13 previous land owners. This new law is so complicated the the notary/lawyer has been unable to give me a total tax bill as yet and she has had my info since December of last year!

Since: Jan 10

Guayaquil, Ecuador

#15 Jan 24, 2011
Another interested party wrote:
Latino gringo, if you are going to do business and live overseas, at least learn a bit of Spanish. It's SUCRE, not SUCRA, which is exactly the sort of typical American "not-listening" which makes us look like idiots overseas.
Was a typo, not that I am a typical American. I live in Ecuador! Dah!
Patrick

AOL

#16 Jan 28, 2011
Michael St Louis "]My business in the USA is construction and Dev.I have been looking at investing in Ecuador.Possibly building waterfront condo's or homes.I need some feedback of what the locals think.Some questions that I would like answered are 1.Are Americans welcome to become part of the business community.2.Will this country remain a democratic society 3.Is there any chance that Correa will impose a dictatorship such as Chavez is concocting.Will the people rebel against such an act? 4.Is there a chance that the american dollar money system will be revoked ? What seaside area's are the safest with the best local government? 5.Is crime as rapant as stated on these forums against Americans and Europeans {light skinned}? I would like to converse with those that live in Ecuador presently to get the best pulse.Thank you
Hey Michael, My name is Patrick I have a Hostel, Pizzeria, and Bodega in Quito. I am looking into building a retirement community in Macas. My wife is Spanish and my nephews are the Health & Welfare Directors in that Providence. When I was in Macas the President showed up in a private plane and walked around Macas with my nephews wife's who is the Director in Tourism there. He wanted her to show him all the opportunities and programs to expand Macas into a larger tourism town. He was very polite and I thought he really meant well. He gave the town a large sum of money to start the Foreign Student Porgrams. They all tell me he puts on a pony show to show his testosterone and deep down he likes Americans. If you have any questions my email is pminga9961@aol.com

Since: Jan 10

Guayaquil, Ecuador

#17 Jan 29, 2011
So an update on the property tax situation in Ecuador. As mentioned in a previous message, Raffy changed the tax laws, as he felt people were not paying enough taxes....????

1. Before the tax changes you could go to a notary and look for the best price as everyone charged what they could get.

2. In November of last year, Raffy decided that everyone should pay the same fee...that fee is now $981 and it will depend on how expensive your home or property is!

3. In addition to the higher base tax, you now have to pay taxes on who owned your property BEFORE you bought it!

For me, the number of people listed as owning the land I am on equalled 13!(Didn't these people pay taxes when they owned this land?)

Anyways, with the new added Raffy tax, the tax doubled, as this new previous ownership tax, for me, totaled another $751.08. Also add the IVA tax to this...

So if your interested in investing in Ecuador better find out how many people owned the land or the house your interested in buying to get an idea of what your tax burden my end up being!
Dan

United States

#18 Jan 30, 2011
george4

Columbia, SC

#19 May 17, 2011
Michael St Louis --

What did you decide to do? I would love to know what your research turned up.

My wife and I just returned from the coast of Ecuador. We specifically spent time in Crucita. We found the people laid back. We felt safe walking until 10:00 or so on the main street where all of the shops are located.

In fact, we liked it so much we would like to move there. However - we are finding so many conflicting stories on crime that we are now uncertain even though with our own eyes we saw a peaceful people.

Any help you can offer is greatly appreciated.
john

Watertown, NY

#20 May 20, 2011
Hi Michael, i am a young american that has been to ecuador numerous times.. i am also going to invest down there within the next 6 months.. i have an ecuadorian girlfriend down there.. some of the posts are true some arent. The beach towns are very safe and the people are friendly. The cities of guayaquil and quito etc are becoming more dangerous daily. I have not had any problems when i go there but im smart and know what to look for as i travel alot. The property is cheap in the beach towns that are fishing villages. That arent very populated yet. DO NOT BUY OR LOOK AT PROPERTY ON THE INTERNET!!!!!!! property is very cheap down there if you go and look for it yourself.Also bring a local or i can introduce you to many respected businessmen or locals i use. If you try and buy anything yourself they will raise the price 2 to 3 times what you should pay. I am going to buy some there in the next 6 months myself. Here is my personal email. IF anyone wants more information email me and we can talk further about it there. jonburns0023@aol.com put ecuador as subject

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