Monthly Archives: November 2011
My entrepreneurial adventure side takes me along new interesting ideas while living in Ecuador. I could a sure you that it will be a real learning path in this society and economy.
Here in Ecuador I have found plenty of small business opportunities base on the informality in their local market trade, which it is the result of the high tag most formal businesses have on their final product. In the local Ecuadorian market there is hiked on prices due to a lot of the overhead on imports and local production, I could say that most local consumers try to find on the side options to be able to save and enlarge their expending power.
Christmas it is a great time to supply home made goods and also introduce special imported products for the season. My business creation for this Christmas season is home made spirits and distribution of a reasonable priced Scotch Whisky. Plus on demand elaboration of Corporate Christmas Baskets with home made goodies…
Let me tell you, I am not the only one doing this sort of business adventures, this seems to be the common activity between Ecuadorians at this time of the year, in November, they basically start promoting or asking around what are you making or offering for the holiday season.
Ecuadorians are big spenders when it comes to family, festivities, presents and food.. They do not miss out anybody on their list, they make wonderful Christmas cakes and a delicious home made eggnog, which is the standard to be offered when you visit friends and relatives. They love hot chocolate and “Pan de Pascua” which is a traditional Christmas Round Bread usually in the morning as breakfast.
They are very Catholic oriented and follow a lot of the traditions set by the church. They do the “Novena del niño” , Prayers Novena to the Infant Jesus, gathering friends and family for 9 days before Christmas eve to pray in the name of the Infant to be born, later on they will sing and chant some of the most common Christmas Spanish songs, what a lovely fulfilling way to celebrate the season.
All of this traditions and social behavior provides a great opening for any expat or foreigner to explore the local business opportunities and introduce themselves with new innovations and flavor in life… There is a chance for catering services, events organizer and planners, and even clothing design it is well appreciated, Ecuadorian ladies are very much into fashion and beauty. They love spas and beauty centers, sports and health instructors are very much in fashion. They seem to like top notch quality professionals here, and overseas trainers and instructors are very well paid. Beside all this you have the traditional English teacher jobs, but I would say that unless you are referred by a well know international institute, it will be difficult to get hired, lately, they are enforcing regulations in their education system, and unless you have a teaching degree you could not work as an English teacher.
Today you got a small introduction from this land of opportunities, if your choice in life it is to retire overseas and still make an extra income or keep busy while living abroad, I will say Ecuador is the place to be.
Now, this will be possible around the city suburbs which must of the higher income families live. You can always live by the ocean front or on the hills and travel to your city activities while driving from one place to the other in a very short period of time, most places and cities are not far from each other, distances in this country are fairly close.
The important decision to make ahead of time is the region you will like to live at, if you love the warm weather and the ocean view you have to choose the Coastal Region, you can find wonderful spots no far from the main cities for your on going activities. The same will apply for the Highland Region. Always ask and get informed about your options and don´t forget to be creative, there is plenty of interest from locals about foreigner´s knowledge and experience.
Until next post… here I leave you with my business add
There is nothing unusual about the time 11:11 or the date 11/11/11, but our brains can’t help noticing the repeating digits, and seeing them as meaningful.
So while getting all this text messages about the great positive energies I was going to get at 11:11 am today the 11th of November 2011, my thoughts related this to a cute little Ecuadorian urban phrase “ponte once”, its literal translations is “ponte = put, once = eleven”, now the expressions real meaning is “be aware”.
On one side, I thought it will be good to learn a cute local Spanish phrase on my blog, but than, I realized how realistic this phrase would apply to the hall world today.
Ponte once – our reality check should be to hurry to Ecuador and beat the crowd!
If you’re at all interested on Ecuador, I’d suggest you get a move-on. The mainstream media is taking note of the tremendous values this country offers.
Lately we are seeing a lot more information about this little tropical country. Most travel, retirement or living overseas websites have picked Ecuador as one of their top “biggest-value buzz-worthy” destinations. As they rightly point out, Ecuador is “under appreciated.” Not for long, we suspect.
Now is the precise moment to invest in Ecuador just before the avalanche of baby boomers start searching for new locations where they could afford to live on their pension funds.
