Required Cash Deposit

[DON MELLINGER]

I read that part of gaining resident status involves making a $25,000 deposit in a bank in Ecuador, perhaps as a CD. Question is, how long must this money be kept on deposit? One person said until citizenship, which is not a goal for most. Any light on said topic would be appreciated.

[JONATHAN GULLA]

Hi Don, I also read that article. You don’t need $25,000 to deposit into an account to get a resident visa. I acquired a pension Visa and was able to present the proper documents showing I had a monthly pension (in my case, my social security benefits) and I only needed a minimum of $800 of monthly income plus an additional $100 for each dependent. That article was only referring to a special visa where you must set up a corporation with 1% ownership to an Ecuadorian, etc. You can see the different visa’s offered on the Ecuador Embassy website. I met an American in Quito married to an Ecuadorian who speaks good English who hand carried all the papers through their system and without an attorney fee. Remember, here in Ecuador, it’s not what you know, it’s who you know to push your documents to the top of the pile. If you need their contact info just contact me. JonGulla@gmail.com

[EI EXPERT – EDD STATON]

Jonathan is right–as long as you have guaranteed provable income as he stated. If not you can purchase a CD of $25,000 + $500 for each dependent with a minimum term of 365 days (a 9-II visa). Your CD is placed in the custody of the Central Bank of Ecuador and must remain there as long as your immigrant status remains under this category, although the interest may be withdrawn.

[DON MELLINGER]

Thanks for the responses, I understand now.

[SUZAN HASKINS]

Exactly as Edd said — the 25k CD investment is held by the bank as long as you want this particular resident visa. Same as the investor visa that is secured by a real estate purchase. If you cash in the CD or sell the real estate you will lose your visa.

In the case of later obtaining your citizenship, then you no longer need to keep the investment in the bank.

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