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Moving to Mexico from the United States: 5 things you MUST know before you Go!

by West Coast Global Insurance West Coast Global Insurance

Even if you are a veteran expat, the process of relocating to Mexico is not without its challenges. Here are five things you must know before moving to Mexico from the United States.

1. Residency is easy.

In contrast to many other popular expat destinations, Mexico makes it easy for Americans to get residency status. The application process is straightforward, and there is no need to travel to Mexico to initiate it. Other than being employed in Mexico, economic solvency, a regular income for self-employed individuals, or a retirement pension for those who have retired, the Mexican government does not require you to prove much.

2. You still file US tax returns.

US citizens hold the misperception that they are exempt from paying taxes if they live in a foreign country. However, even if they are permanent residents of Mexico, US citizens are still required to file US tax returns. There is a tax benefit for digital nomads, though — the foreign earned income exclusion may free the first $100,000 of your income from taxation. However, even if you are self-employed in Mexico, you must still pay US self-employment tax.

3. Budgeting is critical.

We are sure you have heard this before, but the cost of living in Mexico varies by city. It will also differ based on your spending habits. Overall, you will still get more bang for your buck in Mexico than you would in most other parts of the United States. A lower cost of living is the most important motivation for someone to leave the US and relocate to Mexico.

4. Learn Spanish.

Mexico is predominantly a Spanish-speaking country. Unsurprisingly, learning the local language makes life in a non-English-speaking nation much easier. You can avoid being isolated in "expat communities" by learning Spanish ahead of time and of course practicing every opportunity you get.

5. It's important to get the right global health insurance

Global health insurance misconceptions are common among US citizens who relocate to Mexico. Many believe they only need travel insurance or car insurance in Mexico, but these types of policies do not cover chronic health conditions or pre-existing disorders. Protect yourself and your loved ones from the unexcepted and purchase adequate global health insurance that has an open hospital network in Mexico.

Get Your Mexico Insurance Quote Today!

If you plan to move to Mexico, West Coast Global Insurance Services has made it easier to protect yourself from the unexpected. Get in touch with them by visiting the West Coast Global Insurance Website to find the best online Mexican insurance policy for your needs.

 

 


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About West Coast Global Insurance Freshman   West Coast Global Insurance

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Created on Jan 13th 2022 06:58. Viewed 41 times.

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