Mexico! According to NAR, “Mexico is the #1 destination for Americans and baby-boomers that retire abroad, with and estimated 1 million+ Americans residing there”. Up to half own real estate. Americans and Canadians choose to live, visit, invest and retire in Mexico because of the pleasant climate, casual lifestyle, lower cost of living and excellent affordable healthcare.
Since before WWII Americans have lived in expat communities in cities and along the West coast. Cities with large groups of American expats are San Miguel de Allende, Lake Chapala, La Paz, Los Cabos and Puerto Vallarta. 50+ communities have popped up in La Paz, Lake Chapala, Loreto, San Jose del Cabo, Lagos de Moreno, Mazatian, Puerto Vallarta and Tados Santos.
An American expat and now a Mexican citizen and real estate professional in Mexico feels the threat of violence against Americans in most places is overestimated and media hype. The media loves a story and likes to make things look worse than they really are.
Land within 100 kilometers of the country’s borders, and within 50 kilometers of the coast, known as the “Restricted Zone” is protected by Mexico’s Constitution and foreign nationals are prohibited from direct ownership. The Restricted Zone residential properties can be purchased through a “fideicomiso” a Mexico bank trust and business properties can be purchased through a Mexican corporation.
If you are considering purchasing property in Mexico you will want an agent who is a member of the Mexican National Real Estate Association. And will only represent you the buyer and not the seller also. You can ask for a copy of the deed to see if you are buying private property and dealing with the owner of record. Buy title insurance through the title company who will perform a thorough title search. Place funds in escrow until the deed is signed by the seller or bank trustee if the property is in the Restricted Zone. And you don’t want to pay the seller’s capital gain tax so ask for a registered title document and check to see that it shows the full purchase price.
Baja California Sur
Explore the different beaches, the little towns and villages, and cities in Mexico and talk with expats and real estate agents. Yes, agents can be extremely helpful. As an International Real Estate Specialist I can connect you with real estate agents I trust to help you with your decision. The agents will also know expats you can talk with about why they choose a certain location to live.
International Living ranks Mexico among the Top 22 Retirement destinations in the world with a total score of 85.1 and Ecuador taking top spot with a score of 91.9. They looked at eight categories: real estate, special retirement benefits, cost of living, ease of integration, entertainment and amenities, health care, retirement infrastructure and the climate. Check out the International Living article.
Sunrise Los Cabos
Here are a couple of Developments in Mexico
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