Beginning January 1st, 2011 every single day more than 10,000 Baby Boomers will reach the age of 65. That is going to keep happening every single day for the next 19 years.
What is so appealing about Ecuador? Your dollar will go further than other overseas retirement destinations. Locally people in Ecuador are hoping to keep the rate of inflation low in the long run. In places like Costa Rica or Dominican Republic, the real price-pushers were the expats retirees who focused on beachfront areas closer to their homeland.
Today Ecuador is very accessible from the U.S. — you can fly direct from both Quito and Guayaquil to Miami, Atlanta, Houston, New York, and Atlanta. Ecuador is an amazing, peaceful place with beautiful beaches, warm weather and really inexpensive beachfront bargains.
I will list some real facts to consider before making Ecuador your next overseas option.
Real Estate and property search:
- Coastal properties found at bargain basement prices, since Ecuadorians don’t value beach houses the same way that Americans do. They like to go to the beach twice a year during school breaks, stay in nice hotels, party and then go home to their big cities.
- Real estate prices in Ecuador have risen slowly since 2000. This almost dormant market may be attributed to the government switched to the American dollar as their currency in that year. My experience from mainly working with local experts has been that prices have stayed the same in recent years with the exception of select areas.
- House and condo rental rates are so cheap in Ecuador, it would be totally feasible to enjoy Ecuador without investing anything apart from your monthly expenses, thus reducing your investment risk dramatically.
- Coastal Ecuador is completely out of hurricane paths, and also this is your best option if you’ve ever wanted to walk away from long, bitterly cold winters and brutally hot summers.
- Foreigners could own property in Ecuador. You can buy directly from local property owners with nothing stopping you to do so. Search local real estate agents, preferably in person. Ask about their career background and their Ecuadorian real estate practices.
- Purchasing costs are low, hire a well informed Ecuadorian attorney that handles contracts, title searches and visas, one that does it all. There sales commission is only paid by the seller.
- Right now in the Ecuadorian market that commission on Real Estate goes around 3%.
- Ecuador has one of the lowest investment requirements to obtain a residency visa of any country I’ve investigated. One way to qualify is to purchase a property valued at $27,000 or more.
Be aware of the following:
- Mostly there are no licensed realtors and there is NO MLS or other listing agencies to help you on your property search.
- Real Estate Agents are not licensed professionals in Ecuador, since there is no recognized national authority that governs the licensing process, set guidelines or handles complaints for the licensed agents. It is not likely to change any time soon.
- There is no Multiple Listing Service; it is almost impossible to get online information for Real Estate in Ecuador, what you get mostly expats and gringos selling online. Just be careful, do your homework as there are many that will prey on an unsuspecting foreigner.
- You do not need to search out an “English” speaking real estate agent. I think a better course of action would be to seek out a trusted local that will help you with the language so you can deal with Spanish speaking owners directly.
- The increased exposure will push and turn Ecuador in to the next hotspot on the world´s beachfront real estate scene.
- Places a long the coast still lack basic infrastructure, especially for retired expats, like good access roads and some basic services. You could get by with wireless internet, bottle water, fresh fish and market stocks.
- The opportunity for rapid growth is due to a limited supply of property land. The Ecuadorian coast is not that big and large sections of it are uninhabitable due to national parks or swamps.
- In Ecuador, like most of Latin America, if the land is not in use, someone else could come “squat” on it, build, and claim it as their own. It doesn’t matter if it is legal or not, it happens. If you buy land, start building on it immediately.
- Try to be present when constructing your house if possible. If you are not around, you may have delays and cost overruns. It is a fact in Ecuador that many construction workers will steal materials and slack off if you are not around to apply a little pressure and enforce the deadlines.
Next post will be on purchasing costs and the real cost of living depending on where you want to live in Ecuador. Also some other details that I may have missed out today.
Smile!!!! We found your new sunshine hub.
Thanks to one of my readers, I came to the attention that in Ecuador there is no such a thing as “Short Sales” on properties. I will try to provide some inside view about Real Estate Sales in Ecuador.
Latin American countries have particular structural features that complicate the regulatory environment of capital markets and affect the effective execution of short sales on real estate properties. For local Ecuadorians to purchase a real estate investment through a lender (Bank or Government Agency) it is easy since the introduction of the US dollar as the official monetary unit for all banking and government transactions.
