Monday, February 7, 2011

Pension Visa

I am beginning the process to attain the Pensioner Visa to allow us the opportunity to live in Ecuador full-time, and if we want to eventually apply for citizenship. To qualify for the visa you must have $800 per month of income from either a pension, social security, or investment income, and $100 for each dependent. So, we need $1,000 per month, and thanks to my military retirement we easily qualify. We have developed a budget for living in Cuenca based on budgets presented by current American residents of Cuenca. I have increased our estimated budget by 25% when compared to the examples we have seen to give us a nice buffer. Our budgets allows for Susan and I not to work, Nick to go to a private school, nice condo/apartment, entertainment funds, and still save 25% of our monthly income. This is more than we save each month currently with Susan working, my military retirement check, and my pay from coaching soccer 8 months a year. Our goal is to fly our children to Cuenca as their Christmas present in 2011, and if it goes well to do it each year. We plan to visit our family and friends in the states each Summer, and our budget allows for all of these trips. Next post we will discuss what we plan to do once we are in Cuenca, and not working.  

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