Relocation or Retirement?

When relocating, one needs to research the steps required to acquire a work vista. There are also decisions if you want to make this a permanent move. Do you plan on applying for citizenship? You also could have some tax related issues if you are still working in your home country but now relocated to a different country. Making the leap of relocating while active in the workplace requires a lot of research and planning on the laws of the current and future to make sure everything is covered. Also keep in mind your medical coverage. You may not be covered or need to get supplemental insurance in your new location.
Retirement is an easier transition as you have less to plan. The biggest part of this transition will be acquiring the home and then making sure you have medical coverage. Many retirees who move away do not realize that the quality of medical care in foreign countries do not equal what they had at home. It is important to research the quality of medical care in addition to the tax laws to see how you will be impacted as you live off your retirement funds.

Mexico and Homeownership

Is possible for foreigners to purchase property in Mexico? Yes! However; it is a many step process. Mexican law does not allow any foreigners to actually buy the property directly. If you are not a Mexican citizen you can not enter into a contract to buy real estate in Mexico. So why did I say you could buy it? Because you still can! Banks act as an intermediary and can act on your behalf to get the contract completed.

When a foreigner is buying a property in Mexico, there are typically four people involved. Those four include a realtor or Real Estate Company, the foreigner’s lawyer, the financial institution and a public notary. Unlike some countries, Mexico’s real estate market is not as closely regulated. They do not have any certifications or licensed realtors, there is no branch or department regulating real estate, no disclosure laws and in general do not have many safeguards to help a buyer. This causes a big risk to new and foreign buyers. This leads to the use of many professionals to close on a deal. It is highly recommended to seek professional help if purchasing in Mexico from a trusted source in order to have the transaction completed and where you end up satisfied with the purchase.