The cost of living in Ecuador is among the lowest in the world. The capital Quito, with a population of around 2 million people, has been named by UNESCO as one of the cities with the “highest quality of life” worldwide. That same organization also ranked Ecuador as 4th in the world – along with Taiwan and Hong Kong – for sustainable energy use and investment attractiveness, while Forbes rated it the 8th emerging economy in 2016
10 Tips to Relocate Safely
Moving to Ecuador is a big decision for most people! Here are some tips to relocate safely.
Tip #1. Get advice from locals – not just someone at the airport’s tourist desk. Remember, many locals may know their city visits, but that doesn’t mean they are experts on everything about it.
2. Ask on Expat pages living in Ecuador for help during your relocation process. Expat Groups in Ecuador. There are several groups dedicated to supporting new expat relationships. They have monthly gatherings, discussion groups, book club, social events, and they are always coming up with new ideas for how to help people meet one another. They are also active on social media with updates on everything from events to country news.
Schools and Education in Ecuador
One of the first decisions that needs to be made is deciding on a school for the children. In Ecuador, the public schools are either 5 or 6 years of study. Some private schools in Ecuador are bilingual and very high-quality, with native English teachers who will make your children feel at home.
Factors that Affect Ecuadorian Culture
There are many factors that affect Ecuadorian culture. For example, the country’s population is mainly Roman Catholic at around 59%. Other religions include evangelical protestants, 16%; the US Episcopal Church, 9%; and other evangelical churches, 7%.
Medicines and Healthcare Systems
The quality of medicine and healthcare systems in Ecuador are very high. Legal enforcement ensures the quality of the products you buy. For example, FDA-approved over-the-counter ingredients are available, so customers can find what they need.
Offerings from Migrating Agencies
Ecuador is a tropical country that offers all types of climates and has a long, long history of welcoming expatriates. Migrating agencies will take care of such arrangements such as paperwork and cost-effective flights to Ecuador.
Things to consider before moving away.
This is important because goods are average cost or not expensive in Ecuador. Americans who are immigrating there might live on a few hundred dollars per month.
How to Buy a House in Ecuador
Ecuador’s housing market is booming, making it an interesting time to consider a real estate purchase for your new life in the country. To get started on that process, you should start by researching the various neighborhoods to find the ones that suit you best. Ecuador’s housing market can be divided into five different segments – 1) metropolitan areas/luxury 2) gentrified 3) long-standing properties 4) suburban homes 5) vacation rentals – which all have their own pros and cons for potential investors.
Taxation In Ecuador IRS, Income, VAT
Ecuador is very tax friendly. Unlike North America, you’re provided with an easy way to keep your profits intact. Your personal income in Ecuador is only taxed at 10% approximately with the business profits being around 25%. Additionally, the 12% VAT (value-added tax) on certain items is structured differently than most countries, deviating from a standard 20% VAT.
Renting or Buying Property or a Business in Ecuador
You can rent or buy property in Ecuador. Whether you choose to rent or purchase, it’s possible to find homes virtually anywhere in the country. The key is to speak with your real estate agent or business advisor and learn about the different areas you’re considering before making a decision.
Our bilingual consultants at VPWB will be happy to assist you further with any questions you may have.