Many people dream of retiring to a warm peaceful location, like Florida or Arizona, but perhaps you should consider moving abroad, to Mexico. Mexico is an increasingly popular destination for American retirees, that is because of the wonderful weather and accessible living costs.
To live comfortably in Mexico, a couple should have a 30,000-dollar income per year, and it covers the cost of a house, a maid service, utilities, groceries, entertainment, and health insurance, among others.
Mexico is a large country, it has big cities, small towns, and resort areas, and the exact cost of your living depends on where you choose to live. To retire in Mexico, you have to follow these steps:
- Obtain a visa.
To live in Mexico, you must get a resident’s visa. The type of visa depends on how long you plan to stay in the country, for example, do you plan to share your time between Mexico and the U.S.? Are you spending a few years? Or are you moving permanently?
- Provide proof of income.
To be eligible for a visa you must demonstrate your ability to support yourself as a retiree with funds obtained outside of Mexico. The net income per person that you must demonstrate is a minimum of $1,620.
- Permanent residence.
If you stay in Mexico for more than four years you are eligible for a permanent resident visa. This visa authorizes the holder to work. To qualify, you must show investment statements with an average monthly balance over the last 12 months of $107,000 or a monthly net income (or pension) over the last six months of at least $1,620.
You probably don’t consider this when moving to another country, but it is best to be prepared. Healthcare is more accessible in Mexico than in the United States, however, it is advisable to get medical insurance. Foreigners can purchase insurance with proof of legal residence.
Most Americans can retire comfortably in Mexico as the average retirement account balance is $65,000. The best advice is for you to think about what kind of retirement you want and plan accordingly.
Mexico could be your dream retirement destination.