Cheap living costs make Ecuador ideal retirement destination

Feb 23, 2011 Full story: IBTimes 25

"We can't afford to retire in the United States," said Marcia, "and we don't really want to."Her husband, Jim, was recently laid off from his job as head of a family-run company in Texas.

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Jonathon

Quito, Ecuador

#1 Feb 23, 2011
This is very true that, I would also like to say that about 45% of your client , come to Ecuador and won't to come back and live , even if it is only of a few years.

http://www.ola-adventures.com/
Marco

Guayaquil, Ecuador

#2 Feb 23, 2011
Sadly many readers will be led to believe that Ecuador is a good retirement location from this location. What ISN'T mentioned is the Rampant Corruption (named one of the ten most corrupt countries in the world) which leads to many having to pay bribes, the necessity for being able to speak Spanish, the low quality of medical services (All wealthy Ecuadorians travel to the US even for simple checkups), and even the UN is scared of the low value placed on life here (one can hire a hit man for as little $20, and after they kill you justice is NEVER served). There is a reason it is called a Third World country. If you go there as a gringo everyone will assume you are loaded and expect bribes and try to extort you or even kill you to take your money. Scary place, do your research.

Since: Jan 10

Guayaquil, Ecuador

#3 Feb 25, 2011
Marco wrote:
Sadly many readers will be led to believe that Ecuador is a good retirement location from this location. What ISN'T mentioned is the Rampant Corruption (named one of the ten most corrupt countries in the world) which leads to many having to pay bribes, the necessity for being able to speak Spanish, the low quality of medical services (All wealthy Ecuadorians travel to the US even for simple checkups), and even the UN is scared of the low value placed on life here (one can hire a hit man for as little $20, and after they kill you justice is NEVER served). There is a reason it is called a Third World country. If you go there as a gringo everyone will assume you are loaded and expect bribes and try to extort you or even kill you to take your money. Scary place, do your research.
Well the economy stinks here also, and if you want a job, forget it!

Also not mentioned in this article is the hike in property taxes thanks to Raffy! Raffy decided last year that people are not paying enough taxes when they buy a home here, so he passed a law that now forces a new home owner to pay not only the taxes that they owe, but to pay taxes for EVERY PREVIOUS OWNER of the property. For me, that meant 13 previous owners! My taxes to the Raffy government went from around $850 to $1,540 PLUS I had to go to the town hall and pay the town another $400!

People on the street are not the only criminals!
dean

Guayaquil, Ecuador

#4 Feb 25, 2011
I salute all those American ex pats living here in Ecuador on less than a thousand a month. I can't seem to do it, but I do splurge when I want something extra and that costs. I do see a rise in costs here though on many products. It soon may not be the cheap retirement heaven it once was.

Since: Jan 10

Guayaquil, Ecuador

#5 Feb 26, 2011
dean wrote:
I salute all those American ex pats living here in Ecuador on less than a thousand a month. I can't seem to do it, but I do splurge when I want something extra and that costs. I do see a rise in costs here though on many products. It soon may not be the cheap retirement heaven it once was.
Food prices seem to be going up regularly, and Raffy wants to do away with the gasoline subsidy....add that to the new taxes, it 'ain't cheap' anymore.......
dan

Ottawa, KS

#6 Feb 28, 2011
i just spent 2 months in ecuador and yes it was a very small town and oh so cheap meals eating out are 2 dollars rent 200 a month and the people are friendly and it was safe check out the little town of shell big citys are just like here crime and coruption
dean

Guayaquil, Ecuador

#7 Mar 4, 2011
dan wrote:
i just spent 2 months in ecuador and yes it was a very small town and oh so cheap meals eating out are 2 dollars rent 200 a month and the people are friendly and it was safe check out the little town of shell big citys are just like here crime and coruption
Yes Dan, that is possible as a tourist spending a short time in the country. As far as a permenant resident is concerned, we have other expenses just as you do in your home country. House, car, insurance, taxes, phone,electric, water,medical bills, repairs and maintenance, etc. So while I can travel to the U.S. and most likely rent something in a small town pretty cheap also while shopping wal mart for specials and bargains, get by pretty reasonable it wouldn't be like living there permenantly.
steve

