New is always beautiful. As much as you want to experience the beauty of newness, Mexico is just the right place to relocate. It’s going to be one of the best decisions in your life. But before packing your things and start moving, here are several things to consider when moving to Mexico
Moving to Mexico … all you need to know
The Mexican Peso $MN is the currency in Mexico and what you will be spending when you move to Mexico. Dollars are accepted in many transactions among the tourist destinations but pesos are still the official currency. The current exchange rate is considered when making purchases such as properties, cars, art works, and other advertised commodities.
Healthcare when moving to Mexico
Overseas workers are required by their employers to pay government fees which includes basic healthcare. However, purchasing private healthcare insurance is most common among foreigners. This provides medical and wellness access to world-class facilities found in Mexico. If you are retired, you might find that your healthcare covers you in Mexico temporarily, but you should check before moving to Mexico.
Travel and Immigration Permits
If you are not a Mexican national, you will need a visa to live and find job in Mexico. The process usually starts in your home country, but once you already have a job assigned in Mexico, the procedures will be easy. For retirees, acquiring a Visa is even easier. What is needed is the proof of your regular income from your pension once you relocate to Mexico.
Purchasing a Property
Requirements and procedures for you to buy a property in Mexico when moving to Mexico permanently is the same as those found in Canada and the United States. The only restrictions is the need for you to have a fideicomiso trust when you purchase property within 50 km from the beach or the borders. Leading banks provide this trust for foreigners who want to buy Mexican properties or lands.
Public schools provide free education for your children, but expect that class sizes and levels of schooling will be different compared to the standards in your home country’s schools. Private education is the usual option for foreigners when moving to Mexico. When you are earning professional wage, you can afford to avail of the many private educations available for bilingual students.
While working in Mexico or running your own business, expect that taxes will be imposed on you. Mexico offers several agreements to avoid double taxation for foreign workers and investors. This will ensure that you only pay tax in one country. Make sure you have enough information regarding this factor from your tax adviser before relocating to Mexico.
Car insurance is a legal requirement when moving to Mexico permanently. Your home car insurance may cover you temporarily but if you are thinking of immigrating permanenty, you must consider getting Mexican car insurance. In the event of injury of death of a third party, you must have at least a minimum insurance coverage. It is highly recommended to have both property and health insurance for added benefits when moving to Mexico to live.