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Ecuador’s Big Plus – Ecuador has not signed any Tax Information Exchange Agreements which is their big plus.
Ecuador's Big Negative – They are a dollarized economy. The US dollar is their currency. This is a bad thing in our opinion that we believe will end badly for Ecuador as well as Panama another dollarized economy.
Ecuador Second Negative – When you take money out of the country of Ecuador there is a 2% tax to the government. This applies to credit card charges made out of the country and ATM cash pulls done outside of Ecuador. This used to be 1% and is now 2%. We do not know if they will raise this again? This precludes many operating businesses from using Ecuador unless they have large profit margins and do not mind the 2%. Every time you send a wire out of the country there is a 2% charge.
Ecuador Mutual Legal Assistance Treaties - Ecuador seems to have a number of MLAT treaties. These Mutual Legal Assistance Treaties are through the OAS (Organization of American States, yes USA is a member) . This would be with all the OAS member states. To see the particulars go to the official OAS page here:
http://www.oas.org/juridico/english/sigs/a-55.html
The Ecuador Banks – They generally speak Spanish so this can be a problem unless you speak or understand spanish. If you think this is not true try calling some of the banks. Most do not have true online banking in that you cannot send outgoing wires online. Some may have true online banking letting one send outgoing wires, we are not sure. Some may have online banking in English but it is generally going to be in spanish. Most of the banks are small independent banks, not international banks. The currency used in Ecuador is the US dollar. The banks generally do not have banking options in other currencies like Hong Kong with ten currencies plus gold or belize with five currency options.
Account Opening – We do not open bank accounts in Ecuador. In our opinion we believe there are better options like Hong Kong with government bank insurance, anonymous corporations, bank secrecy and trillion dollar banks. The Honk Kong bank lets you hold ten currencies and gold.
Hong Kong Bank Accounts and Hong Kong Corporations
We also use Belize. The Belize trusts exempt any trust assets in Belize from the decision of foreign courts including fraudulent conveyance.
Belize Trusts and Belize Bank Account
Questions: If you have any further questions please do not hesitate to contact us by email, phone, or Skype. Thanks.
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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.