In theory financing is available in Ecuador, but in practice it is difficult to arrange for foreigners.
The Ecuador constitution guarantees free access to the banking and credit market to locals and foreigners alike. The same as it guarantees the free right to own and hold property.
You can buy real estate once you land in the country using only your passport as identification. This is not just a policy of the current administration that can easily be changed – the Ecuador constitution guarantees the right to buy and hold property for everyone, citizens and foreigners alike. In fact, once you are in the country with a valid visa, the Ecuador Constitution guarantees that you have the same legal rights as Ecuadorian citizens, with the exception that you can not vote.
Additionally, there are no restrictions on owning beachfront property as there is in some other countries. Real Estate problems have mostly been the result of buying property that the seller did not have the right to sell – a proper title search, or buying title insurance, mitigates this risk.
The difficulty that foreigners face on financing is the inexistence of a “credit rating” system in Ecuador. Adding to this, there is a high default rate in their financial system, so it’s hard to qualify for a loan without a local employment history or a co-signer.
A good credit rating in the US does not mean anything here. Interest rates are typically 12% or more, and 30% to 50% down payment is standard.
The great opportunity to take advantage is on Pre-Construction Featured Projects in Ecuador. You could finance your down payment free of charge and cero interest until the project is ready. Also you could sometimes get the sellers to provide future direct financing, but they will typically require at least 50% down payment.
Getting back to the term of “Short Sales”, the definition applied to this term in Latin America it is completely different, “short selling” relates to market shares or stocks. Latin American capital markets are characterized by the following factors affecting country risk perception from the international investor perspective:
- Reduced liquidity
- Limited price formation
- Unavailability of information
- Small economic size
All this facts makes it difficult to assess the appropriateness of short sales norms. Let’s say in Ecuador there is no currency market since their official monetary unit is US Dollar, so there is no possibility of short sell that would depend on the existence of a fixed or a floating exchange rate regime.
Therefore, Ecuador does not approved or makes it feasible to short sell in equity markets; there are no regulations on the topic.
This is the best place to invest in cheap property, not to go on market trading…
If you need help with information related to buying property in Ecuador at real cheap price let me know… Hereyou have a sample of a real cheap property only $ 65.000 US dollars on sale directly by owner, ocean side gated community in Playas Villamil, the best ocean weather in the world.
I am back after a long holiday week in Ecuador, the local government basically took last week as a “puente” meaning extending the holiday over the weekend. It was a great opportunity for me to take a long driving trip to the north coastal site of Ecuador, the coast along the province of Manabi. It was all new to me, from delicious food like VICHE to really natural site seeing, nice sunny weather and really nice and warm local people. They are waiting to open their welcoming arms and hoping you have a nice time while in their province.
It is a place that they never mentioned on those international retirement conventions world wide. You have of course the trendy kind of to lay back for me places like Canoa, more of a surfer town. For my personal taste plus adding the great benefits of living close to a city, I believe that Montecristi is a top ten overseas retiree’s heaven to check here in Ecuador.
Do you remember the famous Panama´s Hat? Well figure it out where they come from, right here, in this little quaint town, Panama hat it is all made here along with some other wonderful handmade items. It happens that this amazing hat of toquilla was trade through the Panama Canal, and that is why they took after Panama the name, but they are made in Ecuador, in Montecristi.
I will try to show you today as much as possible from this place, my promise will be to keep digging and finding the best opportunities on the location.
The small town of Montecristi has historic value to Ecuador, one of their great man in history came from here, and also locally is known that ladies from Manabi are gorgeous. Plus it has great weather, cool spring summer if you find a property right on the hill skirt, and you can be by the ocean, enjoying the beach and sun bathing in just 15 min. It is right next, but not to close to loose its identity to the port city of Manta. I could not say that it is big, in Ecuador, Manta it is consider the 4th largest city. For sure you have access to good infrastructure and basic services, added to good medical care and plenty of natural resources like fresh seafood with your own cultivated garden product.
