Ecuador is a small South American country located on the equatorial line. It is famous for its natural diversity and cultural heritage. In recent years, it has also become famous thanks to its president, Rafael Correa, and his unusual policies. Immigration-wise, Ecuador is one of the region’s easiest countries in which to acquire residency. All that is needed is proof that you will receive a guaranteed income during your stay in the country. It also is fairly easy to acquire Ecuadorean citizenship thanks to a waiting period of only three years. Tax-wise, the burden imposed on residents is significant and should be factored into your decision. Banking-wise, it is easy to open an account in Ecuador and it may make sense for some due to the fact that the USD is the de facto national currency.