Tag Archive | "foreign banks"

Ecuador & International Banking Update


Here is an important Ecuador & international banking update created by the wonderful world of mobility in which we live.

Our global mobility provides huge benefits… broadens our horizons and enriches mankind through global trade.   Yet being global also creates some problems… one of them is banking.

This site recently posted a message about Ecuador banks that began with, “I do not trust Ecuador Banks.”

This is not a slight on Ecuador.  This statement is a comment on the realities of trying to maintain control of one’s own wealth in an era where almost all governments are increasing control over money.

The banking article was followed by  another article stressing  the importance of diversification in Ecuador Diversified.

Here is a reminder of the importance of this information.  A couple of years ago I purchased a block of buildings in Ecuador planning to resell them.  I am according to plan selling them now and recently received a payment.

My attorney wrote this to me:

They deposited funds in my account last Wednesday to pay for the condo and asked me to send to you.  There is a 2% tax on money going out of Ecuador which was recently established, plus bank commissions.  I will wait for your instructions  to wire these funds to you.

There previously was a 1% tax but it has now been increased to two percent. This increase is not a big deal but a step in the wrong direction and a reminder that we should never trust any one country, currency or banking system.

I just sent our Ecuador Living subscribers an alert about one more Ecuador banking problem.  Ecuador Living subscribers click here.

Learn how to subscribe to Ecuador Living here.

Hence my mantra to have what I call a “Six Point Command Posture” which is to:

Live in one country
Bank in a second country
Invest in many countries
Earn in two or more countries
Use a company incorporated in a fifth country
Take a second residence

Where to Bank

Knowing where to bank is a growing problem… especially for Americans.  Non Americans should read this article any as you’ll see that you are not exempt from this problem either.

Americans are being crushed between a rock and a hard spot.

The Rock. Many US banks will no longer accept Americans residing overseas because they have a foreign address. This has been caused by the US Patriot Act.  Banks have to know their clients so they refuse to accept (or keep) clients with overseas addresses, even Americans who have banked with them for decades, but change their address.  The following banks have been sited as closing accounts with just 30 days notice of long term customers just because they took on a US address: Ameriprise, Bank of America; Bank of New Hampshire; Citibank; Citizens Bank; Edward Jones, St. Louis; E- Trade; Fidelity Investments; INGDirect; JPMorganChase; Morgan Stanley; National City Bank in Riverview, Michigan; Provident Bank, Maryland; Smith Barney; T. Rowe Price; USAA Federal Saving Bank; Vanguard mutual fund; Wachovia; Washington Mutual; Washington Mutual Investment, Spokane; WellsFargo; Zions Direct.

The Hard Spot. At the same time the IRS has created a set of regulations that discourage non US banks from accepting Americans.

Many Swiss and British based banks will no longer accept Americans.

Here’s an excerpt from a 13, June 2009 Telegraph article entitled “Lloyds Bank hit by Obama tax purge” by By Louise Armitstead:   Banking group drops American customers in UK ahead of costly proposals to stamp out tax evasion  Lloyds Banking Group is ditching American customers based in Britain pending a crackdown on international tax evasion planned by President Barack Obama.

This week American private client account-holders at Lloyds’s received letters informing them of an “important change in policy regarding clients who are resident, domiciled or linked to the United States by property or asset holdings”. They were told the bank had “no choice” but to “cease acting as your investment manager.”

One letter sent to Bank of Scotland’s portfolio management division, which is now part of Lloyds, said: “The USA has a mature regulatory environment governed by its Securities and Exchange Commission. These regulations mean that we are not licensed to manage portfolios for US clients.”

The letter added: “Unfortunately we cannot offer an equivalent service from within Lloyds Banking Group.” Clients have been advised to transfer their assets.

One recipient, who has lived in the UK for over 25 years, said: “After all this time, I’ve suddenly been told I must take my money elsewhere and I don’t understand why. Now I’m scared that other banks won’t take me on either.”

