Actualizado: 23 jun 2019
Thinking of Buying a Condo in Mexico or thought of retiring there?
Its never to early to start, you’ve probably dreamed of retiring on a sandy beach somewhere at some point. Perhaps you’ve started looking for in Florida, Arizona or Costa Rica. But have you ever thought about retiring to Mexico? I am sure you will consider it now! Retiring to Mexico Is the perfect choice and has proven to be incredibly affordable for Americans. Let’s take a closer look at the benefits of retiring in Mexico.
The Average Cost to Rent in Mexico
A retired couple can expect to retire pretty comfortably in Mexico with an average of $2,175 a month, or $26,100 a year, according to Investopedia. Interestingly enough, these figures include the cost of rent on a two-bedroom house, three-times-a-week maid service and a weekly gardener. It also includes housing, utilities, groceries, dining out, and more.
A few factors play into your cost of living for retirement in Mexico. Your exact costs will largely depend on where you live and the lifestyle you plan to lead. Whether you want to retire early, late or on time will also affect your expenses timeline. You will also want to keep an eye on the exchange rates from USD into pesos. Not everything in Mexico is marked as pesos, with many merchants accepting USD, especially in tourist areas. Plus, shopping and living like a local, like buying from street vendors, can save you even more money.
Living in Mexico – Visas
Retiring in any foreign country is bound to take a couple extra steps than if you were to stay put in the U.S. For starters, you’ll need to obtain a visa to reside in Mexico. The duration of your stay in Mexico will determine the kind of visa you need to apply for. Do you plan to stay for a few months at a time, or for a few years or for the rest of your life? The shortest option is applying for a tourist visa. These cover your stay for almost six months.
As a retiree, you can choose to apply for a temporary resident visa which lasts for up to four years. To get the process started, visit your nearest Mexican consulate. Your eligibility depends on your assets. For one, you can provide proof that you can support yourself as a retiree on funds you’ve made (or are making) outside of Mexico.
The minimum monthly requirement is about $1,400 in net income for an individual. Dependents add about $520 each to this amount. You may also choose to provide bank statements for the last 12 months that show an average balance of at least $23,500. Lastly, you can qualify if you own a property in Mexico with a value of around $207,000 or more.
If you choose to stay longer than four years, you can apply for a permanent resident visa. If you made it to four years with a temporary resident visa, you can fairly easily alter it to permanent status. Permanent resident visa status allows you to work in Mexico. To qualify, you must show investment statements with an average monthly balance over the last 12 months of $93,000 or a monthly net income (or pension) over the last six months of at least $2,300.
Renting / Buying in Mexico – Housing
Most American, Canadians and retirees in Mexico choose to rent instead of buying a home or apartment. Luckily for anyone who want to retire in Mexico, the U.S. dollar’s strength against the peso allows for some great real estate deals. For a small home or condo in a city, you can expect to pay between $600 and $1,100 per month in rent. If you’re looking for something bigger or if you have more funds in your housing budget, you can find larger homes from $1,200 to $2,000 per month. On the other hand, you can find dwellings up to 20% cheaper outside of a city.
While more uncommon than renting, buying a home in Mexico is also an option. A reasonably sized home can cost around $100,000 while a larger home with more rooms and amenities can reach up to $250,000. Utilities, like water, electricity and garbage collection, typically total an extra $75 per month. Mexico also boasts solid Internet service, with unlimited coverage costs reaching about $50.
When you buy a home in Mexico, you can do so with a “direct deed,” in a local corporation or via a fideicomiso (bank trust). These options provide safe and trustworthy ways to buy a home and have access to homeownership rights. Plus, many Mexican real estate markets employ English-speaking agents to help you throughout the process without worrying about a language barrier.
Living in Mexico – Safety
Mexico is as safe as living in New York, California or Florida. States and city that are extremely safe and with the highest concentration of Americans are: Baja California, Playas de Tijuana, Rosarito, La Mission, and Ensenada. The level of warning is high in some states of the country like: Colima, Guerrero, Michoacán, Sinaloa and Tamaulipas. But In the areas where most Americans live everyone feel extremely safe.
Mexico – Healthcare
Healthcare may not be the first thing on your mind when you’re planning to move to a new country. However, healthcare is just Minutes from the border. Many Americans live within 15 minutes to a 1 hour of the San Diego border to continue to have access to their healthcare providers and medical insurance plans, an especially important aspect in retirement. Once you move to another country your healthcare plan won’t follow you. Luckily, Mexico provides excellent proximity to cross and continue getting your medical providers in San Diego.
If you want to live or retire to a place with a low cost of living and warm weather, and want to continue your health plan Coverage in the US. Moving to Mexico is an excellent option. You can still cross the San Diego border to work or to continue your health care treatments within minutes. Once you live here you can apply for a Sentri card and cross the border within 20 minutes or less. Just remember that your exact costs will depend on how you want to live. If you’re willing to live like a local and cut some of your luxuries, you won’t need to have an exorbitant amount of money. But if you just can’t live without constant air conditioning or a five-bedroom house, you should be prepared to pay a little more than the amounts mentioned here.