AOL

#8 Mar 13, 2011
latino_gringo wrote:
<quoted text>
Well the economy stinks here also, and if you want a job, forget it!
Also not mentioned in this article is the hike in property taxes thanks to Raffy! Raffy decided last year that people are not paying enough taxes when they buy a home here, so he passed a law that now forces a new home owner to pay not only the taxes that they owe, but to pay taxes for EVERY PREVIOUS OWNER of the property. For me, that meant 13 previous owners! My taxes to the Raffy government went from around $850 to $1,540 PLUS I had to go to the town hall and pay the town another $400!
People on the street are not the only criminals!
You need to travel back, and give it another chance. Quito is safer than where I live and work in the USA.
Ecuadorian Retirement

Modesto, CA

#9 Mar 13, 2011
It is true. You can rent a home there for $200 a month, or even buy one for only $20K! The best part though, is all the gorgeous young Ecuadorian hookers. They charge only $25 for complete service, and most of them have totally amazing bodies!:)
Ugh

Brooklyn, NY

#10 Mar 14, 2011
Ecuadorian Retirement wrote:
It is true. You can rent a home there for $200 a month, or even buy one for only $20K! The best part though, is all the gorgeous young Ecuadorian hookers. They charge only $25 for complete service, and most of them have totally amazing bodies!:)
Don't you old retired farts ever think about anything else other than sex? They should have never invented those stinking Viagra pills!
BellaButterfly

Brooklyn, NY

#11 Apr 22, 2011
I'm highly considering moving to Ecuador with my guy. He is originally from there but has been an American citizen for years. He has dual citizenship. I would teach English down there to fill my time, although I know it doesn't pay well...I'm not worried because my guy will be the "breadwinner" as he will be looking into embassy, government and embassador jobs. He has an aunt down there that runs an employment agency and while they only pay $1,500/month for the positions, he would qualify as they are for English/Spanish speakers. Not a lot of money, but if I can make $300+ a month teaching English and he can bring home $1,200, we will be ok. His family owns a townhouse down there and will let us live there. I don't think they will charge more than $300/month for rent, if even that much.

Since: Jan 10

Guayaquil, Ecuador

#12 Apr 23, 2011
steve wrote:
<quoted text>You need to travel back, and give it another chance. Quito is safer than where I live and work in the USA.
I do not need to travel back....I live in Ecuador FULL TIME, 24/7! The info I gave is CURRENT info!
Just want to make people understand that the grass isn't always greener in the other countries yard!
lol!
Vicki

Reno, NV

#13 May 12, 2011
if it is so bad there, why stay?
Kathy

Kansas City, KS

#14 Jan 14, 2012
We want to retire but only have Social Security to rely on.We know that it is impossible to live on a minimal amount in the states and are thinking of moving to a new country where we could live on our monthly SS. Can anyone give us a very honest opinion or actual life experiences about Ecuador? Medical/hospitals are a big concern to us and also the crime rate.

Since: Jan 10

Guayaquil, Ecuador

#15 Jan 14, 2012
BellaButterfly wrote:
I'm highly considering moving to Ecuador with my guy. He is originally from there but has been an American citizen for years. He has dual citizenship. I would teach English down there to fill my time, although I know it doesn't pay well...I'm not worried because my guy will be the "breadwinner" as he will be looking into embassy, government and embassador jobs. He has an aunt down there that runs an employment agency and while they only pay $1,500/month for the positions, he would qualify as they are for English/Spanish speakers. Not a lot of money, but if I can make $300+ a month teaching English and he can bring home $1,200, we will be ok. His family owns a townhouse down there and will let us live there. I don't think they will charge more than $300/month for rent, if even that much.
I am not sure about this aunt running an employment agency in Ecuador as the Correa government closed ALL of them because they were not providing any jobs, and just taking peoples money. Can you give people the name, location, and phone number of the 'employment agency'?

Since: Jan 10

Guayaquil, Ecuador

#16 Jan 14, 2012
Kathy wrote:
We want to retire but only have Social Security to rely on.We know that it is impossible to live on a minimal amount in the states and are thinking of moving to a new country where we could live on our monthly SS. Can anyone give us a very honest opinion or actual life experiences about Ecuador? Medical/hospitals are a big concern to us and also the crime rate.
1. It will depend on what your Social Security benefit is a month.
2. Would depend on what in Ecuador you want to live.
3. Best bet would be to come here for a visit.

