THINKING ABOUT MOVING TO MEXICO?

Mexico is an amazing place to live, regardless of your age and interests, it has a lot to offer, amazing landscapes, nature, culture, entertainment, world class cuisine, accessible healthcare and good schools. Of course, nothing beats the warmth of its people.

If you’re considering moving here, there are certain important things to consider before and when you arrive to the country.

MIGRATION STATUS

Firstly, you need to consider your migration status. If you are coming from a country that does not require visa to enter Mexico, you can stay for up to 180 days without requiring any additional permit or visa. Under this migration status you are not allowed to work or be involved in any commercial activities. If you want to live in the country, you may want to request a residency visa before entering the country at one of Mexico’s consulates abroad. The temporary residency can be granted for retirees with economic solvency, investors, family ties or work. Depending on the temporary residency granted, after two or four years you can apply for the permanent residency.  

LEASING OR BUYING HOME

Secondly, housing. Are you leasing a place, or do you plan on buying a home? If you are leasing a place you need to review the leasing contract and the landlord’s duties and obligations as well as yours. It’s important to have all written in the contract to avoid any misunderstandings. If you’re planning on buying a home, you should use a certified or licensed real estate agent, some states have a board that certifies and oversees real estate agents in that state. 

Secondly, you should do the due diligence on the legal ownership of the property. We recommend hiring a real estate attorney on that to avoid fraud or legal uncertainty regarding the property. Beware that foreign nationals cannot own land within 50k (about 31 miles) from the shore and 100k (around 62 miles) from the international borders. There are ways to do it, one of the most common ways is creating a fideicomiso (trust), a legal entity that will be the technical owner of the property and you will be a trustee. Finally, if you are thinking about building a home and hiring a contractor, it’s important to check the construction contract so that you do not acquire any employer’s obligations regarding the construction workers and you get the expect result for the contractor.

HEALTH INSURANCE

There are technically no public health services in Mexico, except if you are working and enrolled in the Mexican Institute of Social Security, otherwise there are only private health services. We recommend paying for health insurance if you are staying for longer periods in Mexico. So that you have access to emergency care at privately run hospitals.

BANK ACCOUNT

Another thing to consider is having a Mexican bank account to make payments here and avoid international commissions. Mexican banks generally do not open bank accounts to foreigners that do not have residency status. There is one known exception, Intercam. Once you have your residency card, you can set up a bank account in the bank of your choosing. You will likely need to have your tax register ID (or RFC in Spanish), even if you are not economically active in Mexico and are not paying taxes here.   

Mexico is a great country, but navigating its bureaucracy can be frustrating for locals and foreigners alike. I hope this information was useful.