Ecuador
 Ecuador
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Capital
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Quito
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Population
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14,573,101
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Area
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283,560 sq km
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Language
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Spanish (official), Amerindian languages
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Currency
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United States Dollar (USD)
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1.000000$ (USD) = 1.000000$ (USD)
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Whether it’s the colonial style of Cuenca, white sand beaches of Salinas or towering Andes mountains in Quito, Ecuador has the perfect scenery for every taste and budget. Located in the northwest part of South America, neighboring Colombia and Peru, sits this little country (about the size of Colorado) with a lot to offer.
Ecuador has been called the “new Panama” and one of the best new countries to retire to in 2010. The low price of health care, close proximity to the United States, cheap beachfront and mountain-rimmed property makes Ecuador one of the most economical countries for retirement.
Top 3 Places to Live and Invest
When imagining Ecuador, the first cities to come to mind are either the capital city of Quito or the economic hub of Guayaquil. While both cities remain safe investments with a high standard of living (think less than $1200 a month per couple for a 3-bedroom apartment, maid, gardener and all modern amenities), there are three other towns where your money will go much further and the pace of life is much slower.
Vilcabamba. For years American expats retiring off the beaten path have flocked to Vilcabamba. Appropriately nicknamed the “Valley of Longevity,” Vilcabamba boasts the highest number of residences over the age of 100. The temperate climate, fresh air and abundance of organic produce are sure to have had some effect as well. For under $600 a month, a couple can live in luxury surrounded with some of the most interesting flora and fauna in the world. A 2-bedroom house facing the river sells for under $70,000 and similar plots of land go for around $40,000.
Salinas. While Ecuador has plenty of mountains and valleys, it also has a beautiful coastline complete with turquoise wate,r and palm trees on the southern coast. Salinas is the new undiscovered hotspot for retirees where $50,000 buys a condo not far from the beach. Looking for more luxury and space? $150,000 will buy you a 3-bedroom beachfront condo complete with maid’s quarters in an exclusive high rise. Offering wild natural beauty with modern amenities, Salinas is what the coast of Costa Rica was like thirty years ago.
Cuenca. If you are more interested in architecture than nature, then try the colonial city of Cuenca. With cobblestone streets and $1.50 breakfasts in tiny cafes, this city is reminiscent of America a hundred years ago. The pace of life is slow; the people friendly and best of all, on less than $700 a month, a couple can maintain a high standard of living. Recently a 3,200 square foot, 6-bedroom, 2-bathroom house sitting on two acres of fertile land sold for $220,000 and that was including a caretaker’s house on the property! Don’t need so much space? Then $70,000 will get you a brand new 2-bedroom, 2-bathroom apartment at one of Cuenca’s best addresses.
Health and Senior Policy
Health care in Ecuador is modern and affordable. A check up at the doctor is less than $30, teeth cleaning $20, and English speaking specialists can be found in most major cities. Doctors still make house calls and most brand name medications can be found in pharmacies for under $10 in their generic form without a prescription. Health insurance is quick and easy to get, most do not even require a health exam. Full coverage health insurance (not including dental care) for a couple runs to about $70 a month. Although with such cheap prices, many choose to go without and simply opt for emergency Medical Evacuation insurance, which will airlift you back to your country of citizenship for urgent medical attention.
Safety and Infrastructure
Taking the same safety precautions in Ecuador as you would in a big city in America will ensure that your time in Ecuador is safe and enjoyable. Most crime is petty theft; violent crime is a rare occurrence. Most Ecuadorians are honest and friendly, but the average monthly salary in Ecuador is $250, making your new iphone a rarity and thus that much more desirable.
The telecommunications as well as transportation infrastructure of Ecuador has grown in leaps and bounds over the past 10 years. Now the average Ecuadorian (living in a city or town) has a cell phone, landline and access to the Internet. There is now a paved road from Quito to Tena, cutting down travel time to the jungle by almost half. Domestic buses are cheap and numerous (think about $1 an hour): while the roads to different towns may not be paved and the stops unmarked, you will be able to get to your expected destination without too much of a hitch. Taxis are plentiful and cost on average $1 per ride and local city buses are $0.25.
Culture and People
Ecuador has a warm, vibrant, heavily class focused and traditional society. Children live at home until they are married and many never leave home at all. It’s not uncommon for college aged men and women to have a curfew or need to check in with their parents every few hours. Keeping this in mind, you will find Ecuadorians to be a sheltered, innocent and naïve culture. The Catholic Church holds a very strong influence on the older generation and premarital sex, homosexuality and public intoxication are all considered sinful.
Ninety percent of Ecuadorians have indigenous heritage. While it seems that might be the great equalizer, it really just creates a very rigid class system. Ecuadorians with a European background (think early Spanish, German or English colonists) make up a very small percentage of the population (most speak English), yet they control most of the wealth and power in the country. As an American you will automatically fit into this class section as well. Come prepared for elaborate parties, formal weddings and invitations to the biggest events in Ecuador.
Ecuadorians are very warm people; every hello and good bye is met with a kiss on the right cheek between women and a handshake between men. (A quick kiss on the right cheek between men and women as well.) Overly polite, they will not ask too many questions about your background and expect the same in return. Ecuador has a very open society, where eventually you will become one of the group and not just the foreigner. Many will invite you to their parents’ home for dinner or for a weekend at the beach the first time you meet them, and they are serious. Don’t be afraid to take them up on their offer, you might have just made a friend for life.
Average Monthly Budget for a Couple in Quito
Rent for a 2-bedroom apartment in a nice part of town: $450
Daily maid service (Monday-Friday, 8 hours, cook and clean): $200
ADSL Internet: $30
Telephone (1 landline, 2 cell phones): $60
Cable TV: $30
Water: $15
Electricity: $20
Gas (tank for cooking and hot water): $5
Private Health Insurance: $70
Food: $200
Transportation (2 cab rides a day averaging $1.50): $90
Total: $1170 per month
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