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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) |
|
Language |
Spanish |
|
Capital |
Mexico City |
| 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) |
| System of Government |
Federal Republic |
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 |
|
Inheritance Tax |
0% |
|
Rental Income Tax |
Taxed as regular income |
|
Transfer Tax |
2% |
|
Sales Tax |
15% |
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 |
|
|
American Chamber of Commerce |
|
| Primary Exports |
manufactured goods, oil and oil products, silver, fruits, cotton,
vegetables, coffee |
|
Residency and Visa Requirements |
Tourist: 180 days
Residency Visas: 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 |
Aero
Mexico -
www.aeromexico.com
Mexicana -
www.mexicana.com |
| Preferred Contact |
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