Investor Visas Changes (December 2018)

December 20, 2018

  

 

 

 

 

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 investor visas, which was 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 permanence 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.

 

By investor is understood who has assets and economic resources of legal origin to carry out productive or commercial activities in Ecuador. Within this category, legal representatives, commercial representatives or similar positions of national or foreign companies are recognized, and, in general, 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 permanence 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 the  regulations of the application for the changes mentioned above for investors visas , and this is the summary of those changes to the Organic Law of Human Mobility and the Regulations to the Organic Law of Human Mobility ready to be applied by the Ministry of Foreign affairs of Ecuador for investor visas in Ecuador .

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;

 

3.- Foreign persons who carry out sport activities, studies, academic purposes, science, technology, innovation and art.

 

INVESTORS VISA (TEMPORARY RESIDENCE):

 

It had been said in online forums during the last weeks that the investor visas had disappeared and the Ecuadorian government was not issuing these visas, which created confusion and concern within the Expat community in Ecuador, the legal provisions to which we do reference in this summary come from the regulation to the organic law of productive development in everything applicable to the immigration laws of Ecuador, therefore it follows that the existence and issuance of the visas of investors is confirmed under the following legal parameters:

 

1.-Investment in a Certificate of Deposit in a financial institution of Ecuador with a minimum term of 730 days, for an amount not less than one hundred (100)  minimum wages of the worker in general.

 

2.- Investment in Real Estate, duly registered  at  the registry of the properties   for a value not less than 100 minimum wages;

 

3.- Investment in a company  Shares,    In an Ecuadorian company for an amount not less than 100 unified minimum wages;

 

4.- Investment  based on contract with the Ecuadorian Government;

 

5.- Legal, commercial representative and other similar, in an Ecuadorian or foreign company , that have a minimum social capital of 100  minimum wages.

 

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

 

 

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

 

               5.3. For Commercial Representative: Power of Attorney granted by the Ecuadorian or foreign company on behalf of the commercial representative duly Apostilled.

 

 

 

 

Renewal of investor visa (Requirements):

a.- Document that supports the investment;

b.- Original and copy of Passport, valid and in force;

c.- Renewal Request; and,

c.- 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 activities  mentioned above (Sport, study, academic purposes, science, technology, innovation and art).  T his visa will be granted for a maximum period of 180 days and can be applied every year from the date of  the visa first  issuance, to apply for this visa the following requirements will be presented:

 

a.- Petition based on the type of activity with the time of permanence;

 

b.- Visa application form;

 

c.- Valid passport;

 

d.- Have the sponsorship of a natural or entity domiciled in Ecuador related to the activity that is declared in the petition;

 

e.- Means of subsistence, that allow them to solve their permanence in Ecuador, equivalent to a minimum wage for each month of permanence in Ecuador.

 

VISA FOR TRIPULANTS OF SPECIAL, COMMERCIAL OR INDUSTRIAL BOARDING:

This visa will be granted to foreigners who enter ships that will develop activities in such vessels, this visa will be granted for two years, without limits of permanence abroad, likewise this visa may be renewed on multiple occasions, and Requirements for this special exception visa are the following:

 

a.- Work Contract or sponsorship letter;

 

b.- Fishing Permit granted by the fishing authority;

 

c.- Document proving the legal permanence in the country of the vessels in which the foreigner works.

 

For more information, email us at info@ecuaassist.com

 

 

 

 

 

 

          

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Content Disclaimer: The information contained in this Website has been provided by EcuaAssist for information purposes only.  This information does not constitute legal, professional or commercial advice.

 

 

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