Navigating Foreign Investment in Ecuador with Architect Milton Mena

[@AbundantLivingEcuador]

🎯 Key Takeaways for quick navigation: 00:00 🌎 *"Gringo" in Ecuador refers mostly to white people or those not speaking Spanish; it's a term used for foreigners.* 01:18 💰 *Prices for housing in Ecuador can range from $400 to $800 per square meter, depending on finishes; social ties significantly impact negotiations.* 02:15 🤝 *Foreigners in Ecuador often receive extra kindness and credibility, aiding in negotiations and interactions due to local perceptions.* 03:09 🔥 *Ecuadorians generally remain calm in crises, contrasting with perceptions of foreigners panicking in similar situations.* 03:36 🗳️ *Ecuador's recent president campaigned on attracting foreign investment, job creation, and combating rising crime rates, particularly in the drug trade.* 05:01 🏗️ *President Noboa aims to reform economic laws, including tax exemptions for construction materials and zero income tax for builders.* 08:33 🗳️ *Daniel Noboa, from a prominent business family, became Ecuador's youngest president, focusing on economic growth, security, and foreign relations.* 11:06 💡 *President Noboa is striving for fast decision-making, reducing taxes on construction materials and income tax for builders to stimulate housing development.* 14:19 🌐 *President Noboa's active involvement in the UN Security Council signifies a focused approach to bolstering national security.* 16:04 👍 *Optimism prevails in Ecuador due to President Noboa's initiatives, leveraging his business connections for national development.* 17:29 🌞 *Noboa's proposed tax exemptions for renewable energy projects and free trade zones may attract investments, providing economic opportunities.* 20:29 📈 *Ecuador's economy tends to remain stable over time, with a cultural disposition of not panicking during economic shifts or crises.* 22:59 🏦 *The collapse of the Sucre (Ecuador's former currency) led to bank closures, restricting access to money for people.* 23:41 💵 *Dollarization in Ecuador during 1999-2000 was chaotic, with the exchange rate at around 10,000 sucres per dollar and people hoarding dollars.* 25:13 📉 *The Sucre's collapse caused economic turmoil and bank failures, resulting in a major crash for the economy at that time.* 26:08 🏧 *Dollarization in Ecuador helped stabilize the economy by capping inflation and maintaining prices, with minor fluctuations.* 27:18 🌎 *Many Ecuadorians left the country during the economic downturn, with significant migration to Spain until 2008 when the Spanish economy declined.* 29:19 💬 *Ecuadorians do not panic easily, resulting in more subtle economic cycles without extreme crashes due to fewer layers of leverage.* 31:54 🌍 *"Gringo" in Ecuador refers to foreigners, predominantly Caucasians, and is not used derogatorily but as an identifier.* 34:13 💬 *Ecuadorians often use nicknames rather than real names, and while this lacks political correctness, it's a cultural norm without negative intent.* 37:49 🤝 *Ecuadorians have a culture of respecting people irrespective of race or nicknames, avoiding divisions seen in some other countries.* 41:45 🤔 *Ecuadorians perceive "Gringos" as planners who negotiate prices, leading to assumptions that they all have money.* 45:43 💼 *Foreigners working in Ecuador advised against overcharging expats, emphasizing the importance of maintaining a good reputation for long-term business relationships.* 47:42 🌍 *Ecuadorians are welcoming and approachable towards foreigners, showing interest in making friends regardless of language barriers.* 48:36 🤝 *Foreigners in Ecuador often receive extra kindness and service, and are perceived as more reliable and punctual, providing an advantage in interactions and business dealings.* 49:47 🎯 *Foreigners in Ecuador might stand out and could be more susceptible to certain challenges such as being targeted for crime or encountering "Gringo pricing."* 50:15 💼 *Building relationships helps avoid "Gringo pricing"; establishing connections assists in negotiating better prices and deals.* 50:42 💡 *Foreigners might have limitations in navigating certain processes and local networks compared to locals, relying on local assistance for smoother operations.* 51:10 🏠 *Construction in Ecuador involves different materials and methods, including custom-made products, which contribute to longer-lasting structures.* 57:19 🛠️ *Construction timelines in Ecuador tend to be longer due to handmade processes, customizations, and the need for locally sourced materials.* 01:06:53 🌟 *Advice for foreigners considering Ecuador: Explore the country, seek legal advice for land purchases, hire local professionals for construction projects to avoid overcharging or delays.* 01:10:49 📋 *Specify all details in the construction contract to avoid surprises or compromises in quality, ensuring transparency in what will be included in the build.* 01:11:29 💸 *Be cautious about budgeting and contracts when hiring crews in different locations; lack of clarity on costs and specifications might lead to significant cost overruns.* 01:12:39 🎥 *Viewers are encouraged to comment on what they'd like to see from Milton in future videos, including insights on Ecuador's best spots, travel tips, or any specific inquiries about the country.*

[@doramontelongo485]

Thank you Brandon for pointing out the most important information for me in the video reference Ecuador being able to sustain itself in a crisis situation. The economic factors, the debt situation, and supply chain are of great importance. This is exactly the information I was looking for. These issues around the world are very severe and I'm looking for a country that can withstand the upcoming turmoil better. I will definitely be contacting you all and Milton!

[@AbundantLivingEcuador]

Glad it was helpful! Reach out with any other questions Dora - we’re happy to help in any way we can. ❤️ 🙏

[@janetjin4853]

Famous Milton! Great video again.

