Costa Rica Blog

Ecuador

Ecuador stands out for extraordinary amount of biodiversity in contains in such a small country, and for being one of Latin America’s hot spots for expat investors and retirees.  Another country in my continuing comparison of Costa Rica versus other retirement destinations.

Ecuador has a low cost of living.  For example, it’s among the very cheapest places in the world for buying groceries, and hiring a personal fulltime cook/housekeeper costs just $30 per week.  It’s quite possible to live comfortably in Ecuador on $1200 - $1700 a year.  The property market is favorable as well.  Renting an furnished apartment can cost as little as $300 a month, or around $600 for a house.  Property prices vary, but the capital of Quito is currently pegged at the best place to buy, with homes in the old colonial center selling in the $30,000 - $50,000 range.  Apartments in Cuenca, a popular expat destination, go for about $75,000.  One of the most convenient things about Ecuador for Americans is that it uses United States currency, so you avoid currency conversion hassles.  It’s like taking your money back in time to when a couple of greenbacks could buy a decent lunch.  It’s worth noting that prices in major tourist centers will be more akin to what they are in the States, but this is not the case for most of the country.  But in Ecuador you get what you pay for.  Much of the country is pretty third world and don't expect your property there to appreciate, more likely hope it will retain its value.  Supply exceeds demand in Ecuador and prices reflect that situation.  

Ecuador is still a developing nation, so it’s probably best to visit first before deciding to move there, to get a feel for whether or not you are comfortable with that lifestyle.  It’s been a democracy since 1979 but has been politically volatile recently, as was demonstrated in September 2010 when the president was kidnapped by renegade police officers and quickly rescued.  Quito is at an altitude of 11,000 feet above sea level and many find themselves overcome with altitude sickness without a bit of conditioning.  Flying commercial aircraft into Quito is challenging and Quito has had a few major accidents in the past 10 years. 

Still, this is a beautiful country, home to the Andes Mountains and the Galapagos Islands, with a laid-back pace of life and friendly locals.  Barring disaster, it seems quite plausible that Ecuador’s star will continue to rise as a retirement destination.  Cuenca, with its college town atmosphere and UNESCO heritage site flavor is a picturesque town with much to offer expats.   The city is bustling with activity and has a kind of bohemian flavor.

Country Overview

Ecuador appropriately enough, sits roughly in the middle of the ecuator, on the coast of the Pacific Ocean. It comprises three main geographical regions: "La Costa," the low-lying area of the Pacifc coast; "La Sierra," the central highlands dominated by the Andes, and "El Oriente," the eastern half of the country, mostly made up of the Amazon rainforest.  The climate varies depending on altitude: mild in the valleys, temperate and dry in the Andean highlands, very rainy and tropical on the coast.

Facts and Figures

Ecuador’s population was 13,927,650 in 2008 and is estimated to be 15,144,000 by 2015.  Most people speak Spanish, which is the official language.

In terms of crime, the rate of intentional homicides is 19 per 100,000 people.

Political Instability Index (out of ten): 7.7

Quality of Life ranking (out of ten): 6.272

Economics

Ecuador uses American currency.  This can be both good and bad.  It's convenient but could spell trouble as the dollar continues to lose value internationally.

Price of a round-trip flight to Quito:

From New York: $596 (Expedia), $696  (American Airlines)

From Los Angeles: $724  (Expedia), $843  (American Airlines)

From Miami: $438  (Expedia), $409  (American Airlines)

Price to rent an economy car for 10 days in Quito: $215.04

Median price for an apartment in Quito city centre: $981 per square meter.

Ecuador has some political, social and economic risk not found in most other Latin American countries but for those who don't have much to lose, Ecuador is a great bargain.  The northern Pacific coastal areas around Manta, Bahia and further north have recently become more accessible from the new road from Quito. 

Canada

In our continuing series visiting potential countries for North Americans to retire or relocate, today we will take a look at Canada.  As always, we'll look at cost of living considerations, accessibility, political stability and more.  Check our blog for a similar comparison to a variety of other countries.

The United States’ neighbor to the north is not usually the first place Americans think of when they’re considering retiring abroad, but Canada offers some appealing benefits for expats, as well as some difficulties worth overcoming.  

It may not be a tropical paradise that some retirees dream of, but for those who prefer world-class skiing rather than skin-diving it just might be the prefect place.  And it’s hardly all prairies and frozen tundra -- from the ruggedly graceful coastline of the Atlantic provinces to the lush Okanagan Valley in British Columbia, Canada is a vast country of natural beauty.  It also boasts some of North America’s most important cities, Toronto (photo) , Montreal and Vancouver, all culturally vibrant and diverse metropolises.

Two of the biggest financial incentives for moving to Canada are its lower cost of living relative to the United States and its national health care program which is mostly free at the point of use for its citizens. Canada’s typically higher taxes may counteract these benefits for some people, but at the very least Canada and the United States have an agreement not to tax expats twice, avoiding a problem that can plague Americans abroad in other countries.

The biggest challenge facing those of any country who wish to retire in Canada is getting permission to do so.  United States citizens don’t need to apply for a visa to visit Canada for up to three months, but to stay there permanently does require a visa.  Unfortunately, Canada no longer offers a specific visa for retirees, which leaves expats with the option to either apply for residency as an investor, which requires a minimum net worth of $800,000, or as a skilled worker, which is only open to certain occupations.  Expats who enter Canada on a skilled worker visa may find difficulty gaining employment in some of the eastern states without being bilingual in English and French, but French is not required in the rest of the country.

Country Overview

Canada has the second largest landmass of any country in the world, and its southern border with the United States is the world's longest. It is a vast country, and contains more freshwater lakes than anywhere else in the world.  It is made up of mostly plains with mountains in the west and lowlands in the southeast.  The climate in the north and interior is usually far below freezing, with snow covering the ground at least half the year, but the costal regions enjoy temperate climates and highs in the 70s, with British Colombia having the mildest winters.

Facts and Figures

Canada’s population was 33,212,696 in 2008 and is estimated to be 35,051,000 by 2015.  Most people speak English, although about 1/3 speak French; both are official languages.

In terms of crime, the rate of intentional homicides is 1.81 per 100,000 people which is incredibly low by international standards

Political Instability Index (out of ten): 2.8

Quality of Life ranking (out of ten): 7.599

Economics

In terms of currency, one US dollar is roughly equal to 1.13 Canadian dollars.

Price of a round-trip flight to Toronto:

From New York: $311 (Expedia), $362  (American Airlines)

From Los Angeles: $561  (Expedia), $628  (American Airlines)

From Miami: $388  (Expedia), $428  (American Airlines)

Price to rent an economy car for 10 days in Toronto: $368.88

Median price for an apartment in Toronto’s city centre: $7,538 per square meter.