{"id":28320,"date":"2020-05-06T16:38:46","date_gmt":"2020-05-06T20:38:46","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=28320"},"modified":"2023-09-18T22:51:21","modified_gmt":"2023-09-19T03:51:21","slug":"10-reasons-to-move-to-mexico","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/10-reasons-to-move-to-mexico\/","title":{"rendered":"10 Reasons To Move To Mexico"},"content":{"rendered":"

10 Reasons To Move To Mexico<\/strong><\/h2>\n

As I sit down to write this article on 10 reasons to move to Mexico, I have to first look at how the Coronavirus has affected Mexico and what we can expect in the coming months and years.<\/p>\n

Even though Mexico is part of the same continental land as the United States, there\u2019s a huge difference between the two countries. Mexico might have gotten a bad rap in the past, but really it\u2019s another example of a narrative that global powers create to isolate the havens by drawing examples of what\u2019s wrong with these places. I, for one, think that Mexico is a great place to live.<\/span><\/p>\n

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1. Growing Economy<\/strong><\/h2>\n

If we go back to recent years, Mexico had become one of the fastest-growing economies of the world. The state system was offering incentives for people to invest in the country and drawing in huge amounts of foreign investments that were responsible for the economic growth spurt that Mexico was experiencing. The country had a GDP <\/span>amounting to $244 billion<\/span><\/a> as of the first quarter of 2019 and was expecting to grow higher as time passed.\u00a0<\/span><\/p>\n

If we look at how the government has handled the Coronavirus, we will see that they really are not that different than any of the other governments, excluding a few in the world. Percentage-wise, Mexico sits around #18 for cases and deaths and the USA sits at #1. With the USA at a population of 329 Million and Mexico 126 Million, they are 1\/3 the size yet their statistics for deaths are considerably lower.\u00a0 All in all, Mexico seems to be making the same decisions as the States.<\/p>\n

With these considerations in mind, there\u2019s still plenty of reason for people to move to Mexico. I am writing this article to highlight the advantages<\/span> of moving to Mexico so that more people understand why it\u2019s important to branch out, get multiple passports<\/a> and how that ties into their financial interests.<\/span><\/p>\n

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2. Avail The Advantages Of Dual Nationalities<\/b><\/h2>\n

I\u2019ve always supported the idea of dual nationality<\/a> whenever my clients come to me for business advice. There are plenty of reasons for my stance on multiple passports, most of them of a financial nature such as tax considerations, ease of doing business, the opening of bank accounts and companies but also because it becomes easier to travel the world visa-free or even if you do need to get a visa you can send one passport away for a visa and still travel on the backup passport.<\/span><\/p>\n

The Mexican government <\/span>has recently made efforts<\/span> to promote dual nationalities, in light of improvements in foreign relations with the US. They\u2019ve eliminated many of the barriers to immigration that people faced, and the process has become a lot easier over the past few years. With a Mexican nationality, you get access to investment opportunities unique to Mexico. The tax system is very convenient (I\u2019ll discuss that in a bit), and the country is one of the cheapest places to live in.<\/span><\/p>\n

Prior to Covid-19, Mexico was one of the largest growing economies in the world, owing to the development of the tech sector, you can even cash-in on these nascent organizations.<\/span> Do you remember that boom of start-ups around the early 2000s? Mexico was going through one at the close of 2019. Speculating that life will return to a somewhat normal activity for the tech industry, I would certainly be looking into investing in Mexico.<\/span><\/p>\n

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3. Close Proximity To The United States<\/b><\/h2>\n

Travelling to and from the United States is pretty easy when you\u2019re living in Mexico. Flights only take a couple of hours at max, before you land in the country and if you\u2019re managing your businesses in the United States, it\u2019s pretty easy to do it from Mexico. There\u2019s no reason why moving to Mexico should hold back your business interests even in the slightest.\u00a0<\/span><\/p>\n

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4. Mexico Is Pretty Cheap<\/b><\/h2>\n

If we\u2019re judging standards of living by the number of goods and services you can buy, then there\u2019s no better place to live in than Mexico. The housing is pretty cheap, the healthcare system is great and services like homecare and travel are equally as cheap compared to other countries around the world. If you\u2019re earning in dollars or the euro, the exchange rate differences enable you to buy <\/span>a lot <\/span><\/i>of things at a fraction of their actual cost.<\/span><\/p>\n

Research indicates that Mexico has a purchasing power index <\/span>rating of 30.8<\/span><\/a>, which means that prices in Mexico are about 70% lower than those of the United States. When you consider the differences in the exchange rates between the US dollar and Mexican Peso (roughly $1 to 24 Pesos, as of May 5, 2020), you\u2019ll live like a king in the country. The fact that Mexico isn\u2019t as wealthy a nation as the United States has its advantages because of the lower inflationary pressures in the economy and is therefore <\/span>so much <\/span><\/i>cheaper than the United States.<\/span><\/p>\n

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5. The Tax Advantages<\/b><\/h2>\n

Mexico also has a very convenient tax system, making it incredibly easy for people to buy property in the country and run a business there as a resident. Whenever you\u2019re thinking of moving to a new country, I advise that you always check their tax profiles to see how much of your money you can retain while living there. Tax burdens can take up a lot of your money as time goes on and it pays to minimize your tax liabilities. Mexico, fortunately, is one of those countries that offer really low tax rates\u2014not a tax haven, but pretty decent nonetheless. The <\/span>Mexican tax system<\/span> looks something like this:\u00a0<\/span><\/p>\n