Investor Visas Update (2020)

On August 21, 2018, the “Organic Law of Productive Development” was published in the Official Register, which introduced new adjustments in Ecuador's immigration laws, especially for those who intend to apply for an investor visas, which was is outlined as follows:

"For investors and other types of petitioners that the regulation to this law defines, a temporary residence of exception may be granted, which will not be subject to the condition of maximum periods of residence outside of Ecuador and will allow its holder multiple admissions to the country. This type of visa may be renewed as many times as required by the petitioner, provided that it does not incur any of the prohibitions established by this law to obtain this type of visa.

An Investor is defined as someone who has assets and economic resources of legal origin, to carry out productive or commercial activities in Ecuador. This category includes legal representatives, commercial representatives or similar positions of Ecuadorian or foreign companies which are recognized as those who enter the country to carry out commercial activities with the intention of developing business in Ecuador. "

Perhaps the most important point of this change is the fact that an investor will not be subject to the condition rules of maximum periods of permanence outside of Ecuador, For more information about the periods of time outside of Ecuador in this link.

On December 18th, by the Executive Decree No. 617, the President of the Republic of Ecuador, Lenin Moreno, issued changes to the above mentioned for an investors visas , Following is the summary of those changes to the Organic Law of Human Mobility and the Regulations to the Organic Law of Human Mobility .

Exceptional temporary residence visas

These type of visas can be requested by:

1. Foreigners who will invest in goods or economic resources to carry out productive and commercial activities in the Republic of Ecuador

2. People who carry out trade activities (Commercial activities);

3. Foreigners who participate in sport activities, studies, academics, science, technology, innovation or art.

INVESTORS VISA (TEMPORARY RESIDENCE):

There has been confusion about the investor’s visa, which has caused some concern. The following may provide some clarification in the ways you may qualify:

1. Investment in a Certificate of Deposit in a financial institution of Ecuador with a minimum term of 730 days (two years), for an amount not less than one hundred times (100x) the minimum monthly wages which at this time is $400 per month, equating to $40,000;

2. Investment in Real Estate, registered at the registry of properties for a tax value not less than 100 times (100x) the monthly minimum wages, once again, being $40.000.

3. Investment in a company Shares, in an Ecuadorian company for an amount not less than 100 times (100x) the base monthly wage, of $400.

4. Investment based on contract with the Ecuadorian Government;

5. As a Legal or commercial representative of an Ecuadorian or foreign company , that has a minimum social capital of 100 times the basic minimum wages of $400.

• For legal representative: The appointment must be duly registered at the commercial register (Registro de la Propiedad).

• For General or Special Representative: Power of attorney granted by the company, must be presented for the execution of commercial activities in Ecuador, and said company must be registered in the Superintendence of Companies. The power or attorney needs to be registered with the commercial register (registro de la propiedad).

• For Commercial Representative: Power of Attorney granted by the Ecuadorian or foreign company on behalf of the commercial representative, must be presented, and duly notarized and apostilled

Renewal of investor visa (Requirements):

1. Documents which show the minimum investment has been made

2. An original copy of your passport, as well as a copy, which is valid and in force

3. A renewal request

4. A visa form.

SPORTS, STUDIES, ACADEMIC PURPOSES, SCIENCE, TECHNOLOGY, INNOVATION, ART:

For this type of visa of exception, the foreigner will only be authorized to develop any of the industries mentioned above (Sports, educational study, academic purposes, science, technology, innovation and art). This visa will be granted for a maximum period of 180 days and can be applied for every year from the date of the visas first issuance. To apply for this visa the following documents need to be presented:

1. A petition based on the type of activity with the time of expected duration

2. A Visa application form

3. A Valid passport;

4. The sponsorship of an Ecuadorian citizen or entity domiciled in Ecuador, which is related to the activity that is defined in the petition

5. Proof of means of subsistence, that allow the petitioner to support their stay in Ecuador, equivalent to a minimum wage for each month of residence in Ecuador.

VISA FOR TRIPULANTS OF SPECIAL, COMMERCIAL OR INDUSTRIAL BOARDING:

This visa will be granted to foreigners who enter on ships that will partake in activities on such vessels. This visa will be granted for two years, without restriction about the time outside of Ecuador, likewise this visa may be renewed on multiple occasions, and requirements for this special exception visa are the following:

1. A work contract or sponsorship letter

2. A Fishing Permit granted by the fishing authority

3. Documents proving the legal permission to stay in the country on vessels in which the foreigner works.

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