Question about Ecuador CDs 
I would appreciate any critical thoughts and insights to my plan below. Thank You.
I am leaning towards selling my Austin TX home. My net will be about 400k. I am 55 and thinking of moving to Ecuador to take advantage of the LOW cost of living. My body has major joint and vertebrae issues and l need an easier life at this point. I am single with no kids.. The investor visa requires $40K in a CD at the central bank for 2 years to obtain the visa.. I am also thinking of purchasing other CDs at different banks and co-operatives. The currency in Ecuador is the American dollar.
The SECURED percentage rates range from 8.5% to 10.4%...YEARLY, with interest being paid out monthly if requested at set up. Each account would be insured up to 32k. Some cooperatives pay up to 15%..., CREA bank is paying 9.4%. .. Accounts are insured up to 32K per account holder per institution so l would distribute to different institutions up to the 32k except the mandatory 40k visa requirement account.. Roughly l would be making close to $38-40k a year on interest from these CDs. I can EASILY live on this interest amount in Ecuador, as l live very modestly and live essentially on that in the states now. As l understand it, if the CDs are left for one year minimals...there is no Ecuadorian tax levied on these.
Does this sound like a viable plan?
What am l not thinking of?
What woukd be your concerns?
Thank you
I would appreciate any critical thoughts and insights to my plan below. Thank You.
I am leaning towards selling my Austin TX home. My net will be about 400k. I am 55 and thinking of moving to Ecuador to take advantage of the LOW cost of living. My body has major joint and vertebrae issues and l need an easier life at this point. I am single with no kids.. The investor visa requires $40K in a CD at the central bank for 2 years to obtain the visa.. I am also thinking of purchasing other CDs at different banks and co-operatives. The currency in Ecuador is the American dollar.
The SECURED percentage rates range from 8.5% to 10.4%...YEARLY, with interest being paid out monthly if requested at set up. Each account would be insured up to 32k. Some cooperatives pay up to 15%..., CREA bank is paying 9.4%. .. Accounts are insured up to 32K per account holder per institution so l would distribute to different institutions up to the 32k except the mandatory 40k visa requirement account.. Roughly l would be making close to $38-40k a year on interest from these CDs. I can EASILY live on this interest amount in Ecuador, as l live very modestly and live essentially on that in the states now. As l understand it, if the CDs are left for one year minimals...there is no Ecuadorian tax levied on these.
Does this sound like a viable plan?
What am l not thinking of?
What woukd be your concerns?
Thank you