Retiring in Mexico- By: Tom Budniak
One of the most enduring American dreams has been to retire early in a place which has an abundance of sun and sand. Whenever, retirement is discussed, Mexico as a retirement destination is one of the prime candidates.
While earlier, only the sunny weather and magnificent beaches were chief reasons for selecting it as retirement destination for Americans, Canadians and Europeans, now the situation has changed dramatically. Increased cost of living in US and subdued economy has forced people to seek destinations which have a lower cost of living without compromising on infrastructure and amenities. Over the last few decades, Mexican government has invested a lot in improving the infrastructure such roads, highways, airports, communication, hospitals, hotels and housing.
This huge improvement has spurred people from north to see Mexico in a different light. Mexico real estate prices are still very low as compared to US homes with same type of location and amenities.
Today, we will explore the reasons which make Mexico such a great retirement destination.
Retiree friendly: Apart from great weather, Mexico has other benefits too. The Mexican government offers benefits like a special visa and inexpensive health care for expats who come to Mexico seeking the peaceful life in their retirement years.
The "rentista" is a special type of non-working visa available to retirees 51 and older. To be valid for a rentista, you'll need to provide a letter from the bank or social security administration confirming that you receive a certain minimum income each month. Foreign retirees are also eligible for IMSS, a Mexican social security plan that costs $200 per year and covers medical, dental, and vision care.
Buying property in Mexico:
Buying property in a foreign land can be tricky. But, not in Mexico. Buying Mexico real estate for foreigners is a simple process. One doesn’t have to be a Mexican citizen to own a property in Mexico.
If you are buying property within 50 miles of the coast or 100 miles of a national border, then you will need to set up a Mexican corporation which technically owns the land or a beneficial trust called a fideicomiso.
Always hire a professional Mexico real estate agent of good repute who can not only find you the best property suited to your requirements but also assist in all steps and procedures required while buying a property.
Property taxes (predial in Mexico) are extremely cheap compared to the US or Canada. The tax is a percentage of the assessed value of the property, which is determined at the time of the sale. For a retiree subsisting on savings, lower taxes are a great boon.
Medicare & amenities:
Mexico’s medical care is not only affordable but also world class. This is the reason why patients from US & Europe come to Mexico to take advantage for high end medical care at very affordable prices. With such excellent and cheap health care, retirees need not worry a great deal. Mexico has all most amenities one finds in developed countries. Wal-Mart, malls, multiplexes, luxury condos, superb highways and international airports – Mexico has everything to make your retired life comfortable.
If you also want to retire in Mexico, then starting planning now when the prices are low. Playa del Carmen real estate and Puerto Vallarta regions are some of the most sought after retirement destinations!
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Mexico Smart Realty offers Playa del Carmen Real Estate, Beachfront Condos, Rental Villas, Apartments etc. If you have any questions or advise regarding Playa del Carmen Real Estate, Feel free to contact Tom Budniak for the best deals in Mexico Real Estate.