Relocating to Mexico is going to be an ideal life-changing decision. Your future here will be more promising and fulfilling for sure. But before moving ahead with your relocation to Mexico, it is helpful to be more familiar with the different things related to your move to ensure a smooth transition. Here are our top tips for moving to Mexico:
Visas and Immigration Requirements
For foreigners who want to work and live in Mexico, you need to have a visa before you can proceed with your relocation. If your job is lined up in Mexico, you still will have to start the immigration process in your home country. Retirees who plan on moving to Mexico can enjoy slightly less-complicated procedures which only require proof of your regular income through pension, although you will also need to start the procedure while you are outside of Mexico. If you want to come and live in Mexico on a temporary basis, less than 6 months a year, you can do so by simply filling out the tourist card on the plane. However, remember that in order to be able to get a phone contract, electricity etc in your own name, you will need to show proof of your immigration status.
Mexico’s currency is the Mexican Peso $MN. This is the official payment in almost all transactions, although dollars are acceptable in many accommodations, restaurants, and other tourist destination establishments. High-value goods may be advertised in dollars, like properties, cars, and art pieces, but purchases are usually in pesos using the current exchange rate. Moving to Mexico will mean that you will have to start getting used to the new currency.
Mexican employers make sure that their employees pay social security quotas for basic government services such as healthcare. There are many instances when foreigners are encouraged to avail of private healthcare insurance instead. The advantage of private healthcare service is access to better and more modern facilities. You will also find that health insurance is not so expensive in Mexico, making moving to Mexico a more economical option for some people.
For those moving to Mexico with young children, you may be concerned about the education system in Mexico. Your children may choose to attend the public school system which is provided for free in Mexico. However, standards may be incomparable to that from you home country’s education. Most foreigners would rather choose the private schools, especially for those who are already earning professional wages in Mexico. Mexico’s private education are ideal for bilingual children and provides better facilities and standards for your children.
Owning a Property
Mexico offers similar procedures for buying property like that of Canada and the United States. There are restrictions, however, when you buy properties within 50 km of a beach or a border. If your choice of property is within these zones, you have to get a fideicomiso trust which is available from the local banks before you can make your purchase.
Working in Mexico or running your own business means you are required to pay taxes. You do not have to worry about double taxation since Mexico has agreements with many countries which benefits foreigners by making sure that they only tax in one country. The best thing to do regarding taxes is to consult your tax adviser in your home country before relocating to Mexico. VAT tax in Mexico is around 16%
It is illegal not to have your car insurance in Mexico. It is also required that you have at least the minimum coverage in case of injury or death of a third party. It is also highly recommended, although only optional that you avail of property and health insurances.
Choosing your Destination
And lastly, part of the joy of moving to Mexico is being able to live in some of the most beautiful places in the work at affordable prices. Many foreigners choose stunning sunny beach locations like Cabo San Lucas, Riviera Nayarit, Puerto Vallarta or Cancun, while others want to live in more temperate climates inland like San Miguel de Allende, Lake Chapala, San Cristobal de Las Casas. Whatever your preference, moving to Mexico will be one of the best decisions you will ever make.