[@AbundantLivingEcuador]

Glad you enjoyed it! Thanks for the feedback!

[@Hotdog_Water]

Great show! Milton is a top notch human being and having seen some of his work I would definitely use his services!

[@AbundantLivingEcuador]

😮

[@suzannedavidson3708]

Thank you for the informative video. A monthly spot with Milton would be awesome 😊

[@AbundantLivingEcuador]

Definitely! 👍🏻

[@mariaarencibia2639]

I loved and enjoyed this video. Need to see Milton more often. Master craftsman ❤️

[@AbundantLivingEcuador]

Glad you enjoyed it Maria! More Milton! 😉 ❤️

[@2ndSprings]

Once again a great video. Great information. Great guest! Thanks, Milton!

[@AbundantLivingEcuador]

Glad you enjoyed it! Thanks for chiming in! ❤️

[@nathanhoss81]

Great job Fernando 👊🏻👌

[@AbundantLivingEcuador]

Fern is great! 😉

[@nathanhoss81]

Famous Milton and yes, I have seen his fantastic work firsthand top notch

[@AbundantLivingEcuador]

Thanks for sharing Nathan! 👊 ❤️

[@jomurray7542]

Great video guys! I’d like to see some more photos of Milton’s high-end home designs. 🙏🏼

[@AbundantLivingEcuador]

Sounds good - thanks for the feedback!

[@dianamayfield5615]

Wow! Famous Milton! You may be out of my budget, but I'd still like to speak with you when I finally get there!. You should have him on at least once a month to bring that Ecuadorian perspective. Good video. Thanks!

[@AbundantLivingEcuador]

Thanks for the feedback Diana! Milton is happy to meet with you and find ways to make your budget work best for your goals. ❤️ 🙏

[@elpatrondelpaisaje]

This episode was so good. Thank you for making such an amazing podcast.. I'm glad that Milton made it back to Ecuador alive after dropping an N bomb in the states. 🤣 classic!

[@AbundantLivingEcuador]

🤣 Thanks for sharing!

[@mehdiaslani3525]

Planning to snow bird in Ecuador from Toronto area. I have been married to an Ecuadorian woman for over 30 years and I thought I was very familiar with the culture but, listening to you guys I am finding out that I have a long way to go to understand the culture while living there. You guys explain and open the subject amazingly well. I’m a big fan. Hopefully we will meet around November time. Thanks again

[@AbundantLivingEcuador]

Snow birding sounds great! What part of Ecuador is your wife from? Thanks for sharing your feedback as well… and definitely stop by and say hello while you’re here in November! If we can help with anything, send us a note to [e-mail]. ❤️ 🙏

[@FtWTexan]

Good job Fernando. 🙌

[@AbundantLivingEcuador]

We’re happy he’s on our team!

[@jamiemacintyre]

Excellent show gentlemen. As someone else mentioned, looking at Milton's work from these pictures, I would definitely use his services as well.

[@AbundantLivingEcuador]

Thanks for sharing Jamie - Milton is awesome! ❤️ 🙏

[@Jetmab04]

Thanks so much!! Oh, the old colonials could learn so much from Ecuador 👍!! Maybe one day...maybe...hope is green!! Regarding the Ecuadorian change to the dollar...sounds very, very similar to the Irish change to the Euro! When we changed one Irish Punt was equal to one Euro. 6 Months later all was Hell and prices kept going up, up and up...all the way to the crash in 2007/08 and, I don't need to say more.. Thanks again for sharing and 👍 for the Ecuadorian "way" 🤗💕💓🌟

[@AbundantLivingEcuador]

Wow, thanks for sharing this perspective - we appreciate your engagement!

[@phylliebennett]

Milton sounds like a nice and honest builder. Look forward to meeting him in a year or so to maybe build some house for me and my family. Yes more of Milton, but let's get some examples of his work with photos amenities and prices, even some pre-designed options. Ask him to get me his website, etc.

[@AbundantLivingEcuador]

Thanks for watching! Have you thought about attending our Lifestyle Retreat? Greets way to experience life here, meet the experts and get a sense of their work first hand. In the meantime, check out Milton’s website here: mondoconstructora.com 🙏

[@juanotavalo]

Hi, I am from Otavalo. When are you going to come to native parties? February used to be full of native indigenous parties.

[@AbundantLivingEcuador]

We’d love to! Send us an email to [e-mail] and we can organize a time to meet and visit Otavalo. Thanks for watching! ❤️ 🙏

[@phylliebennett]

WOW, that is great news to have the VAT eliminated and reduce the new home costs.

[@AbundantLivingEcuador]

Things are constantly changing so be sure to get the latest updates when you’re closer to stating the process. Thanks for watching! 🙏 ❤️

[@proyectonuevo7487]

In Brazil, anyone who is a foreigner or who does not speak Portuguese is called gringos, so it is not always a gringo who was born in the United States, it could be anyone who does not speak Spanish 😅

[@AbundantLivingEcuador]

Thanks for sharing your perspective! ❤️ 🙏

[@josersm1977]

Carlitos looks like a Jan Topic

[@AbundantLivingEcuador]

🤣

[@manoffire786]

my ex didnt call me gringo she called me pinche guedo

[@AbundantLivingEcuador]

🤣 Thanks for making me laugh!

[@manoffire786]

@@AbundantLivingEcuador anytime