Renewed Interest in the Land of Perennial Spring and Long Living
Everything you've heard about Ecuador is true. The country offers perennial springtime in the mountains...a land of longevity in Vilcabamba...and Spanish-colonial charm in Cuenca...all of which can be enjoyed on even an extremely modest budget.
Ecuador is not known for its beaches, and its coast remains relatively undeveloped. Current talk of a new beach road, though, is bringing investor attention to one particular stretch of coast, giving our editors reason to return Ecuador to our active radar screen.
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Ecuador at a Glance
| 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) |
| 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 | www.ccq.org.ec Av. Republica y Amozonas Edif. De las Camaras, Pisos 5 y 6 Quito, Ecuador This e-mail address is being protected from spambots. You need JavaScript enabled to view it |
| American Chamber of Commerce | www.ecamcham.com Av. 6 de Diciembre y La Nina Edf. Multicentro, Piso 4 Quito, Ecuador Tel: (593-2)507-450 |
| 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 Contact |
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