The Brits are no the only group shedding US account holders.

A July 12, 2009 USA Today article entitled “Some foreign banks drop U.S. clients because of UBS flap”  by Kevin McCoy explains how other banks have booted Americans as well.  An excerpt says: The closely watched Justice Department court fight to get the names of 52,000 suspected American tax evaders from Swiss banking giant UBS has prompted some other foreign banks to drop U.S. clients they once welcomed, tax experts said Monday.

Eager to avoid a similar struggle with federal prosecutors, banks including Credit Suisse and HSBC in recent weeks have notified American clients they must close their offshore accounts or transfer them to the institutions’ U.S.-based operations, where tax reporting requirements are far stricter.

“Overall, the international banking community, and particularly the offshore banking community, has been very friendly to American account holders,” said William Sharp, a tax law specialist at the Sharp Kemm law firm in Tampa. “That changed in the past couple of months as a result of the UBS case.”

The Dutch were early in dropping American clients.

ABN AMRO, a huge, Dutch based, international bank gave all clients  with U.S. passports within 30 days notice in 2008 and then closed their accounts because of the  high costs to comply with U.S. regulations.

Expect this problem to get worse! Beginning in 2010 stronger US reporting rules will force even more overseas banks to stop accepting Americans.  They simply cannot afford to fill all the obligations.

Americans should not feel totally alone…nor should non US investors feel totally safe from being shut out of a banking center.

According to the British Times Newspaper, Barclays Bank used the US anti-terror laws to shut down the personal bank accounts of British citizens who were working for Iranian owned businesses.

The bank enforced anti-Iran sanctions under the US Patriot Act.  Accounts of Iranian owned companies that operated completely legally in Britain were shut.  But Barclays went much further. They amazingly shut down accounts of directors of these companies and even more amazing they shut the personal accounts of ordinary staff members, including clerical officers, computer engineers and bank tellers, just because they worked for an Iranian owned company.

Here is an excerpt from a June June 6, 2008 Times of London article entitled, “Barclays bank rejects customers to comply with US terror law:”  Barclays began the account closures in February, shortly after reports from industry sources that US Treasury agents had been touring the City of London putting pressure on financial institutions to withdraw from any form of business that might have Iranian links.

One source told The Times that City banks had been warned that they would lose access to the US market if they continued to deal with Iranian businesses. Barclays has extensive business interests in the United States.

Case study: Cast out in the supermarket

Chris was doing the shopping in Tesco when Barclays rang to tell him that his bank account was being closed. Later that evening his wife was told that her Barclays account, which she had held for 25 years, was also being closed.

Chris, 46, works in IT for Bank Saderat, and his wife is in the accounts department of Melli Bank. Both institutions are Iranian-owned. “They said it was because of sanctions but I knew there were no British sanctions on the banks. I asked them if they were responding to US laws and they said they didn’t have to give me a reason,” he said.

The couple opened new accounts with one of Barclays’ rivals but they had difficulty transferring standing orders, especially Chris’s child-support payments. He said: “I know that UK banks are being pressured by America to stop all dealings with Iran but what impact will it have to shut an English bloke’s account with an English bank? The Iranians won’t give a monkey’s. What upsets me is the lack of respect Barclays have for their customers.”

This last comment hit me strongly… the lack of respect many of the big banks have for their clients.

This is one reason I have enjoyed banking with Jyske Bank in Denmark for more than 20 years.  Jyske is big and well managed enough to be very safe, but small enough to provide genuine care and attention to the individual.

This is why I was not surprised that a number of years ago, Jyske made the decision to spend a lot of time, energy and money to comply with US law so they could continue to serve US as well as non US investors around the world.

