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Wednesday, April 9, 2008

10 Things to consider before moving to Mexico

Do your research. Spend time in some of the different areas of Mexico to discover which areas you feel most comfortable. Most people who retire here have had many prior visits on annual vacations and have experienced Mexico first hand.

Pick your climate. Decide what sort of climate you are most comfortable living in, depending on the area the weather ranges from year round spring-like weather to warm sea front locations and dry desert heat.

Will you be a permanent or part time resident? Depending on your personal choice, you may decide to live here permanently or only a few months out of the year, and renting the rest of the time. Some also rent their permanent homes to offset the costs of their temporary Mexican residence.

Purchasing real estate in Mexico. There are a myriad of real estate opportunities available, but be certain you are dealing with reputable agents on both sides. You may also find it easier to finance your purchase at a bank back home. There are properties available to suit every need including, apartments, resorts, condos and beachfront homes.

Choose the location that suits you. Whether you want city living or a secluded property surrounded by nature, there are plenty to choose from.

Learn the language. It's much easier to assimilate into your environment if you can speak the native language; as a result, many of our visitors enroll in classes to learn Spanish.

Consider turning your hobby into a business. Many of our retirees turn their hobbies into small businesses once they set up residence. Others get involved in social work in their local communities.

Make sure your income qualifies. You will need to research the various government requirements for foreign retirees and ensure that you qualify. You must have a proven fixed income of at least 400 times the daily minimum salary per month, and 200 times the daily amount for each dependent. If you own, your Mexican home, opposed to renting, these figures are reduced.

Health care considerations to remember. Most U.S. or Canadian health care plans do not cover your medical requirements in Mexico. Make certain you arrange for medical insurance to cover you during your stay in Mexico. There are numerous medical facilities and hospitals, but they are private and require payment in full.

Paying taxes in both countries. If you plan to work in Mexico or collect any sort of income such as rental income, sale of artwork, handicrafts, etc., you will require an FM3 Retirement Permit. This will allow you to work or run a business, but you will have to pay Mexican tax on any income earned.