| Population |
13.7 million (July 2007) |
| Gross Domestic Product (GDP) |
$98.28 billion (2007) |
| GDP Per Capita |
$7,100 (2007) |
| Inflation Rate |
3.3% (2007) |
| Currency |
U.S. dollar |
| Exchange Rate Versus U.S. Dollar |
N/A |
| Language |
Spanish (official) |
| Capital |
Quito |
| Population of Capital City |
1.8 million (2001) |
| Time Zone |
GMT minus 5 |
| Seasons |
Coastal area is tropical--wet, warm/hot year-round
Andean Highlands is temperate--four seasons |
| International Dialing Code |
593 |
| Electricity |
120-127 V/60 Hz; Plug Types: A & B (U.S. style) |
| System of Government |
Presidential Republic |
Name and Party Affiliation
of Current Leader |
Rafael Correa
Alianza PAIS |
| Income Tax Rate for Residents |
5% to 25% |
| Property Tax |
0.025% to 0.5% |
| Capital Gains Tax |
25% of the increase in assessed value |
| Inheritance Tax |
0% to 35% |
| Rental Income Tax |
Taxed as regular income |
| Transfer Tax |
1% |
| Sales Tax |
12% |
Restrictions on Foreign
Ownership of Property |
Permisson needed (usually granted) to acquire land
within 30 miles of the coast |
| Local Chamber of Commerce |
|
| American Chamber of Commerce |
|
| Primary Exports |
petroleum, bananas, cut flowers, shrimp, cacao,
coffee, hemp, wood, fish |
| Residency and Visa Requirements |
Tourist Visa: automatic 90 days upon entry
Residency: Retirement, Real Estate/Securities
Investor, Industry Export Investor, Executive
Citizenship: three uninterrupted years of legal residency |
Special Benefits for Foreign
Residents or Retirees |
None |
| National Airline |
TAME
www.tame.com.ec |
| Preferred In-country Resource |
|