This shift though has created some confusion. For example a Reader from the Netherlands sent me this note:  Hello Gary, Since beginning of this year we are subscribed to your newsletter. In your articles we read that it is possible to go to Jyske Bank and start doing multi-currency for about 30,000 dollars. We were very enthusiastic about this philosophy and asked the Jyske Bank for information. However we were very surprised when we got information back including the message that we have to start with $150,000 euro. Can you help us and maybe clarify the misunderstanding about this starting amount?  Thank you very much in advance!

The services and minimums required by Jyske Bank Private Bank (JBPB) for non US investors differs from those offered by Jyske Global Asset Management (JGAM) who serves US investors.

Jyske Global Asset Management (JGAM) offers Americans managed accounts, advisory accounts and IRA services to US clients.

JGAM’s managed accounts provide Americans with access to international investments in all currencies, traded on all stock exchanges.

There are two levels of managed accounts for US investors:

Mutual Fund Managed Accounts, $50,000 to $200,000.  Accounts from $50-200,000 are mainly  invested in mutual funds and ETF`s in order to get the appropriate diversification.

Individual Investment Managed Accounts from $200,000 up are mainly invested in individual securities as trading costs are not prohibitive for this size of account.

There are two forms of advisory accounts for US investors.

Advisory Accounts for US Residents.  Accounts for US residents are available and provide access to investments in currencies, commodities and US listed securities.

Advisory Accounts for Americans who are resident outside the US.   US citizens who are resident outside the US (proof of residence is required) have access to investments in currencies, commodities and all international investments in all currencies, traded on all stock exchanges.

The minimum required to start an advisory account is $25,000.

Because the minimum annual fee is  $1,000 JGAM recommends an initial deposit of minimum $50,000.

IRA accounts are managed accounts with more conservative investments than those in a normal  managed account.  IRA accounts require a minimum investment of $50,000.

Jyske Bank Private Bank offers the following services to non US investors.

Non US Clients can open accounts with minimum deposit of Euro 150,000 (approximately 220,000 USD), or equivalent in another currency.

JBPB works with six profiles:

Income profile. A low-risk profile, invested in currency accounts (cash) and/or traditional bonds.

Stable profile. A low-risk profile, invested in bonds (incl. high- yielding bonds), a small equity part.

Balanced profile. A medium-risk profile, invested in equities and bonds (main emphasis on bonds).

Dynamic profile. A medium-risk profile, invested in equities and bonds (main emphasis on equities).

Growth profile. A high-risk profile, invested mainly in equities and a lesser share in bonds.

Aggressive profile. A high-risk profile, invested almost exclusively in equities.

There are six managed strategy funds (available only in Euro) for investors who want managed services with minimum deposits of US$ 220,000. These six funds are based on the principles of asset allocation and match the investment profiles above so all investors can attain risk diversification, risk management with even a limited investment.

There is a full Discretionary Portfolio Management service for investors who want managed services with US$ 350,000 and above. This service is also based on the six strategies above. Jyske Bank will invest and manage the clients portfolio in close cooperation with the Bank´s experts and their network of international partners. These strategies are offered in EUR, USD, GBP, DKK and SEK.

Investors, who do not want managed services, and have accounts of US$ 220,000 or more, can wish to engage in an active dialogue with their advisers and be very involved in the decision-making process. based on the client’s investment profile. They can invest in currency accounts in a large number of currencies, all tradeable equities and bonds, mutual funds and commodities.

Here is one huge feature I like very much about both JBPB and JGAM…  No Jyske employees in  management, advisory services or any employee receives any kind of bonus pay. This eliminates any temptation for hidden agendas to exist.  Employees have no incentive give any advice or take any action that is not in the client’s best interest.

Technology has given great mobility to our wealth. This mobility is good for the individual and the global economy… but governments do not like this as they wish to control our finances.  The tension created by this struggle between the individual and the collective has created a never ending thrust and counter thrust of regulations and adaptions to these rules.  It is harder to maintain a diversified global portfolio than it used to be… but the effort is still worthwhile.

Gary

The greatest asset of all is the ability to earn wherever you live, which brings everlasting wealth.

