Can I get back my CD investment, if I obtained my residency visa prior February 6th, 2017
Here at EcuaAssist, we get a lot of questions! And we want to make sure you have those answers in an easy to access place. We will be starting a FAQ series. The purpose of this series is to simplify and present the most important information of immigration law for those who do not speak Spanish or those that find the immigration system difficult to navigate.
Despite many attempts by the government to make the immigration system efficient and user friendly, it has not quite met that goal. By providing our readers with clear and concise information, we hope that all foreigners are able to understand the most up to date immigration rules. Bureaucracy can turn the dream of living in Ecuador into a nightmare the moment people apply for a visa. At EcuaAssist, we strongly believe that the bureaucracy of immigration should not impede or deter anyone from the dream that is living in this beautiful country. Although public policies across countries are becoming more restrictive daily, we believe that every person is a universal citizen and should be able to choose where they would like to live.
Can I get back my CD investment, if I obtained my residency visa based on another Ministry of Foreign Affairs law prior to February 6th 2017?
Good news, you can indeed get your investment back! You may remember that before, if you had applied for an investor visa, the only way you could get your investment back was by some day becoming an Ecuadorian citizen. Well, not anymore! Now you are able to retrieve that investment if you would like once you become a permanent resident.
Currently, a person must apply for a temporary visa, and after 21 months of being a resident, they can pursue a permanent residency. They are obligated to keep their investment throughout the entire 21 months of their visa, however once they receive their permanent residency, they have the chance to get their investment back and still be legal in Ecuador.
Remember in order to apply for permanent residency, you had to have complied with two important restrictions:
· You shouldn’t have left the country for more than 18 consecutive months during all the years you have been a resident.
· You should justify you still have the investment.
If you did respect those restrictions, you qualify for permanent residency. Once your visa is approved, you are free to do all it takes to get your investment back.
The EcuaAssist Team
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