Saul L. Says:
Can I own property in Ecuador as a foreigner?
IL Executive Editor Jennifer Stevens Says:
Hi Saul,
Foreigners and Ecuadorian natives are on equal footing when it comes to real estate ownership
You don’t even need to be a resident to own property. To the contrary, property ownership can qualify you for residence.
There are certain restrictions in the case of “National Security Areas,” which may include the country’s borders and areas adjacent to military bases, although these are not specifically defined in the law. It’s best to check with an attorney or notary, who will inform you if your property requires any special permission.
One other restriction is that bank financing is generally unavailable to foreign real estate buyers.
A few recent projects are beginning to offer financing on new construction, and we expect this trend to continue. In general, however, the ‘financing’ only lasts for the duration of the construction (typically two to three years) and buyers are expected to pay the full amount by the time of closing.
If you do require a loan, your best option is to take out a second mortgage on another property you own in your home country, borrow against assets in a brokerage account, or pool funds with other investors interested in buying property in Ecuador.
For full details of buying property in Ecuador, check out Chapter 4 of our Escape to Ecuador guidebook.
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