Money in Cooperas.

by Rolf

I am considering moving to Cuenca because of the low cost and lifestyle, but I need to complement my income by investing funds in one of the local Savings and Loans institutions called "Cooperas" there, which advertise a 10.5% annual interest yield. What I want to know is:

1- If you have invested in a Coopera, what has been your experience?

2-Any experience in taking out your money from Ecuador and the enforcement of the 5% tax imposed? Any way to avoid it on whatever amount you take out at a given time?

On this last item, I am not happy about investing my money in the country and then losing %5 if I want to take it out of Ecuador.

Would appreciate any detailed, coherent information/advise on these two subjects. Thanks, Rolf in Florida.

Comments for Money in Cooperas.

Average Rating starstarstarstarstar

Click here to add your own comments

Nov 12, 2013
by: Anonymous

It's no different here than anywhere else....the higher the return, the higher the risk. There are some limits to how much money you can take out of the country, but the rules are pretty fuzzy. Everyone needs to do their own research and come to their own conclusions.

Nov 03, 2013
Coopera closed by government
by: Malcolm Reding

Coopera was shut down several months ago by the Ecuadorian financial ministry and the managers along some out of country people are on trial for money laundering, theft and fraud. Many investors lost their entire investment, especially large investors.

Oct 18, 2013
invest in Pinchincha bank
by: Anonymous

I understand the only safe coopera is JEP. I would invest in Pinchincha bank. They are hugh and I believe pay about 9.5 % on cd's.

Sep 16, 2013
by: Karen

I know the banks don't pay as much as some other venues - but they are closely regulated. You can invest the money and have to take a small loss if you take it back out of Ecuador. Or, you can do as several unfortunate souls did - invest in what was a too good to be true proposition and possibly not have money to take back out of Ecuador. High yield = higher risk at home and abroad.

Jun 19, 2013
by: Anonymous

Wasn't this bank just shut down by the government for possible money laundering?

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Expat Classifieds.

Subscribe to Newsletter


"Quito, Cotacachi, The Coast & Cuenca in 10 Days"