To find a consultant or specialist, start with a search on the internet. You can use sites like Google or Yelp to read reviews and ratings from previous customers to determine if a particular consultant or specialist would be recommended. Word of mouth referrals are also a great way to find someone. If you know other people who have retired to Mexico already, ask them to recommend a consultant or specialist that they had a good experience with. Some consultants offer fixed fee services where they’ll only spend a specific amount of time on your situation and complete a specific list of items. If you need more help, or have a lot of questions, the cost for a consultant may be more expensive.
You can approach your finances from two perspectives: Perspective 1: Review your retirement savings to determine how much money you have to spend on an annual basis. Then, work to find a lifestyle in Mexico that falls within this budget. Perspective 2: Research how much everything will cost you to retire in Mexico (rent, utilities, food, insurance, etc. ) and then determine how much money you need every year to live that lifestyle. If you find that your retirement savings aren’t enough to meet your estimated expenses, you can either continue to work until you’ve saved enough money, or you can look for alternatives that are less expensive. Don’t forget to also budget for possible emergencies, especially if those emergencies will require you to travel back to your home country on short notice.
Mexico does have double-taxation agreements with countries like the United States, Canada, the United Kingdom, Ireland, and some other European countries. If your home country has a double-taxation agreement with Mexico, you will only have to pay tax in one country. Your tax specialist or accountant will help you determine in which country you should pay your taxes. Keep in mind that tax laws are constantly changing and you need to keep yourself up-to-date. You may also need to enlist the help of an accountant in Mexico to assist you with Mexican tax rules and regulations.
The Vistante cannot be renewed and must be applied for in-person when you arrive in Mexico. The Visa de Residente Temporal can be renewed, but only for a maximum of 4 years. It must be applied for before you arrive in Mexico.
You must have close family connections in Mexico, or You must apply for retirement status and show you have enough money to sustain yourself in Mexico, or You’ve had a Temporary Resident status for 4 years already, or You’ve had a Temporary Resident status for at least 2 years due to marrying a Mexican citizen or permanent resident, or You’ve been granted residency because of humanitarian grounds or because of political asylum. A new points systems was introduced in 2016 that will determine your eligibility. Information about this points system will eventually be available online.
Health insurance coverage may be more difficult to obtain, and more expensive, after you turn 65. However this is generally the same in most countries, not just Mexico. Shop around for Mexican health insurance and obtain multiple quotes before making a final decision. Make sure your health insurance is in place before you cross the border into Mexico. If you need medical care after you’ve entered Mexico, but before you’ve purchased insurance, an insurance plan will not cover the costs retroactively. Note that permanent residents of Mexico (i. e. foreigners who have the Visa de Residente Permanente) can have their healthcare subsidized by the Mexican government, which will make it much more affordable than the US.
Note that the process to open a new bank account at a Mexican bank is quite involved and may take a while. Don’t expect to drop into a bank for a few minutes in order to open a new account. The majority of Mexicans still prefer to do their banking in the branch with a teller. This means that at certain times on certain days the line at the bank can be rather long.
Groceries, especially fruits and vegetables, are less expensive and fresher than you’ll find in the US or Canada. Public transportation and domestic flights are less expensive, or getting less expensive. Some utilities, like electricity, can be more expensive than the US or Canada, unless you pay attention to your consumption. Water is less expensive, but not always of good quality. Most Mexicans opt to buy and use bottled water rather than use tap water. Bottled water in Mexico is much more expensive than it is in the US or Canada. Items like clothes, electronics, appliances, etc. , are more expensive in Mexico than in the US or Canada. Depending on the regulations regarding importing these items, you may want to purchase some of these things before you move. Cars are more expensive in Mexico. Gasoline costs are regulated by the government, not by the oil market. While this means they do not fluctuate as much as in the US or Canada, they may be more expensive. Rent in Mexico is fairly equivalent to what you’d find in the US. Areas with more foreigners will be more expensive, areas with more locals will be less expensive.
Whether you want to move to Mexico on a part-time or a full-time basis may depend upon your family connections in your home country. You may wish to spend half the year in your home country in order to see your children or grandchildren regularly. If you choose to live in Mexico on a part-time basis, you may also need to decide what you want to do with any property you own when you’re not living in it. You can either keep it empty and pay minimal utilities and the associated insurance. Or you can consider renting out the property when you are not there. If you decide to rent one of your properties when you’re not using it, you may wish to consider hiring a property management company. Considering you will be quite far away, you may not be able to handle all the landlord-related duties personally.
A great place to start your research is on the United States Passport and International Travel website for the US Department of State. The website has details on the safety of the states and cities within Mexico for foreign travellers. The website can be found at http://travel. state. gov/content/passports/en/alertswarnings/mexico-travel-warning. html.
Buying property in Mexico is somewhat similar to buying property in the US or Canada. Costs are fairly inexpensive, although it depends on the specific area. If you do decide to buy property in Mexico, make sure to consider not only the location but the local infrastructure and amenities. Note that Mexico has restricted zones within 100 kilometres of the US border and within 50 kilometres of the coast. While foreigners are able to own property in these restricted areas, the property must be purchased through a land trust. You do not need to have resident status in Mexico to own property. Financing property in Mexico is not only more difficult than in the US and Canada, it is significantly more expensive. While it is possible to get a mortgage through a Mexican bank, you may want to consider purchasing the property without financing to avoid the extra expense and hassle. If you buy property in Mexico you will need to work with a Notary Public. A Notary Public in Mexico is not the same as a Notary in other countries. In Mexico, Notary Publics are appointed by the State government. They have extensive education and work experience, and are required to pass a certification exam.
