Retirement can be an exciting time in your life.Retirement to a place like Mexico can be amazing.Many people, including Americans, Canadians, and Europeans, have decided to retire to Mexico for a variety of reasons.The health care is excellent, the housing market is reasonable, and prices for day-to-day food items are inexpensive.Before you head off to spend your retirement years in Mexico, you should consider the following steps.
Step 1: Consider hiring a relocation consultant or specialist.
It can be difficult to move between countries.You don't need to learn all the details on your own.All the details of your personal situation can be helped by relocation consultants or specialists.In the long-run, it may be money well spent if you hire a consultant or specialist.Start your search on the internet.If you want to find out if a particular consultant or specialist is recommended, you can look at reviews and ratings from previous customers.Word of mouth referrals are 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.Fixed fee services are where a consultant only spends a certain amount of time on your situation and completes a specific list of items.The cost for a consultant may be more expensive if you need more help.
Step 2: Determine your finances.
Depending on a number of factors, the cost to retire is different for everyone.It is not always cheaper to retire in Mexico based on stereotypes.Perspective 1: Review your retirement savings to determine how much money you have to spend on an annual basisLook for a lifestyle in Mexico that is within this budget.Do you know how much it will cost to retire in Mexico?Determine how much money you need each 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 have saved enough money, or look for alternatives that are less expensive.If you have to travel back to your home country on short notice, budget for possible emergencies as well.
Step 3: Know your tax situation in Mexico.
Depending on your financial situation, you may want to hire an accountant or tax specialist.Double-taxation is something you need to think about.If you have any kind of income in your home country, you need to decide if you should pay tax in both countries or only one.The United States, Canada, the United Kingdom, Ireland, and some other European countries have double-taxation agreements with Mexico.You will only have to pay tax in one country if you have a double-taxation agreement with Mexico.Tax specialists and accountants can help you figure out which country you should pay taxes in.Tax laws are constantly changing and you need to keep up-to-date.An accountant in Mexico can help you with Mexican tax rules and regulations.
Step 4: Do you want to apply for an immigrant permit?
Non-Immigrant permits are available for foreigners in Mexico.Foreigners who wish to live in Mexico for a long time can get Immigrant Permits.Non-Immigrant Permits allow foreigners to visit Mexico for a limited period of time.You have to decide which permit is best for you.Before you make a decision, you may want to consult an immigration expert.
Step 5: The qualifications for a Non-Immigrant permit should be reviewed.
There are two types of permits.There is a permit for foreigners to stay in Mexico for 6 months or less.The Visa de Residente Temporal is for foreigners who want to live in Mexico for less than 4 years.You must apply for the Vistante when you arrive in Mexico.For a maximum of 4 years, the Visa de Residente Temporal can be renewed.You have to apply for it when you arrive in Mexico.
Step 6: Understand the requirements for an Immigrant permit.
The Visa de Residente Permanente is for foreigners who want to live in Mexico permanently.To qualify for this type of via, you need to meet one of the following criteria: You must have close family connections in Mexico, or you must apply for retirement status and show you have enough money to sustain yourself.The new points systems will determine your eligibility.Information about the points system will soon be available online.
Step 7: Know your health care coverage in Mexico.
It is unlikely that you will be able to take advantage of government-funded health care in Mexico if you have health or dental insurance in the United State or Canada.Medical care in Mexico is usually paid in full at the time of service.Obtaining the right type of health insurance is important for anyone living in Mexico.After you turn 65, health insurance coverage may be more expensive.In most countries, this is the same as in Mexico.Before making a final decision, shop around for Mexican health insurance and get multiple quotes.If you cross the border into Mexico, make sure you have health insurance.An insurance plan won't cover the costs retroactively if you need medical care after entering Mexico.You should note that of Mexico.The Mexican government will subsidize healthcare for foreigners who have the Visa de Residente Permanente, which will make it more affordable than the US.
Step 8: Mexico has a retirement benefits program.