One of the properties I had a chance to stay belong to a family that race their seven children and move to a bigger city, a real interesting property with a huge potential to turn it in a wonderful hospitality investment or maybe a retirement home. You can see the ocean right from the house and the yard.
If there is anybody that has a good project let me know, I can put you in contact with the owners. I will keep on writing about this place since there is a lot to be discovered.
Also I believe the next weeks will be the Ecuador convention of International Living in Quito. Just in case anybody will need any information do not hesitated on writing it here or even better to my mail firstname.lastname@example.org to get a fast reply.
Next I live you with some on line information about this great place, I would say a hidden gem not told to the overseas living and retiring searchers.
Montecristi is a canton with history and a lot of traditions. Its biggest historical figure is General Eloy Alfaro Delgado, one of the biggest revolutionaries in the country. A side from his remains in the Museum of Alfaro City, located on the Montecristi Hill, people that like risk and adventure come here to climb this natural eco friendly hill. It has marvelous beaches, the most visited one is San Jose.
The most important part of the town it is the crafts elaborated with “paja toquilla”, wicker, piquigua and wood. All this hand crafts have a great recognition around the world. Its biggest identity is in the fine hats of paja toquilla, known to the world as “Panama Hat.”
Posted online by the Municipality of Montecristi
Watch these videos, I am sure that you will make this place one of your destinions…
Play safe while in Ecuador, join our newest social network.
This site is a social network for people that wants to make new friends in Ecuador.
The best way online to meet local contacts in Ecuador and start your new social life!
Now days it’s not easy to find our way around on finding new contacts or friendship once we decide to move or travel overseas. We need to find trustworthy and reliable contacts where ever we are planning to go in the world.
Most globetrotters are on Twitter? Facebook? MySpace? LinkedIn? Other social networks? Posting regularly? Checking your email every 15 minutes (and immediately responding)? Cellphone on all the time? Is it helping your quality of life?
We get caught up trying to keep up with the latest ways to boost our social life. In some cases, a small effort has a major benefit (for example, a profile allows people to find your online 24/7). But when we spend too much time focusing on trying to keep up with “the world”, we lose sight of real person hidden in the online world.
Can we truly create our intimate network? (people who truly know and care about us).
Hyper connectivity is giving us the feeling of doing something (having thousands of Twitter followers) but at the expense of meaningful relationships (both in our personal and business life). It’s also decreasing the amount of creative “unstructured” time that we need to think deeply about issues. If we’re always reacting to a stimulus, we have no opportunity to actually do something novel.
You may have already decided to search for a fresh new life overseas with great ambiance, ocean waves, fresh food and a relaxing local business approach. For sure you will need to include new people into that awesome new life, by helping create pluMMix.wall.com – Ecuador and adding real contact names references, we will have access to straight forward conversations related to ECUADOR and Latin America.
Join us today… pluMMix.wall.com
Unete al mejor lugar para comunicarte con extranjeros sobre temas actuales. from
¿Te preguntaras por qué? Resulta que la nueva meca norteamericana es Ecuador.
Es la nueva oleada en USA y Europa…. El reto de vivir mejor con menos…
Una nueva visión internacional, ECUADOR el país donde se propone a un nuevo estilo de vida y donde pueden obtener una vida de calidad.
Ecuador… A Retirement Haven That Has it All…
Bueno, por fin llega el momento de proveer un espacio diferente solicitado por todos.
pluMMix.wall.com es un estilo nuevo en Ecuador que te permite tener tu espacio personal.
Al ser 100% gratuita en Ecuador, es escogida por personas como tú y yo para promocionarnos al mercado internacional, aunque también muchos conocidos la aprovechan para promocionar sus nuevos trabajos y anunciar eventos.
Aparte de eso, es un lugar donde puedes dar a conocer al mundo tus aficiones, gustos y fotos en grupos y blogs personalizados.
Dispone también de online chat que es como un messenger para miembros de pluMMix.
Al igual que el resto de redes sociales, te permite escoger si tu perfil es privado o público, y sólo tú decides quién puede tener acceso a él.
pluMMix es una página web de contactos al uso, con la ventaja de ser una de las más frecuentemente utilizadas por los extranjeros.
Aprovecha únete hoy en su versión Beta en Ecuador…! pluMMix.wall.com