Coopera, the Organic Coop Market and credit union in Cuenca, Ecuador has been closed by the government pending investigation of $31 million suspected of being laundered through Venezuela

Coopera has been operating for 9 years and has seemed to be growing lately with the addition of new stores, restaurants and clinics. But to everyone's surprised the government closed them down and arrested 8 employee's suspected of money laundering! It seems they were sending millions of dollars to Banks in Panama, USA &Venezuela, a total amount of around 36 million! 

  Depositors with $10,000 or less got all their money back from various local Banks in July. The smallest depositors were paid back first, Then depositors with $50,000 or more received $35,000. Other depositors had to wait for assets to be sold before they could receive part of their deposits back. Unfortunately these few with millions in deposits did not receive anything.

All the clinics were closed and the store were sold off. The government is trying to recover the millions in foreign banks so they can pay back other depositors. Good luck with that! Meanwhile the managers involved in the thief are serving 8 year prison sentences! 

The depositors funds are not insured as with National Banks. but from what I understand all depositors will eventually be paid back without interest of course.

Between 100-200 expats have large amounts of money deposited with Coopera, some ranging from 1 million to 4.5 million dollars and many have depended on the interest for their livelihood.

One good thing is their markets operating other different names now are still open offering great fresh vegetables and fruits!


I will miss my $2 Dr. visits and the 10.5% interest but there is still JEP that pays 9.25% and the banks do pay 6% - 8%! Still much better than in the USA!




I discovered Coopera on-line through a couple of Expat Blogs and I was looking forward to shopping there! Coopera is an Organic fruit and vegetable store which also carries fresh meats and seafood. Being the growing season here is all year around there is always a supply of great fresh fruits and vegetables.
As a member of Coopera you receive discounts off your purchases. We headed up-stairs to the Credit Union office and opened a Savings account. It takes just $20 to open the account and it pays 3% interest!
I questioned them more about the account and I discovered I could write them a US check to deposit into my savings account with no fees and I would receive an ATM card I could use at any ATM in Ecuador for a 50c charge. If you use an ATM at one of the Banks to withdraw funds from your US Bank account you can pay up to a $5 fee and the limit is sometimes $300 per day! Plus your US Bank will charge you another $5 + 1-3% per transaction fee. So it could take several days and lots of fee's to get a large amount of cash that way.
 I wrote a US check and deposited it into my new savings account and it took 15 business days to clear my Bank just as they said it would.
Also while I was there I signed up for their Health Insurance which is $2.65 a month. Coopera has their own Medical / Dental clinic and Pharmacy. With their Insurance a Doctor's visit is just $2 and any medications the Doctor prescribes is 80% off! This is great, being the normal cost to see a Doctor here is $30 and medication such as my Ventolin inhalers here are about $9 each, but now I get 80% off that price. And if you need to go to the Hospital or if the Doctor referrers you to a specialist Coopera will refund  these charges up to $480 per year. Dental includes two free cleanings a year and fillings are around $5 each!
Well I could not pass this deal up! Ecuador does have free Medical Clinics and Hospitals that anyone can use. But they also have private clinics and Hospitals that charge very reasonable fees!
I have been told a face lift here is around $3500!

Coopera also has their own taxi's that don't over charge! It is a short walk from my Condo to Coopera along the river and a cheap taxi ride home with the goods!

          Lots of passion fruits and they make fresh juices daily!

                        Fresh organic eggs 2 dozen for $1.68!

The grapefruits here are Huge and the oranges are sweet and juicy!

Juicy sweet tomatoes anyone! Can't find local tomato juice here which I like to use in my soup so guess I can make it with fresh tomatoes. I noticed the other day some plastic jugs of tomato paste, made by Coopera with fresh tomatoes, garlic, salt and basil. So I picked up a jug and I made the best Pasta sauce! I think I will water it down for soup.

   
                                And check out the produce!

    I have never seen such big chickens, a favorite of Ecuadorians!

And fresh pork loins $11 for 2 1/2 pounds - hamburger w/ no fat $2.30 a pound - bacon - cheese - even bologna! 