Mexico has a retirement savings program for people who are 60 years of age or older.The Residente Permanente has a Visa.Enrolling in this program will give you a number of discounts on things like doctor and dentist visits, medical lab work, prescription drug, cultural activities, transportation, and hotels.If you qualify for this program, you should sign up as soon as possible.
Step 9: You can open a bank account in Mexico.
Over the last decade, the banking system in Mexico has improved.If regulations allow, it is a good idea to open a bank account in Mexico and keep it in your home country.It can take a while to open a new bank account at a Mexican bank.If you want to open a new account, you shouldn't go to the bank for a few minutes.Most Mexicans prefer to do their banking in a branch.The line at the bank can be long on certain days.
Step 10: You need to have a sense of adventure.
Living in Mexico will be different than living in the US or Canada.It might be a culture shock if you aren't ready for big changes and new adventures.It is important to keep in mind that living in Mexico on a full-time basis will be different than visiting Mexico for a vacation.
Step 11: Understand how much it costs to live in Mexico.
The cost of living in Mexico will be less expensive than in the US or Canada.Fruits and vegetables are less expensive and fresh in Canada than in the US.Public transportation and domestic flights are less expensive.Unless you pay attention to your consumption, electricity can be more expensive than the US or Canada.Water is less expensive, but not always of good quality.Most Mexicans prefer bottled water over tap water.In Mexico, bottled water is more expensive than in the US or Canada.In Mexico, items like clothes, electronics, and appliances are more expensive than in the US or Canada.Depending on the regulations, you may want to purchase some of these things before you move.In Mexico, cars are more expensive.The government regulates gasoline costs, not the oil market.They don't fluctuate as much as in the US or Canada, but they may be more expensive.Rent in Mexico is similar to what you would find in the US.Areas with more foreigners will be more expensive.
Step 12: Decide if you want to live in Mexico full-time or part time.
Retirees can either move full time or part time to Mexico.Part-time residents usually own or rent a home in their home country or Mexico.They may live in their home country during the summer months and then move to Mexico for the winter.Depending on your family connections in your home country, you may or may not be able to move to Mexico on a full-time basis.It is possible to spend half the year in your home country in order to see your children more often.If you decide to live in Mexico on a part-time basis, you will need to decide what to do with your property when you aren't living there.You can either keep it empty or pay minimal utilities.You can rent out the property when you aren't there.You may want to consider hiring a property management company if you decide to rent one of your properties.You may not be able to handle all the landlord-related duties on your own.
Step 13: Evaluate the safety of Mexico.
It's pretty much safe to visit Mexico on a vacation and stay at a resort.Not all areas of Mexico are as safe as the resort areas, so you'll need to put in some extra effort to decide where to retire.If you want to live in an area that is safe for foreigners, you need to do your research.The United States Passport and International Travel website is a great place to start your research.The website has information on the safety of the states and cities in Mexico for foreign travellers.The website can be found at travel.state.gov.
Step 14: Do you want to rent or buy a property in Mexico?
Renting and owning property in Mexico is an option.Rental costs are similar to those in the US and Canada.If you don't like the house or location where you've rented, you may be able to move there on a shorter notice.Buying property in Mexico is similar to buying in the US or Canada.It is inexpensive, but it depends on the specific area.Make sure to consider the local infrastructure and amenities when buying property in Mexico.Within 100 kilometres of the US border, Mexico has restricted zones, while the other 50 kilometres is open to the public.Foreigners can own property in restricted areas, but it must be purchased through a land trust.You don't have to have resident status in Mexico to own property.It is more difficult to finance property in Mexico than it is in the US and Canada.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 want to buy property in Mexico, you will need to work with a Notarial Public.In Mexico, a Notary Public isn't the same as one in other countries.The State government in Mexico appoints Notary Publics.They are required to pass a certification exam because of their extensive education and work experience.
Step 15: You can learn how the locals live.
You can reduce your expenses in Mexico by finding out how the locals live and shop.A large tourist industry in Mexico can increase the cost of groceries.As someone living in Mexico on retirement savings, you want to make sure you pay the same prices for things as the locals.