This is why we offer our course Tangled Web… How to Have an Internet Business.

A clear mind and healthy body are also a vital assets… plus a second language is a powerful diversification tool.

This is why I am giving everyone who enrolls in our North Carolina or Ecuador International Business & Investing seminar in October or November our “Tangled Web… How to Have an Internet Business Course” (offered at $299) free.

Here are comments from a reader about the way we help:  Thank you for your inspiration and information outlining foreign banking and retirement.  Your comments and suggestions are welcome for planning the steps to evaluate the early stages of living abroad.

Sept. 17-21 Ecuador Super Thinking + Spanish Course

Sept. 23-24 Imbabura Real Estate Tour

Sept. 25-28 Ecuador Coastal Real Estate Tour

Join us with Jyske. Learn more about global investing, how to have an international business and diversification in Ecuador at the seminar.

Oct. 9-11 IBEZ North Carolina with our webmaster  David Cross & Thomas Fischer of JGAM

October 16-18 Ecuador Southern coastal tour (early sign up before Sept. 1, $499 per person).

Oct. 21-24 Ecuador Import Export Tour

Oct. 25-26 Imbabura Real Estate Tour

Nov. 6-8 IBEZ Ecuador Seminar

Nov. 9-10 Imbabura Real Estate Tour

Nov. 11-14 Ecuador Coastal Real Estate Tour

Attend any two Ecuador seminar or tours in a calendar month…$949 for one.  $1,349 for two.

Attend any three Ecuador courses or tours in a calendar month…$1,199 for one.  $1,799

Read the full articles:

Lloyds Bank hit by Obama tax purge

Some foreign banks drop U.S. clients because of UBS flap

Barclays bank rejects customers to comply with US terror law

Bank Privacy Gone


The problem of getting Bank Privacy is gone.  Now the problem is being able to get a good international bank at all.

The problem is that Americans have lost control of their wealth.

An insidious form of of loss has been taking place for decades and now we are in the end game.

The theft has taken place in the same way the Nazis robbed the Germans of control.

A German industrialist once explained how the Nazi’s took over when he explained that very few people were Nazis.  However many enjoyed how the Nazis brought back an external German pride.  Most were just too busy to care.  The majority let it all happen at an early stage.   Too late the realization came that the Nazis were in total control.   See how this has happened to your wealth here.

This is what has happened to American wealth.

Now we are in the end game.  I have been warning about this problem of reduced bank privacy for over 2o years… first in my printed books and newsletters… later at my web site.

Here is what I wrote at this site almost nine years ago to the day, July 13, 2000.

More on the loss of bank privacy

Bank privacy no longer exists. Some years ago I wrote about the insidious tactics that the US and other governments have used to erode financial privacy and personal liberty and pointed out that the problem is that the government does not attack the individual but puts the pressure on the overseas financial institutions. The current additional move by the US government to collect tax is just one more small step.

The message below shows that one of our readers does not understand this yet. After his message I put my comments below.

“Gary  How can a non-US institution, and there must be many thousands of them in hundreds of countries, be “forced” to comply with the IRS and become a tax collector for them? I would think that most of them would tell the IRS to stick it. Or simply ignore it. Sounds more like scare tactics for US “taxpayers.”

The problem began in the 70s when the SEC sued an investment manager in the US who was managing an overseas mutual fund which kept all its money in Switzerland. The SEC demand to the Swiss bank (Credit Suisse) that they return the money (it was many millions) to the US. The Swiss bank pointed out that the fund had not broken any law and that they had no legal way to return the money.

The US simply seized an equivalent amount of Credit Suisse’s money in the US. The was the beginning of the end of bank privacy. The simple fact is for an international bank to operate it must hold accounts in the US, England, Germany, Japan, etc. This makes these institutions vulnerable to the authorities in each country.

Now we can see that this bank privacy problem has grown so serious that more and more international banks will not accept US investors.

