|Ecuador Real Estate - Frequently Asked Questions|
|1. Is it legal for a foreigner to own property in Ecuador?|
I need to have a special Visa to buy a property?
3. If I buy a property as a foreigner in Ecuador, do I become a resident?
4. What type of visa do I receive when I enter the country?
5. How do I buy property?
6. What about property taxes in Ecuador?
7. Which documents are required to apply for a resident Visa?
1. Yes, foreigners have the same legal rights as Ecuadorians to own properties anywhere in Ecuador.
2. No. If you wish to buy a property
in Ecuador it is not necessary to have a “special visa”. Your Tourist Visa (the one you are given when you enter the country) is more than enough.
3. When you buy a house, apartment or land in Ecuador after the purchase has been successfully completed then, you’ll be more than able to apply for a resident visa, because you’re investing in the country. This process is carried out within a month with a good lawyer. After legalities and/or formalities (immigration process) have been completed with your lawyer, you’ll become a formal resident, being able to enter or leave the country according to the local Law.
4. As previously mentioned, when visiting Ecuador you’ll receive a tourist Visa for 60 days. Nevertheless, to secure the 60-day tourist Visa it is better to do so in writing and “in advance” to an Ecuadorian consulate in your country before departure. The
aforementioned suggestion is “optional”, just in case when entering the country you receive a 30-day tourist Visa, which will not give you enough time to look for properties and accomplish the legalities and immigration process.
5. The first step is to find the desired property to buy. Then, hiring a good lawyer for advice is very important to check on the paper work (which is usually a little long winded), and procuring and securing the "Escritura" (deed).
Legal advice is “a must” to make sure the purchase is clean. BOE Network Enterprises can facilitate a good attorney to grant the whole process. Contact us for any further information.
6. The tax system yearly applied to properties in Ecuador is inexpensive. In big cities such as Guayaquil, Quito or Cuenca, it
is a little bit higher depending upon the property you’re buying.
- A valid Passport (validity should be for at least one year).
- Medical and AIDS certificate
- 6 Photos (updated)
- A written request to immigration signed by applicant and applicant's lawyer.
For any further information don't hesitate to contact
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