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Home Countries Ecuador

Retiring In Ecuador: The Pros And Cons Examined

Where You Can Retire Well On $800 A Month... Or Even Less

Kathleen Peddicord by Kathleen Peddicord
Nov 10, 2022
in Ecuador, Retirement/Living
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A street in Cuenca, Ecuador

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We’re lately shining our spotlight on Ecuador… which we’ve identified as the world’s most affordable place to retire well.

Specifically, as we’ve been pointing out, you could retire comfortably in this country on a budget of as little as US$800 per month… or even less.

And you could qualify for residency here simply by showing a minimum income of US$1,275 per month.

Bottom line, we say Ecuador is the cheapest place to retire overseas…

But where, specifically, should you be considering if you’re shopping the globe for an outside-the-box, adventure-filled, and unbeatably affordable retirement?

Here Are Our Recommendations:

1. Cotacachi And Otavalo

These two neighboring towns (20 minutes apart) north of capital city Quito are home to thriving expat populations and famous for their leather (Cotacachi) and textile (Otavalo) production.

You can rent in these towns for US$400 to US$500 per month, or you could invest in an apartment of your own for as little as US$45,000.

otavalo quito in ecuador
Otavalo and Cotacachi both offer extraordinary mountain views

2. Quito

Ecuador’s capital city, celebrating more than 40 years as a UNESCO World Heritage city, has an historic center and attractive suburbs between the center and the airport. We particularly like Cumbayá.

Quito sits at an altitude of 2,850 meters meaning lots of sun and springlike weather year-round. You can rent here from US$4 to US$8 per square meter per month or buy from US$79,000.

3. Cuenca

Also a UNESCO-protected colonial city with the biggest expat population in the country (between 6,000 and 7,000 expats call Cuenca home), this former Incan capital also boasts the most impressive architecture in the country.
Average rent is US$530 per month. Buy from US$150,000.

cathedral in cuenca ecuador
Cuenca’s iconic Catedral de la Inmaculada Concepción

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4. Pacific Coast

From Atacames in the north to Playas in the south, you have plenty of options for beach living in Ecuador.

Salinas—two hours west of Guayaquil (Ecuador’s biggest city)—is one of the most popular coastal lifestyle options. Home to a growing expat community, this is an ideal spot to wait out the North American winter.

As we like to remind you regularly, no place is perfect. No matter where in Ecuador you might decide to spend time, you’ll face ups and downs, pluses and minuses.

Specifically…

Ecuador Pros

  • Nonstop flights to Quito and Guayaquil from the United States—plus direct flights to Europe…
  • Springlike weather year-round (without the need for air conditioning or heat, energy bills are low)…
  • Medical services are cheap, making pay-as-you-go health care an attractive option. A specialist visit costs US$38, and a hospital stay costs from US$110 per night for a suite (or from US$60 for a standard room)…
  • Attractive residency options with low qualification thresholds (retirees need only show an income of US$1,275 a month; for an investor visa, you must invest a minimum of US$42,500)…
  • Large and vibrant expat communities—particularly around Cuenca and Quito…
  • Handicrafts make a great export business opportunity if you’re looking to make extra income…
  • It’s easy and inexpensive to explore the whole of this beautiful country. You could hire a driver for the two-hour journey between Salinas and Guayaquil for just US$12, for example…

Ecuador Cons

  • Lack of English spoken outside the major cities…
  • Corruption, dishonesty, and lack of regulation (as in many parts of Latin America but maybe more so in Ecuador than most countries in the region)…
  • Infrastructure can be underdeveloped outside the major cities…

Sincerely,
Kathleen Peddicord signature
Kathleen Peddicord
Founding Publisher, Overseas Opportunity Letter

Tags: 'Cuenca'Cost Of Living In EcuadorCotacachiExpats In Ecuadorlife in ecuadorlive in EcuadorOtavaloquitoretire in ecuador. live in ecuador
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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