Excerpts from USA TODAY article entitled “Some foreign banks drop U.S. clients because of UBS flap”  by Kevin McCoy shows how far the loss of bank privacy has grown.

The closely watched Justice Department court fight to get the names of 52,000 suspected American tax evaders from Swiss banking giant UBS has prompted some other foreign banks to drop U.S. clients they once welcomed, tax experts said Monday.

Eager to avoid a similar struggle with federal prosecutors, banks including Credit Suisse and HSBC in recent weeks have notified American clients they must close their offshore accounts or transfer them to the institutions’ U.S.-based operations, where tax reporting requirements are far stricter.

“Overall, the international banking community, and particularly the offshore banking community, has been very friendly to American account holders,” said William Sharp, a tax law specialist at the Sharp Kemm law firm in Tampa. “That changed in the past couple of months as a result of the UBS case.”

The owner of an HSBC account in Jersey, one of the English Channel islands, recently received a 45-day notice to close the account, said Robert McKenzie, a tax law specialist at Arnstein & Lehr in Chicago. A client with an offshore Credit Suisse account got a similar notice, he said.

Some foreign banks elsewhere now avoid offshore business with Americans because they know the Justice Department plans “to extend this effort to other jurisdictions beyond Switzerland,” said Martin Press, a tax expert at Gunster Yoakley Valdes-Fauli & Stewart in Fort Lauderdale.

It was a smart move. Overseas banks do not vote and do not lobby in Congress.   US banks of course do not mind the competition getting kicked.

A few writers, (ourselves included) have been sounding the warning… in our case for decades.

Yet we are small potatoes and this never reached the majority of the public awareness.

The freedom to bank abroad has never been removed. Conditions have just been set so overseas banks cannot serve Americans.

Clever.  This leaves US investors with fewer ways to protect against inflation created by irresponsible spending.

The loss of bank privacy is not as bad as the loss of being able to use competent international banks.

Fortunately some banks like Jyske Bank (the Danish bank I have worked with for decades) has taken the time and considerable expense to qualify to serve US customers and actively accept them.

One way to overcome this problem is move.  Live and/or retire outside the US. Retire in Ecuador or somewhere you enjoy… as many Germans who saw what was coming did before the Nazis took total control.

This is one reason why so many Americans are moving abroad. See more at America Moving Abroad.

Gary

Join us at our North Carolina farm this July or October for our International business & investing seminars below. Learn more about early retirement and Ecuador.

July 24-26 IBEZ North Carolina

Oct. 9-11 IBEZ North Carolina

Or join us in Ecuador and learn more about living and retiring in Ecuador.

July 24-26 IBEZ North Carolina

Oct. 9-11 IBEZ North Carolina

Or join us in Ecuador and learn more about living and retiring in Ecuador.

Sept. 17-21 Ecuador Spanish Course
Sept. 23-24 Imbabura Real Estate Tour
Sept. 25-28 Ecuador Coastal Real Estate Tour

Oct. 21-24 Ecuador Import Export Tour

Nov. 6-8 IBEZ Ecuador
Nov. 9-10 Imbabura Real Estate Tour
Nov. 11-14 Ecuador Coastal Real Estate Tour

See the entire article Some foreign banks drop U.S. clients because of UBS flap at http://www.usatoday.com/money/industries/banking/2009-07-12-ubs-secrecy-case_N.htm

Ecuador Interesting


Ecuador is interesting but what is below is more interesting than most messages about Ecuador. You will see why below.

You may have read in the news about the problems of Ecuador in recent days and wondered why I am investing in Ecuador. One of our goals is to help our readers get Ecuador news beneath the news.  The problem today with popular media is that it has to cater to the lowest links for the sake of volume. Sex, scandal, death and destruction sell and in the mad scramble to fill every issue with as much attention grabbing horror as possible, most media make over small bits of the most horrifying events of the day and little more.