                         Fresh seafood daily - even live crabs!

                        And giant prawns $11 for 2 1/2 pounds!


Coopera was good while it lasted! The Government just closed them down for fraudulent accounts of 31 million. We will get our money back next month! To bad I really liked the interest. National Banks pay 6-8%

Also I had been reading on-line about Coopera's 30-day 10.5% CD! And how anyone can invest even without being a resident.
I asked my Attorney about this and he suggested a Bank that pays 7.5% on 12-month CD's. Being skeptical I talked to an American guy at my Attorneys office that told me he had a CD with a Bank several years ago and the Bank went under but because it was Government Insured he did get his money back. 
Coopera has been in business since 2003 and is a credit union owned by the depositors. I asked if their CD's were Government Insured I was told no! There is a 2% tax on interest earned if you take it monthly, but if you leave it for one year + 2 days - no tax!
So being I am getting only .39% in B of A I put some money into a CD @ 10.5%. They will pay up to 12% depending on the amount of the CD.
 At least the interest might pay for my furniture after a couple of years! Ha!




Until next time - Bet I made you hungry!  

Retired in Cuenca, Ecuador - Road trip to Gualacco and furnishing my apartment!

I was very happy to have found a great condo within just a week and for now I would to stay at Marcia's, until I could find some furniture.
And being it was Sunday and everything is closed I was invited by Jimmy, Bryan and Mayra to go with them to a small Village, Gualaceo. It was a short 22 mile bus ride east of Cuenca for 50c each way, it was nice to get out of the city.
Cuenca turned out to be bigger then I had imagined about 600,000 people and lots of traffic! Amazing enough as crazy as they drive here I have not seen one accident. And I understand in order to get a drivers license here you must go to driving school for two weeks and then pass a written test. I am happy enough for now to leave the driving to them. And with buses being 25c - half price if you are over 65 and taxi fare around $2-$3 to get to centro or across town it  is cheaper not to have a car here.
When we arrived to Gualaceo we made it to the Centro Market where most of the Village go to eat on Sundays.

When you arrive to the Market just outside you will find people roasting whole pigs, chickens, calf's, Argentina style and the countries favorite guinea pigs! Think I will pass on those for now!
Inside the market are lots of food concessions serving a variety of different dishes and they all call out to you to eat with them. We decided on some roasted pig.

     
                   Mayra's daughter Pulpo (octopus) Domenica!

This women did not know how old she was but knew she wanted $1 for the photo!

                           And another $1 for the three of us!


Before our ride back to Cuenca we stopped by the Rio Santa Barbara

                      Mayra with the youngest daughter Bianca.


And we made it back to the Bus just in time for a down pour!

    And crudo Jimmy in need of a cold cerveza on the ride home!




Well it is Monday and as usual Bryan arrives at Marcia's early so we can get started looking for furniture. First I need a bed so we dropped by a store that Mayra had suggested and after trying out several mattresses I picked the softest one of course.
The salesman at the store never stopped talking the whole time we were there but Bryan managed to get in a word or two about the price. After it was all done I ended up with a pillow top bug resistant mattress and box springs, headboard and two bedside tables for around $600. They did deliver the bed the next day but the furniture is a whole different story!

Here is the store keeper still talking! I told him that I needed a sofa, dining room table and chairs. A computer desk and two TV stands, I even showed him drawings and what size they should be. But he just kept talking and showing us a list of furniture he could have made along with very high prices. I finely told Bryan just to have him bring what we had agreed on and that would be all we need from him! About three weeks later instead of one week here comes the rest of the bedroom furniture. Not what we had agreed on, so I sent it back and a couple of hours later I got what we agreed on. Lucky for me this was the only business guy I had a problem with.


Now I have a place to sleep and I even brought my own sheets! Because I read that quality sheets are expensive so I packed a set of 800 threat count sheets from Walmart! And glad I did, can't get 800 threat count here and other good quality sheets are over $200.


