If you are looking to change your life by relocating to Mexico for work, you are well on your way to preparing for a better future for your life. The following information will help make the transition to Mexico a lot easier for you.
Relocating to Mexico for work
- Currency
The Mexican Peso $MN is the currency for Mexico. Most tourist outlets accept US dollars, but the official method of payment is pesos. Even more costly items like houses, cars, and other valuable commodities will show a price in dollars, but you will probably pay for the items in pesos at the most recent exchange rate (but this all depends on the seller).
- Visas
If you are not originally a Mexican citizen and you are looking into relocating to Mexico for work, a visa is required for you to live and work in the country. If you already have a job prospect, then the process will be a lot easier even though you will still be required to begin the process before you get there. If you are retired, your proof of regular income from your pension plan will make it a lot easier to get your visa once you get to Mexico.
- Healthcare in Mexico
Your employer will ensure your healthcare coverage is taken care of via your social security deductions when relocating to Mexico for work. It is also recommended to get private healthcare that gives you access to higher quality services.
- Schools
The public schools are free but have overcrowded classrooms and may not have the same level of academic standards you are used to back home. So, if you have a professional job, you may want to invest in sending your children to private school since they are reasonably priced and are the best places for your children to get help with bilingual studies in Mexico.
- Buying property when relocating to Mexico for work
You can by property just like you do in the US and Canada, but there are some limitations when the property is within 50 km of the beach or the borders. A fideicomiso trust from a reputable bank is needed for a foreigner in Mexico if you get a property within 50 km of the beach or the borders. This is a particularly important point when relocating to Mexico for work on a permanent basis.
- Taxes
Business owners and workers in Mexico pay taxes. Mexico has agreements with a lot of other countries to prevent paying taxes twice for the same income. This means you will only have to pay taxes in one country when relocating to Mexico for work. Make sure you discuss your tax needs with a tax consultant before you leave for Mexico.
- Insurance
You can’t drive in Mexico without car insurance, so make sure you have the minimum required coverage in case of injury or accidental death of someone else involved in the accident. Property and health insurance are not required by law, but it would be a good idea to have them.
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