Sure, it can be intimidating buying a house in another country.
And it can be overwhelming moving to Ecuador with a different language and different culture … but you’re already considering this change so you’re obviously up to the challenge. Buying a house in Ecuador is a lot more simple than you might imagine and in many respects, it’s a less complicated process than it is in North America.
First of all, it is totally legal for a foreigner to own property. As a new owner of this home, you will be registered as the legal owner of the property with all the appropriate government agencies.
If you do buy this home, you’ll probably need a visa so you can stay here for longer periods of time (or permanently if that’s your plan). Fortunately, the simple act of buying this home will qualify you for an “Investors Visa” as it exceeds the minimum dollar threshold for that visa.
As a resident foreigner, you can also qualify for the national healthcare plan.
The healthcare plan you have now probably won’t cover you if you decide to be in Ecuador long term.
Fortunately, Ecuador has excellent health care options. The private system is a fee-based service with excellent doctors, nurses and facilities. The national health care plan (IESS) also has excellent doctors, nurses and facilities. Fees are based upon your income. So if you’re coming down here and not making an income in Ecuador, $70/month will likely be your monthly health care fees.
Puerto López has a 24-hour health clinic staffed by doctors and nurses but it is not a full-fledged hospital. Those are located in Manta and Portoviejo – 90 minutes to the north.
But, Puerto López does have lots of doctors, specialists, labs and related medical service providers. A typical visit to a doctor to get something checked out typically will cost around $20.
Pharmacies and medication are widely available and almost all medication prescribed in North America is also available here – at a fraction of the cost.
Money & Banking
Ecuador’s official currency is the US dollar. Many foreign residents live in Puerto López and simply use their ATM cards to withdraw cash from their North American bank account for their daily necessities.
But, you can also open an account at an Ecuadorian bank (they pay around 10% interest on deposits). With an Ecuadorian bank account, you can transfer amounts from your home account into your Ecuadorian account. This reduces overall fees and costs. It’s simple and easy!