So off we went to see Jimmy at the appliance store where he works to purchase a stove, refrigerator, washer/dryer, microwave and a TV.
Jimmy gave me a great deal, accepted a US check and delivered the same day. Anyone looking to buy appliances here let me know and I will hook you up with Jimmy, he will give you the lowest prices in town.

I did buy a made in Ecuador refrigerator for $800 instead of a much more expensive US brand and same with the microwave which is much higher here at $145 but all come with warranty!

Washer and Dryer: Whirlpool made in the USA $850! And it is so great to have them instead of trips down to the Rio to wash the clothes! Ha! I always see clothes drying in the sun on the grass along the river.

And a small four burned stove for $250 and a new fan hood for $140 wasn't bad! The stove, dryer and hot water tank are propane which cost about $5 a month to operate and the water bill is around $6 a month. Electricity runs about $22 a month.

I love the view from the kitchen and have lots of light shinning in all day!

And the LG 42" TV was $1050! Much higher here then the US.

And now I am moved in and sleeping great on my very comfortable bed!

In order to get cable and Internet here you must have a National Bank account and in order for an Expat to get one we need our Cedula's ( Residency Card). The reason being is they set up the monthly bills as auto deduct from your account. So for now I will use Bryan's Bank account.
And Internet runs $26 a month and it is pretty fast and I have had not problems with it so far!


Now that I have kitchen appliances to cook on its time for a trip to Coral to buy dishes and pots n' pans. Coral is a large store like Walmart. There are two of them here so we went to the one at the new Mall Del Rio, which is like walking into most US Malls complete with KFC and Burger King and lots of clothing stores, offering lots of skinny clothes! Hard to find Gringo sizes here, if you are planning to move here be sure to bring lots of clothes with you and a couple of sizes smaller is advised if you are a large Gringo like me! Just being at 8400 feet contributes to a lose of appetite and walking here seems to burn off lots of calories. And consuming organic fresh fruits, vegetables and meats is a plus!

   

Now that the kitchen is complete we took a walk through El Centro and stopped by a furniture store and found a dining room set and a sofa I liked at a reasonable price. It is hard to find furniture here that is already made that doesn't cost a fortune! Turns out this   one furniture store is a family business and Bryan knows the owner, so his son Wilson took us home along with his meter stick and he looked over my drawings and took measurements.
Back at the store we or should I say Bryan haggled prices and we agreed on $1900 for everything. I wrote them a US check and three hours they delivered the dining room set and sofa. They said it would take a week to make the other things including a chair to match the sofa. It did take two weeks but the furniture was even better then I expected.

And now still looking around for paintings, wall hangings and some throw rugs!




Until next time! Buenos Dias!

Getting my Ecuador Residency Paperwork started and finding an apartment!

For assistance with Ecuadorian residency visas (cedulas) and all types! And assist with container shipping! Apartment rentals, Real Estate and general information!

Contact Marianela via e-mail for visa requirements and information on starting the process from your country.

e-mail:  manelacardcam@hotmail.com

from Ecuador: cell: 0993309682

Now that Cuenca has an Immigration office using a facilitator is much more affordable and faster!  

Contact Marianela for rates, usual cost between $400-$500 depending on type of visa.

I e-mailed her for a list of all my paperwork from the US just to make sure I had everything correct before I got here.

There are four ways to become a resident of Ecuador:

1)  Put $25,000 in the Bank here

2) Buy property worth $25,000

3) Open a business

4) Retirement Visa

I chose to apply for the retirement visa! Which requires that you provide proof of at least $800 a month income.

So the paperwork I had to provide was my SS Income letter, Income from my Edward Jones Investments and a letter from the Sheriff's Office stating that I am not a criminal!

All this paperwork had to be Notarized and mailed off to the Secretary of State for Apostile stamp! Which is the 1st time I ever heard this word: Apostile! Anyway it is a State Seal put on each document assuring that the Notary is licensed to notarize in the State of CA. It cost me $40 for the Notary and $60 for the Apostle stamps. I mailed the paperwork along with a check and stamped addressed envelope. it just took three weeks to get it all back. 