Some things are very cheap here, but a lot of things, especially food, has gone up dramatically after the first of the year. The government as increased the taxes on cars by $1,800. Beer costs more, bananas cost more along with other foods. Most things that are imported as also gone up in price.
Chicken is the main dish as well as rice or beans. Meat can be had, but most of the cuts are not like in the US. Most people here like their meat well done.

A good house, but small by US standards, can still be bought for around $38,000 in gated communities with security close to the major cities.(Be advised that the government changed the laws when buying a home last year, where the new owners have to pay taxes for Every PREVIOUS owner...for me it meant paying taxes for 13 previous owners!) Want to rent an apartment? Be prepared to buy the stove and the refrigerator, as most owners do not provide them anymore due to renter abuse. Be prepared to pay higher prices for major appliances, be them US or other from other countries. LCD and 3D TVs very expensive here. Cellphone cost a lot more than in the US for the same models.

As in most crime if up, especially murders and kidnappings. Express kidnappings usually happen to tourists who are forces to go to an ATM and give the thieves all your money, your wallet, watch, jewelry, cellphone, etc. Going out at night you need to go to well lighted areas and stay out of the bad neighborhoods. Due to no jobs, poor people will steal to stay alive. Police are ineffective at best.
I guess crime is no worst or better than most major cities in the world however.

Drivers here are crazy. No such thing as rules of the road. No regard to stop signs, or red lights. Directional signals? Forget it!

Young people here are friendly with the older people not so. They teach english in schools here, but no one uses it, so spanish should be on your list to learn.

Ecuador is a study in contrasts. Some of the most beautiful places to go for nature, yet somewhat dangerous on the human side. If you like seafood, no place like Ecuador. Many types of fruits here that are not available in the US too.

Many hospitals here, but keep in mind that Medicare A & B can't be used here. Some hospitals are good some are bad. A lot of them are not up to US standards. Dentists are generally good here and inexpensive compared to the US. You can get your teeth cleaned for $50 and this would be ultrasound cleaning.

Depending on your health, you should visit the coastal areas as it is warm year round. If you do not have high blood pressure, consider Quito or Cuenca. A large Expat community is there.

Drinking water from the tap here is not the same as the USA. Over Chlorinated and undrinkable. You will have to buy bottled water, but it is cheap, around $2.00 for 20 liters.

No natural gas to any home or apartment. Propane is the only option and it comes in a small container and is either inside the house or outside depending on the setup.