Our goal is to dig deeper. In this case I turned to several Ecuadorian friends for their views. One is a powerful Guayaquil businessman connected at the highest political levels. The second is an attorney from Quito. I chose these two because one problem in Ecuador is the continual struggle between the populations in the cities of Quito and Guayaquil. As one Guayaquileno once put it, we make the money here in Guayaquil and they (the politicians) spend it in Quito. The cities have existed for centuries in a state of mutual distrust.

The third is a foreign businessman who has lived in Ecuador for many years and has a very successful business, the fourth an indigenous leader.

The first reply is from my friend from Guayaquil. For reasons that will be obvious he remains unnamed. He is connected at the highest levels of business and government in Ecuador.

My friend writes:

“Ecuador is still under the spell of gloom that befell about two years ago. I saw it one year before that, but I did not know what to do about it, and I did not want to believe it either.

“Now the opposite has happened. There is a small light showing at the end of the tunnel. It is small, but steady. God bless it. We must not talk about it – too much. It is called Manta.
“Manta did not exist in colonial times. The pirates and sea robbers made it unthinkable to have a port facing the ocean. The nearest port had to be thirty miles in, at least.

“I was in Manta, I had not been there for ten years at least, it has improved a lot in that time. There is so much that can be done. Manta is like a little baby. In Manta, the help can come in little ways, totally invisible to the public that is not “in”. Hospital, schools, Univ., urban development, you name it.  As I said, all this is very small right now, but it is moving ahead in the right direction.

“This is all very complicated, I hope it works for the best. Unfortunately, it brings us close to our President, and that is not what we want, we want to keep him away.

“There has been an Indian rising. They have gained attention but unfortunately they do not have a plan, or people, or anything. It was just a rising of “down with everything”. Down with the President. Down with Congress. Down with the Judicial. This is a typical rising of communal soul formation, or soul development, it is basically downs versus ups.

“They are however much better organized and have clearer objectives, and words than they had, say fifteen years ago. Of course they still need another time to be at par as an ethnic group. It will come if you give them time, fortunately.

“The unfortunate part is that it is all taking place at a moment when their negativity can cause a lot of damage, they also say down with dollarization.

“The new President? He is my personal friend, a great guy, but not the right man for the crisis, as he is too flat footed. Everything the previous man has done is wrong.”

Another Viewpoint

The second insight on Ecuador was sent from Dr. Andres Cordova. Dr. Corova is the grandson of Ecaudor’s past President and his law firm provides legal counsel for many financial institutions. The firm works with foreign banks established in Ecuador and otherwise and is legal counsel for the Central Bank of Ecuador, the Superintendency of Banks.

Some of the members of the firm have participated in the making of some of Ecuador’s monetary and banking decisions and one of the senior partners has been Superintendent of Banks on two occasions.

Though the firm acts as counselors to many of Ecuador’s finance and banking entities, they advise on specific areas, upon request, and do not represent, in any way, the institution’s position on different subjects so they can offer us an unbiased view.

The firm has information and views from inside Ecuador’s finance and banking fields and great contacts so they can prepare reports, furnish helpful information, and answer inquiries promptly for any member who wishes to retain them for any specific project.

Dr. Cordova writes:

“We had quite a recent scare. During the past several months the people of Ecuador had become increasingly infuriated with the President’s conduct of governmental affairs.

“We had a situation where very little support was given either to President or to this military insurrects. A Constitutional solution had to be applied.

“As much as I believe the president to be corrupt and incompetent, I was deeply angered and saddened by the whole situation.

“The bottom line is that there was some sort of democratic solution to the crisis. The Country is calming down. There is this bitter feeling about the whole situation, but who knows, maybe it was for the best.

“What is going to happen? Well, first of all, most of the country sees this outcome as the proper one, given the circumstances. This is a good thing, for it somehow reestablishes the faith and tranquility we all need. Also, it brings stability, for all major players in this social and economic machinery are in favor of the outcome.

“The international community, represented by the different States, has manifested its approval of this Constitutional solution to the crisis, and is currently supporting Ecuador (at least rhetorically) in its struggle to shape up.

