This article studies how the economic crisis affects Ecuadorian immigrants' decisions on staying in Spain or returning to their home country. Before the crisis, Ecuadorians were one of the most significant migrant groups in Spain in terms of volume and degree of settlement. The crisis has destabilised their situation and modified their migratory projects in different ways. This article presents the three main choices facing Ecuadorian immigrants during the crisis: permanence, wait and see, and return/re‐migration. The analysis focuses on how the decision‐making process is carried out and on the different factors that lead Ecuadorians to choose each option.