Have you been thinking about relocating to Mexico and changing your life? If you have, then you are making a wonderful decision that will impact your future in a great way. Although, you should know a few things before you actually move to Mexico and this article about relocating to Mexico will help you out in the long run.
All you need to know about relocating to Mexico:
In Mexico, the currency is the Mexican Peso, which is written: $MN. Although many of the shops and establishments that are in the tourist area will accept dollars, the official way to pay for services and items is in the form of pesos. When you are in Mexico you may see expensive goods such as art, vehicles, and property advertised to be sold in dollars, but more than likely if you purchase any of these items you will be expected to pay in pesos at the current exchange rate, but this will depend solely on the seller.
Immigration and Visas
If you are not a national Mexican and you live and work in Mexico you will be required to have a valid visa (tourists don’t need a visa but will be given a “tourist card” on entry). If you have employment for yourself in Mexico prior to arriving, then you should immediately start the visa process in your own country before you head to Mexico with all your belongings. If you are retired, then getting your visa is a much simpler process as you only have to provide your income from your retiree pension before you move and relocate to Mexico.
Healthcare and health insurance
Before you come to Mexico, to cover the basic healthcare, your employer will make sure that you are paying your quotas with social security. Many foreigners should purchase their own private healthcare insurance upon relocating to Mexico, and doing this will allow you to choose some of the best healthcare facilities worldwide. Make sure you check with your employer what provision you have been given for social security.
Schools and Education
In Mexico, there are public schools that are “free” for your children to attend if you are a resident, but you should know that the level of schooling may not compare favorably to the schooling standards in your own country, and unfortunately, the sizes of the classes are generally high. There are affordable private schools in Mexico that are available for those earning a good wage in Mexico, and many foreigners consider the private schools for their children.
Buying and selling Property
Moving to Mexico and then purchasing property is very similar to the United States and in Canada, but when purchasing or selling property that is within 50km of the borders or the beach there are restrictions. If you choose to buy property in these areas, then you will need to find a professional fideicomiso trust, which you can find at one of the leading banks in Mexico.
Income Taxes and VAT
If you are working or if you have your own business in Mexico, you are required to pay taxes in Mexico. You will only have to pay the taxes in Mexico as Mexico has agreements with many of the other countries for tax purposes, so foreigners don’t have to worry about paying double taxes. You should always talk with your personal tax adviser prior to relocating to Mexico. Most goods will carry a VAT charge, which is around 17%.
Types of Insurance
You should carry car insurance while living in Mexico as it is the law. You are required to carry minimum coverage in case you have an accident that involves death and injuries of a third party. It is highly recommended that you have property and health insurance, but it isn’t required.
These are just some helpful tips that anyone who is considering relocating to Mexico should know. If you have any more advice, please make a c