Next step I took all the stamped paperwork to the Ecuador Consulate in Beverly Hills to get a letter in Spanish from them stating that I have proof of the necessary income to apply for Residency. Cost $40!

Usually it should take 3 months to receive residency, but I have been reading from other Expats it can take up to 11 months. Anyway the tourist visa is good for 90-days, but if your paperwork to become a resident is in you can stay until you get your Cedula. (residency Card)

Now that I got all this taken care of I had to get an Airline Ticket! Now this is something else to deal with now days, going on-line to search for airfares can take hours, days, and when you finally find the one you want it is gone! Now try calling one of them: Expedia, Cheap-O-tickets, Price-line and guess what they will get you a ticket for 1/3 more than what it shows on line!

The cheapest tickets had 13 hour layovers in NYC, Houston or Miami and then another 13 hour layover in Lima, Peru or Quito or Costa Rica! So much for the cheap airfare!

I decided to try the search late at night on my cousin Pam's suggestion and finally I found the perfect airfare from Cheap-O-Air. Leaving from LAX at 1 am with 1 1/2 hour layover in San Jose, Costa Rica and 4 hours in Quito, then on to Cuenca! Of course the cost of the ticket would almost equal 2 nights in hotels, meals and taxi fares! They really have this airfare thing figured out. Ha!

I really only needed a one-way ticket, but that is almost the same cost as a round trip, plus I was coming into Ecuador as a tourist.

A few days after I arrived to Cuenca I gave my Attorney's a $500 deposit and $145 more for the paper translations into Spanish. I should hear from them in 3 months after they file the paperwork, then I give another $350 for filing the paperwork and when it is all done another $500 for the Attorney fee! Best part is once I have my residency I don't have to leave the country and don't have to pay anymore money.

Now there is an immigration office in Cuenca with a couple of English speaking receptionists so you can do the paperwork with them and save the Attorney's fee, but it is time consuming and requires many visits to the office.

I had considered moving back to Puerto Vallarta, where I lived for 10 years. But after a visit last year I found that the place has grown so much and the cost of living is so high now that it just did not have the appeal as when I lived there. Also to retire in Mexico now you must go to Immigration once a year and provide proof of a $1600 a month income and pay $100 for another years retirement visa. 

My friend Jodi, who I knew for 35 years is the one who talked me into moving to Puerto Vallarta in 1984 from Hawaii. I met Jodi in Hawaii at the Beverly Hills Art Gallery where I was working in 1976 and we became friends then and until her death November 30, 2011! I was on my way to the Airport when her daughter called me with the news. Jodi was 80 years old and she lived somewhat of an exciting life! She sure was a major support for me over the years.

Jodi moved to Puerto Vallarta in 1982 and remained friends with people she met since then. I was unable to go for her wake, but as with so many of our friends her ashes were taken to Los Arcos  rocks on a canoe along with several friends and a Mariachi Band. Then several of her friends met at her house to celebrate her life! Jodi will be missed!

Well with my residency paperwork underway Bryan led the way to search for an apartment! Of course I wanted a furnished place with a great view for a very low amount of rent! Ha! We started our search by taking a taxi ride past all the condos in good residential areas and looking for En Renta signs.

I read a blog from this single guy James from Chicago, who rented a 1700 sq. foot 3 bedroom / 3 bathroom + maid quarters at the Palermo Condo, with a great view, unfurnished for $500 a month. This is the highest condo in Cuenca with 17 floors and now nothing can be over 12 floors. With a new building going up next to it looks like some people are going to lose their views.

                    And lots of new construction going on!

 We did stop by a new building and had a tour by the owner! Unreal! Some of these building owners have our number! These apartments had three very small bedrooms and bathrooms, no terrace or pool or gym! And this guy is renting them unfurnished for $500 a month and asking $170,000 to purchase + he has meters on the water, hot water, gas and building electricity use and $150 a month for Security. And he says he has already rented 5 units on-line to Gringos!

Unfortunately when Expats are willing to pay more money for rent then they really need to, it tends to run up the cost for everyone.

