Many of us know someone, or know someone who knows someone, who owns property in higher-profile foreign destinations – such as Mexico and Costa Rica. In fact, hundred of thousands of North Americans already own property outside the U.S., and the numbers will only increase.  I plan to feature both established and up-and-coming destinations.  I will only write about countries that place no restrictions (or limited – such as a fideicomiso in Mexico) on foreign ownership.

This week it’s Ecuador!

Atacames

Atacames is located on the Pacific coast, less than 400km from the Quito, Ecuador’s capital. It’s a small beach town popular with vacationers from Quito and nearby Columbia. A good friend of mine and real estate agent owns a condo on the beach, so if you’re want to check things out this is an affordable way to go; we can connect you with a reputable broker in the area as well.  More popular cities for North Americans are Cuencas and Salinas; most foreign buyers are from the United States, Canada, New Zealand, and Australia.

Here’s a view from the balcony. I can send you more pictures and full details if you’d like.

Homebuying basics

• New construction average is <$90 per square foot,
• Cost effective way for Americans concerned about outliving their retirement assets,
• No restrictions on foreign ownership,
• No Multiple Listing Service; hire reputable agent  (I can refer you, just ask),
• Transactions are still mostly cash, as in many destinations.

This is intended as just a very brief overview, and of course is not intended as legal advice.  Real estate transactions can be especially complex outside the United States, as customs and laws vary from country to country. As a member of FIABCI (the International Real Estate Federation), I can connect you to skill professionals worldwide. FIABCI has members representing the entire real estate spectrum, and we’re passionate about the world of international real estate. Please don’t hesitate to contact me.

If you have any destinations you’d like me to feature, please email me at steve@sagepacificliving.com or call +1.503.490.4116.