Hope this helps. Need to know more then message me.
Kathy

Kansas City, KS

#17 Jan 15, 2012
latino_gringo wrote:
<quoted text>
1. It will depend on what your Social Security benefit is a month.
2. Would depend on what in Ecuador you want to live.
3. Best bet would be to come here for a visit.
Some things are very cheap here, but a lot of things, especially food, has gone up dramatically after the first of the year. The government as increased the taxes on cars by $1,800. Beer costs more, bananas cost more along with other foods. Most things that are imported as also gone up in price.
Chicken is the main dish as well as rice or beans. Meat can be had, but most of the cuts are not like in the US. Most people here like their meat well done.
A good house, but small by US standards, can still be bought for around $38,000 in gated communities with security close to the major cities.(Be advised that the government changed the laws when buying a home last year, where the new owners have to pay taxes for Every PREVIOUS owner...for me it meant paying taxes for 13 previous owners!) Want to rent an apartment? Be prepared to buy the stove and the refrigerator, as most owners do not provide them anymore due to renter abuse. Be prepared to pay higher prices for major appliances, be them US or other from other countries. LCD and 3D TVs very expensive here. Cellphone cost a lot more than in the US for the same models.
As in most crime if up, especially murders and kidnappings. Express kidnappings usually happen to tourists who are forces to go to an ATM and give the thieves all your money, your wallet, watch, jewelry, cellphone, etc. Going out at night you need to go to well lighted areas and stay out of the bad neighborhoods. Due to no jobs, poor people will steal to stay alive. Police are ineffective at best.
I guess crime is no worst or better than most major cities in the world however.
Drivers here are crazy. No such thing as rules of the road. No regard to stop signs, or red lights. Directional signals? Forget it!
Young people here are friendly with the older people not so. They teach english in schools here, but no one uses it, so spanish should be on your list to learn.
Ecuador is a study in contrasts. Some of the most beautiful places to go for nature, yet somewhat dangerous on the human side. If you like seafood, no place like Ecuador. Many types of fruits here that are not available in the US too.
Many hospitals here, but keep in mind that Medicare A & B can't be used here. Some hospitals are good some are bad. A lot of them are not up to US standards. Dentists are generally good here and inexpensive compared to the US. You can get your teeth cleaned for $50 and this would be ultrasound cleaning.
Depending on your health, you should visit the coastal areas as it is warm year round. If you do not have high blood pressure, consider Quito or Cuenca. A large Expat community is there.
Drinking water from the tap here is not the same as the USA. Over Chlorinated and undrinkable. You will have to buy bottled water, but it is cheap, around $2.00 for 20 liters.
No natural gas to any home or apartment. Propane is the only option and it comes in a small container and is either inside the house or outside depending on the setup.
Hope this helps. Need to know more then message me.
Thank you for the information. We are looking at several countries and need all the information possible. Nicaragua is also of interest.
You have given me alot to think about since we are approaching retirement we need to be extremely careful of our future. Thanks again.
AngelaS

Minneapolis, MN

#18 Jan 15, 2012
latino_gringo wrote:
<quoted text>
Well the economy stinks here also, and if you want a job, forget it!
Also not mentioned in this article is the hike in property taxes thanks to Raffy! Raffy decided last year that people are not paying enough taxes when they buy a home here, so he passed a law that now forces a new home owner to pay not only the taxes that they owe, but to pay taxes for EVERY PREVIOUS OWNER of the property. For me, that meant 13 previous owners! My taxes to the Raffy government went from around $850 to $1,540 PLUS I had to go to the town hall and pay the town another $400!
People on the street are not the only criminals!
Thank you for posting this information, we are currently in the process of buying a place in Beautiful Ecuador and had not been told this little fact. Do you happen to know where I can get more detailed information on this law? I'd greatly appreciate it! Have a great day

Since: Jan 10

Guayaquil, Ecuador

#19 Jan 15, 2012
AngelaS wrote:
<quoted text>
Thank you for posting this information, we are currently in the process of buying a place in Beautiful Ecuador and had not been told this little fact. Do you happen to know where I can get more detailed information on this law? I'd greatly appreciate it! Have a great day
Was told by the company with whom we bought the house, that I needed to see an attorney to submit the house paperwork to the city/town. The attorney/notary will tell you what your taxes will be for the year that your filing with the town/city. After the attorney/notary you will have to go to the city/town clerk and give them the attorney's/notary's paperwork. There is a fee for them to review your paperwork. After you receive your paperwork you will have to go to the city/town clerks office and pay the taxes.

Correa's government passed this law in 2009, if I am not mistaken. Hope this helps! I would suggest calling your seller, and attorney/notary.

Since: Jan 10

Guayaquil, Ecuador

#20 Jan 16, 2012
This was my situation in 2009. I purchased a home in the spring of 2009. It is in a development. The cost of the home was $48,000. Ownership of the house included the land. You have to make sure your getting the land with the home your purchasing.

During the summer of 2009,(your summer), the government changed the tax structure in Ecuador. According to my attorney/notary she informed me that Correa's government had royally screwed up purchasing a home now. In the past, to do the legal paperwork with fees would pay your taxes meant under $1,000 for the house I had built. With the tax structure changed so that a history had to be created on the property that went back to the original owners and subsequent buyers meant the lot I purchased had 13 buyers BEFORE me!
So instead of paying $1,000 or less, I had to pay $1,800 by the time I moved into my finished home at the beginning of October. This did NOT include the taxes that we owed for 2010 which was due in January 2010. The taxes for the year were about $70.00.

Again, you better contact your reality or individual selling the home your in the process of buying as you do not want any financial surprises.

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