Anyway looking for signs in the windows was not that successful so I decided to call this guy who advertises great condos on-line for very reasonable prices. I did e-mail him before I came down here as he had requested earlier. I was hoping he would send me a list of available apartments, but all I got was a request for a $500 deposit now? And when I said no, he replied, well when you get here call me and you can come to my office and we can go over what is available. So I called him on a Saturday but unfortunately I could not understand anything he said on the phone and he is a Gringo! Guess he was partying for the weekend and asked me to call him on Monday.

When I called on Monday I figured out he really had no office and all those great listings on-line were not available and he offered me an apartment off a house outside of town. I told him that was not what I was looking for and he said he would call me the next day. Well he called and offered me the same apartment! So of course I did not use his services.

People planning on moving here should beware of what you see on-line and don't send anyone money! Unfortunately there are several Expats here starting rental services and offering apartments at unreasonable prices. I read about this before on gringosabroad.com!

There are even Real Estate developers on the coast building condos and offering them for sale at very high prices! 

Besides Ecuador being a great place to live most Expats move here for the low cost of living! Guess there will always be the dishonest gold diggers where ever they can make a profit.

Unfortunately Mexico, Costa Rica, Panama, Belize and even Nicaragua among other places are no longer affordable places to retire thanks to these kind of people! And of course the locals start doing the same.

We did look at a couple of apartments in small building that just were not nice at all for $500 a month. So we decided to call a rental agent. We met this women at an apartment next to the Oro Verde Hotel in a good part of the city. She showed us a 3 bedroom / 2 bathroom with a small maid's quarters partly furnished, beat up furniture and warn out carpets with a view of peoples feet walking by in front and level with the parking lot in the back! Later we found out the real price was $300 a month, but even at that I could not live in it.

So Bryan said lets wait until Sunday and look in the paper! And we found a great 2 bedroom / 2 bathroom on the 11th floor unfurnished for $260 a month! This is what I was looking for even though I would have to purchase furniture. So we called about the ad and made an appointment to see the apartment and when we showed up we found out the owner was in the hospital. But then we received a call from the rental lady who just happened to have a place on the 11th floor for $280 a month. When we showed up to see it we figured out it was the same place and she did not have the key to show it so she showed us a furnished one for $550 a month. It was small and I was not impressed and she said well the other one might be smaller.

So we kept calling the owner until he answered his phone and he made an appointment to show us the apartment the next day. Well guess our loyal agent found out he was out of the hospital and was going to show the apartment that day so she called us and said she had the key. While we were at the condo waiting for her in walks the owner, who is a Doctor. We approached him and told him we had talked to him on the phone. And then here comes the agent, she talked to him for along time and suddenly the rent went from $260 to $280! I told her we saw the ad and called the Doctor and the rent was $260! Ha! She says $260-$280 whats the difference!

As soon as I saw the apartment it was just what I wanted so I handed over some cash and had to go back to Marcia's house for more cash while they waited for me in the lobby. Guess while I was gone this American women showed up, seems she had an appointment with the Doctor to see the apartment and of course our wonderful agent told her it was rented! This did not go over well with the American women, she wanted it site unseen and it almost turned into a rumble with our agent who told the Doctor to look in his pocket, that he had my money!

Guess the old Doctor wanted to make some points with this Americana! Ha! Anyway I got the apartment and the agent got her $280 from the Doctor!

  

                                           My building

                      Lobby - always security present 24/7

                                 And of course elevators!

                                   And here is the view!

                         I even have cows across the street

                                           Living room

                                               Kitchen

                                   One of the bathrooms

                                         Master Bedroom

And next time more on furnishing a condo in Cuenca!

Acclamation to 8400 feet elevation in Cuenca, Ecuador is a slow process!

