Can I start a savings acct in Ecuador from here?

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  • February 27, 2013 at 5:12 pm #507825
    DEANNA DICKERSON
    Participant

    I was at the Fast Track in August. I want to start a savings account in Ecuador. Any advise?

    Lynn D

    February 27, 2013 at 6:29 pm #507826
    EI EXPERT – EDD STATON
    Participant

    Knowing how sticky Ecuadorians are about paperwork, I can’t imagine how you could open a bank account remotely.

    February 28, 2013 at 1:18 pm #507956
    JOHN MILLER
    Member

    Doesn’t acquiring an investment visa allow you to deposit $25k in a cd and acquire both savings and access to Ecuador? Is this any cd or is there a special “investment Visa” account that needs to be maintained?

     

    February 28, 2013 at 5:18 pm #507958
    EI EXPERT – EDD STATON
    Participant

    An investment visa requires you to invest $25K, either in a CD or real estate. The CD must be with a government-recognized bank and remains on deposit until you gain Ecuadorian citizenship after 3 years of residency or switch to another type of visa. You have access to the interest but not the principal.

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