Real estate promotions > Ecuador > Buyer's Guide of ECUADOR
Buyer's Guide of ECUADOR
GENERAL INFORMATION
- What is the legal currency in the country?
The US Dollar (USD)
- Where are the deeds of sale for the residence signed?
In Ecuador, in Guayaquil.
- If after having purchased the property you decide to sell, can you take the funds out of the country?
There is no specified limit.
- Is it necessary to specify that the funds deposited in Marina d'Or’s account in Spain, France, the United Kingdom, Ireland etc. correspond to the entry of foreign currency for the purpose of real estate purchase in order to avoid problems with future capital repatriation?
Yes. When you transfer the funds, you should indicate in the 'Observations' section the apartment number, the building and the amount deposited for the purchase of said piece of real estate.
- What does Marina d'Or charge at the moment of sale? What are the payment terms
Currently, they are the same for Ecuadorians and foreigners:- 6 % upon signing the contract
- 24% in monthly payments until the property is handed over
- 70% upon the signing of the title deeds.
- Do you have to pay the real estate property tax (IBI)?
The IBI does not exist, in Ecuador you must pay the “Predial Urbano” Tax, which depends on the commercial value assigned to each particular property by the local council. Normally, it is approximately 0.15% of the assessed value, known in Ecuador as the 'Avaluó'
- In Spain, when you register a property, you pay approximately 3% in costs plus 7% VAT. What are the expenses associated with the purchase in Ecuador, such as registration fees, notary fees, stamp duties, solicitors fees etc?
Expenses normally amount to approximately 2% of the purchase price. There is no VAT on the transfer of real estate in Ecuador.
- Do I need to have a foreign resident’s identification number (NIE) in order to purchase a property in Ecuador ?
No, only your passport. You do not need any other personal documentation.
