Things to Consider when Moving to Mexico

Things to Consider when Moving to Mexico

An ideal decision for a better future is moving to Mexico. You are certainly on the right track if you make this great life-changing decision. Consider these important things which will help you achieve better transition once you finalize your move to Mexico.

Monetary Value

Your dollar currency will have to give way for the Mexican Peso $MN which is the official currency for almost all payments. Still, many establishments within tourist destinations accept US dollars (some will even accept Canadian dollars). High-value goods like properties, cars, and artwork can be seen advertised in dollars. Once purchasing, the value will usually be converted to pesos according to the current exchange rate. Whether dollar or peso is accepted usually depends on the seller.

Work and Business Permits

Foreigners moving to Mexico who are seeking employment or business opportunities in the country must have the correct visas. If your job is already lined up in Mexico, the process of acquiring a visa will have to begin in your home country and you will discover that the procedures are not so complicated, albeit a little timely. Retirees are also welcome and usually only need to show proof of their regular income from pension when they relocate to Mexico. Application for a visa for moving to Mexico as a retiree should also be applied for while you are out of the country.

Purchasing a property

Buying property when moving to Mexico is a possibility for all foreigners with the right criteria.

Mexico only offers certain restrictions when buying property within 50 km of the beach or the borders. A fideicomiso trust is needed from leading banks before you can do your purchase. Otherwise, other properties can be bought with requirements and procedures similar to Canada or the United States.

Healthcare

Once you are working and living in Mexico, employers make sure that your social security quotas are paid to avail of a basic healthcare service. Although foreigners usually choose private healthcare services due to better facilities that are available. Whether public or private healthcare, the important thing is you have access to health services and is an important consideration when moving to Mexico.

Education

“Free” public schools are available in Mexico for the education of your children. Only, class sizes and level of schooling may be incomparable to those found in your home country. Many foreigners instead choose private education for their children. Those earning professional wages consider private education which is ideal for bilingual children.

Taxes

Taxes are required for all those who are working or have their own business. Certain agreements between Mexico and many countries help foreigners avoid double taxation. This ensures payment of tax in only one country. The best thing to do is ask the advice of a tax expert before relocating to Mexico.

Insurance

In Mexico, not having car insurance and at least minimum coverage in cases of injury or death of a third party is illegal. Health and property insurances are also highly recommended although it may be optional for some when moving to Mexico.

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