“The new President is regarded to be a good, honest man. He has changed most of the different Ministers and Secretaries of the Government and it is likely we are somehow facing a fresh start. Maybe it’s a little bit of wishful thinking on my part.

“These past days we have seen a very good attitude in most of the industrial sector. The have committed to lower some prices and to raise the wages. Somehow a feeling of responsibility and that we are all part of the solution is surfacing. I sure hope so.

“The crisis is very deep and we still have some rough years ahead. I would want to believe that we have nowhere else to go from here but up.

“I think after this episode the Country is going to try and move forward with more enthusiasm and drive. The new President is going to be in power for the next three years. This will help stabilize the country, for no one will be speculating on the elections, as if they were to be held in a few weeks or month’s time.

“This new President may do a much better job than the last one. Most of all because he does not come into power all tainted by strings-attached political supports and contributions that he needs to pay back. He can freely conduct the government without having to pay back all sorts of favors. Also, he is apparently an honest man.

“The Country is well aware of this and there is some sense of peace after all. It is still too early to tell how all of this will affect the country in the following months or even years, but it is safe to say that Ecuador still offers good and safe investment opportunities, provided they are well reviewed and screened.

“I understand many foreign investors may view Ecuador as an anarchic country which is falling apart by the day, where their investments are in no way safe. This is not true.

“In this crisis, many good investment opportunities exist. Real estate, for example, offers very nice investment opportunities. This kind of investments are, of course, better on the mid to long term.

“When the better times arrive, hopefully some two to three years from now, and then on and on. As exports grow and the economy improves, the new flows of cash and the economic recovery and good health will make it more difficult to find good deals on certain areas.

This may be a signal to buy now.” Andres

The Third Viewpoint

The third reply is from my friend, the European businessman who has lived in Ecuador full time for the last six years and has many business interests and real estate holdings:

“The last president seemed to be a better man but he had done too many dirty deals with the political and specially the financial sector to be trustworthy.  The current president seems to be a very honest man with no such connections and that may be what the country need now. 80% of the people still want to dissolve the congress, mainly because of the corruption.

“I do however believe that the president will face huge demonstrations again this summer when they will have to increase the prices of gas, propane, electricity, etc. The country is said to spend US$ 700 million on subsidies this year if they do not increase the prices. This country may be impossible to run.

The final rely may be the most important of all as it is the Indiginistas that (quite rightly) have been making the fuss.
“I appreciate dear friend that the international news are very alarming; but the reality is very different since here in Ecuador everything follows with tranquillity and in the direction of the improvement of abundance and peace.”

This is why I have already started taking investors to Manta, Ecuador, a major seaport (350,000 pop.). The flood of Americans will make the town boom. Timing to make money could not be better. Check www.garyascott.com for more details.

There you have it…an article that seems to explain why Ecuador makes sense as a place to invest.

So Ecuador is interesting.  Here is why this article is more interesting than most messages about Ecuador.   This article was written April 15, 2000, over eight years ago.  You can see the original message in our archives at http://www.garyascott.com/2000/04/15/1266.html

The daily news is sensational and incites worry.  Those who look beyond it have a definite investing edge. Had I let worries reported in the news stop me from seeing the true fundamentals of Ecuador’s potential a decade ago, I and hundreds of my readers would have missed fortunes.

Ecuador still offers good opportunity now.

See why Manta makes sense now

Until next message may your news be positive, true and good.

Gary

Join us October 3-5 for the Blue Ridge leaf change.
International Investing and Business Made EZ  North
Carolina

Or enjoy one of our courses or tours in Ecuador.

Manta Ecuador Coastal-Quito Real Estate Tour

Ecuador Super Thinking + Spanish Course

Ecuador Imbabura Real Estate Tour

Ecuador Import Export Course

International Investing and Business Made
EZ Ecuador

See discounts for attending more than
one course.