Well it is November 30, 2011 and the long wait is over. I sold my car and delivered it to its new owner in Santa Clarita, CA on my way to LAX. Lucky for me my Nephew Kyle who is stationed in Hawaii with the Navy was visiting CA and offered to pick me up and drive me to LAX. Thanks again Kyle I know you had to fight a lot of traffic and handle some heavy luggage!
Anyway to my surprise we ended up at Olive Garden where the rest of my family were waiting for a Birthday dinner for me! Thanks to all of you for taking the time and fighting the traffic for me!
Well I finely ended up at LAX about 10:30 pm for a 1:30 am flight on TACA Airlines. I ended up waiting outside in a very long line to check-in due to a power outage earlier that night, but I finely arrived at the check-in counter where I ended up paying $325 in over weight luggage! And was informed at that time that I would have to pay again when I changed planes in Quito.

Fortunately for me I acquired a couple of e-mail friends over the last year and a half from people who were settling in Cuenca and one of them George, who unfortunately had to have a heart valve replacement and moved to Houston, he is doing great and just starting a new job in Texas.
George introduced me to a Ecuadorian friend of his Bryan Vidal who speaks great English thanks to his Southern American Aunt who lives in Cuenca. Bryan has worked in the Hotel industry for over six years and at this time works at the San Juan Hotel in centro Cuenca. 

 He did offer me a discount, which would have been $70 per night to stay at the San Juan but I found staying at his friends home for $17 a night including breakfast more appealing! Marcia has a few rooms she rents out to vacationers or people re-locating to Cuenca.

By the way anyone who might be planning a vacation or move to Cuenca and would like the assistance of Bryan Vidal who now has his own travel agency CATSA, you can reach him at:

Email	bryanvidal@catsa.ec
Website	http://www.catsa.ec

I was prepared to make the move to Cuenca on my own managing to plan everything on-line! But after a few months of e-mailing with Bryan I felt secure that I could rely on him to help me with my relocation. And it turned out to be a great choice on my part.
When I told Bryan about the over weight luggage charges $250 he offered to fly to Quito and help me bring my luggage on to Cuenca so I would not have to pay another $250 more. His airfare at $108 was a much better option for me as it turned out.

Bryan in the picture, was waiting for me outside of customs in Quito and we proceeded to the Aerogal Airline check-in.
Fortunately for me Customs was slow and they just ran my luggage through the ex-ray machine, asked me what the big square thing in one of my suitcases was, which was my 21" monitor that did survive the trip!  And I was out and on my way, slowly at 11,300 feet! 
When we checked into Aerogal, Bryan struck up a conversation with the guy at the counter and after a few minutes he let all my luggage go with no over-weight charges. Guess it helped that the flight was not full!
After a 5 hour flight from LAX to San Jose, Costa Rica and a 1 1/2 hour lay-over and another 2 hour flight to Quito plus a 3 hour time change I was pretty shot, especially with no sleep for over 24-hours.
So I was looking forward to getting to Cuenca to my room for the night.
Another 45-minute flight and we arrived in Cuenca ! By now I was very happy to have Bryan with me to lead to way. He hailed a taxi that was large enough for all the luggage and we were off to Marcia's house. Greeted by Marcia with a Birthday cake and of course in Ecuador you always kiss the women on the cheek when greeting them and when departing. Bryan also gave me a phone card as a gift so my Blackberry became an Ecuadorian phone.
About this time I was ready to find my way to my room and at 8400 feet I found myself stopping half way up stairs to get my breath! Having asthma was a concern of mine when I considered moving to a higher elevation, lucky I spent the last year in CA at 5500 feet. Also I read that at 8400 feet there is 21% less oxygen then at sea level but with the lungs working at total capacity the blood stream gets pumped up with lots of red blood cells which delivers oxygen to the body. And the water is like bottled spring water from the faucet, seems Cuenca is the only city in Ecuador that you can drink water from the faucet. Bryan was on his two week vacation and he showed up every morning with a new agenda for the day! Day one was get acquainted with the city.

The main Cathedral in the photo is not finished due to poor construction and it will never be finished.

So off we go on a 2 hour Double Decker bus tour of the city and Turri, above the city.

After the bus tour we met Jimmy, Bryan's cousin for lunch. Which was a typical meal of rice and shrimp for me. They usually eat rice with most meals here.

Jimmy works for an appliance store which I ended up taking advantage of at a great discount!


Well enough for now I will continue with more tomorrow!