Structuring a Certificate of Deposit for Ecuador's Investor Visa: An Expert Guide to Maximizing Returns and Ensuring Compliance

The Temporary Residency Visa for Investors (Inversionista) is governed by the Ley Orgánica de Movilidad Humana (LOMH). Specific investment requirements are detailed in Article 63 of its implementing regulation (Reglamento a la LOMH). The Certificate of Deposit (póliza de acumulación) is the most common path for demonstrating financial commitment.

Core MREMH Requirements for Your Investor Visa CD

The Ministry of Foreign Affairs and Human Mobility (MREMH) will verify the following:

• Sufficient in Value: The minimum investment is 100 times the Salario Básico Unificado (SBU). In 2024, with an SBU of $460, the minimum investment is $46,000 USD. This amount is updated annually.
• Legitimate and Verifiable: Funds must originate from a legal source, verified by the UAFE (Unidad de Análisis Financiero y Económico). Be prepared to provide documentation proving the origin of funds.
• Unencumbered: The CD must be libre de todo gravamen (free of all liens), meaning it cannot be pledged as collateral or be subject to third-party claims. The bank's confirmation letter must explicitly state this.
• Held for the Appropriate Term: A minimum term of 730 days (2 years) is the standard practice to align with the initial temporary residency period.

Selecting the Right Bank: A Strategic Comparison

Prioritize stability and experience with foreign clients for your investor visa.

1. Bank Stability and Reputation

Focus on Tier 1 institutions regulated by the Superintendencia de Bancos del Ecuador.

• Top Choices: Banco Pichincha, Produbanco (a member of Grupo Promerica), and Banco Guayaquil.
• Hyper-Specific Detail #1: Produbanco often offers "Expat Desk" services in major cities, streamlining the account opening process for foreign clients.

2. Certificate of Deposit (Póliza de Acumulación) Terms

Balance compliance with financial return.

• Term Length: A minimum of 730 days is the unofficial MREMH standard. Longer terms are acceptable.
• Interest Rates: Typically range from 5% to 8.5% annually for terms of two years or more. Longer terms and larger deposits generally yield higher rates.
• Penalties: Early withdrawal invalidates the basis of your residency and is not an option. Penalties often include forfeiture of all accrued interest.

3. Customer Service and Documentation for Foreigners

This is often a critical hurdle.

• Account Opening: You will need your passport, a second ID, and proof of address in Ecuador (e.g., a notarized rental agreement).
• Hyper-Specific Detail #2: You must obtain two crucial documents:
  1. The physical póliza de acumulación (CD contract).
  2. A separate certificado bancario (bank letter) addressed to the MREMH. This letter must include your full name, passport number, the exact investment amount, the term, and the phrase "libre de todo gravamen."

Step-by-Step Guide to Structuring Your Investor CD

Step 1: Confirm the Current SBU and Calculate the Investment

• Action: Verify the current year's Salario Básico Unificado on the Ministry of Labor's website. For 2024, the minimum investment is $46,000 USD. Consider investing slightly more (e.g., $46,500) to cover minor fees.

Step 2: Open Your Ecuadorian Bank Account

• Action: Choose a Tier 1 bank, schedule an appointment, and bring your original passport, a color copy, and your notarized lease agreement. Be prepared to explain the source of your funds. Allow 3-5 business days for foreign wire transfers to clear.

Step 3: Purchase the CD and Secure Documentation

• Action: Once funds clear, instruct the bank to create the póliza de acumulación for the required amount and a term of at least 730 days.
• Documentation: Ensure you receive:
  1. The official, signed póliza de acumulación.
  2. The formal certificado bancario addressed to the MREMH.

Step 4: Submit with Your Visa Application

• Action: Submit high-quality color copies of these documents with your complete visa application package.
• Hyper-Specific Detail #3: The visa application fee is $50, and the visa issuance fee is $400. These are non-refundable.

Step 5: From Visa to Cédula - The Final Step

• Action: Once your visa is approved, register it at the Registro Civil to obtain your cédula (national identity card).
• Hyper-Specific Detail #4: You must schedule an online appointment (turno) for the orden de cedulación after your visa is approved. Walk-ins are not accepted, and obtaining a turno can take time.

⚠️ Legal Alert: When to Consult an Immigration Attorney

Seek professional legal counsel if:

• Complex Source of Funds: Your investment originates from trusts, inheritances, or complex asset sales requiring extensive documentation for UAFE compliance.
• Bank Delays or Refusals: The bank is uncooperative in issuing the correctly worded certificado bancario or raises unusual compliance flags.
• MREMH Request for Additional Information (Subsanación): If the Ministry requests clarification or additional documents related to your investment.
• You Are Adding Dependents: The investment amount may need to be increased. Article 63 of the Reglamento a la LOMH requires an additional investment of 25 SBU ($11,500 in 2024) per dependent.