Myriad Top Options Just Over the Border
Talk about options and opportunity! This big, extraordinarily diverse country offers two long coasts, mountains, and colonial cities…not to mention Mayan ruins, jungle, rain forest, rivers, and lakes (including our favorite, Lake Bacalar, in the Yucatan).
Mexico also wins the prize for most accessible to the U.S. You (or your loved ones) could drive back and forth for visits.
For all these reasons, Mexico is home to the biggest established populations of American expats in the world. It’s perhaps, therefore, your best choice if you seek an adventure overseas with all the comforts of home.
The Mexican government, through its FONATUR tourism development agency, has a seriously sound track record developing little stretches of this country’s coast. All interested investors have to do is to pay attention to where FONATUR is moving next to cash in.
Puerta Vallarta is as touristy a location for a second home at the beach as Lake Chapala (in our opinion) is one of the least-appealing developed expatriate communities in the world.
Colonial San Miguel de Allende, on the other hand, is charming.
Mexico at a Glance
|Population||108.7 million (July 2007)|
|Gross Domestic Product (GDP)||$1.353 trillion (2007)|
|GDP Per Capita||$12,500 (2007)|
|Inflation Rate||3.8% (2007)|
|Currency||Mexican Peso (MXN)|
|Exchange Rate Versus U.S. Dollar||10.8 Mexican pesos = 1 U.S. dollar (March 2008)|
|Population of Capital City||18.7 million|
|Time Zone||GMT minus 6|
|Seasons||Coasts: hot, humid Inland: dry, warm year-round|
|International Dialing Code||52|
|Electricity||127V / 60 Hz; Plug Type: A, B (US style)|
|Name and Party Affiliation
of Current Leader
|Felipe Calderon, National Action Party|
|Income Tax Rate for Residents||3% to 29%|
|Property Tax||0.275% to 1.350%|
|Capital Gains Tax||28% of net profit with deduction options OR 25% of gross profit without deduction options|
|Rental Income Tax||Taxed as regular income|
|Restrictions on Foreign
Ownership of Property
|For property 50 km from ocean or 100 km international border, foreigners must own through a bank trust (Fidecomeiso)|
|Local Chamber of Commerce||www.ccmexico.com.mx
Paseo de la Reforma 42
06048 MEXICO, D.F.
Tel: (52-5) 592-0371
|American Chamber of Commerce||www.amcham.com.mx
06600 México, D.F.
Tel: (52-55) 5141-3800
|Primary Exports||Manufactured goods, oil and oil products, silver, fruits, cotton, vegetables, coffee|
|Residency and Visa Requirements||Tourist Visa: 180 days
Residency: visitor, student, artist and sports people, distinguished visitor, local visitor, provisional visitor,correspondent/journalist, and religuous minister visas; immigrant visas for retirees, investors, professionals
Citizenship: after residency of a continual 5 years with an immigrant visa
|Special Benefits for Foreign Residents or Retirees||Valid foreign residents are eligible for Mexican senior citizen benefits that amount to discounts of up to 50% on a variety of goods and services, from health care to movie tickets to hotel rooms|
|National Airline||Aeromexico – www.aeromexico.com
Mexicana – www.mexicana.com