When a person plans a trip abroad, he takes into account several aspects, depending on the destination he is going to. In some countries trade is more promoted, while in others it is experiences through their activities.

In addition to the suitcase, the means to finance the trip are also important, as they are consulted upon departure and arrival in the destination country.

According to the Tax Administration (SRI), it allows people over 18 years of age to leave the country in cash with three basic salaries, i.e. in 2023. from 1350 dollars. Minors only have a basic salary (450 dollars).

To pay! if you have been notified by SRI of outstanding ISD values ​​or will collect interest, fines and sanctions

Tax on the outflow of foreign currency consists of the transfer, shipment or transfer of foreign currency carried out abroad, either in cash or by money transfer (cheques, transfers, payments or payments of any kind).

This must be paid by all natural persons, undivided estates and private, national and foreign companies and entities that make up the National Financial System (IFI’S), as well as the Central Bank of Ecuador (BCE), acting as tax withholding agents, when currency transfers are made.

This tax will be paid only by citizens who earn more than three basic salaries in cash abroad.

On the other hand, non-resident foreign nationals who bring foreign currency upon entering the country will be exempt from paying the fee if their stay does not exceed 90 calendar days and the amount is declared. At the time of departure from Ecuador, the tax will not be generated, but the immigration or customs service will. Currencies will be registered upon entry.

As of July 1, ISD fell from 3.75% to 3.50% and by the end of this year it will be at 2%.

The subject also detailed that with respect to the use of credit or debit cards for consumption or withdrawals from abroad, tax must be paid if the annual amount $5109.79. This value is adjusted every three years, according to variations in inflation.

Regulations for the Law on Strengthening the Family Economy give way to tax incentives

Card issuers will verify that these values ​​combined do not exceed that amount “among all debit and credit cards issued by the same withholding or collection agent, as applicable, to the same taxpayer, who is liable under applicable regulations for any tax not withheld or billed on time.

It is clarified that the annual exempt amount corresponds to all debit and credit cards issued by different entities in the name of the holder.

There are other cases where ISD does not have to be paid when leaving the country. One of them matches students from abroad when they meet the living and course costs. The second case corresponds to the companions of a person with a catastrophic, rare or orphan disease, the costs of both (both the companion and the patient) will be exempted from ISD.

The tax on the outflow of foreign currency is already 3.50%, with the change of Government, will it continue to fall to 2% as determined by Guillermo Lasso?

Requirements that the student must present to the financial institution, courier company or customs authority for exemption from ISD for the costs of studying abroad:

The educational institution must be on the Senescyt list. If not, you must go to the secretariat and submit a request that requires verification of accreditation, evaluation or its equivalent of higher education institutions in your country of origin.

Requirements that the beneficiary must present to the financial institution, courier company or customs authority to access the ISD exemption for expenses arising from the treatment of catastrophic, rare or orphan diseases: