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Canadians Retiring in Mexico
With the Canadian population retiring at record numbers they are starting to look for warmer clients to spend the winter months. Many of us have spent some time in California, Florida or Hawaiian Islands as a winter getaway. However, as we all know the US laws prevent Canadians from spending more than 4 months a year in the US unless you are prepared to fill in tax forms to indicate your income so the government can collect their share. These laws are changing and it’s important to consult a tax expert to make sure you are making the correct decision before purchasing property in the US.
Another popular destination for Canadians Retiring is Mexico with its warm tropical climate. Retiring in Mexico is easy as taking a vacation except you get to stay as long as you want. You can arrive with a simple tourist visa and stay for six months with no questions asked. If you love it here like we did you can apply for an FM3 and stay full-time. The FM3 took us less than 2 weeks to receive and still no tax issues like the US. Mexico welcomes Canadians with open arms allowing us to stay 6 months or full-time.
Mexico has a strong economy is currently sitting on a cash surplus and an almost balanced budget. Mexico also completely skipped the mortgage and financial situation that has devastated the U.S. banking industry. The Mexican bank system is healthy and profitable. Mexico has a growing and very healthy middle and upper middle class.
One of the most popular destinations is Puerto Vallarta and the Riviera Nayarit with amazing weather averaging over 320 days of sunshine each year. The cost of living is considerably lower than Canada with the average property tax around $250 per year and cost of living half the price. We choose the Riviera Nayarit as our permanent retirement home which is located 20 minutes north of Puerto Vallarta. This area of Mexico is fast becoming an investor’s dream with world class hospitals, clean water supply, low to nonexistent crime, international airport and fantastic sandy beaches.
Take another look at the Riviera Nayarit and forget all the negative publicity that is shown on the news and make your own decision about Retiring in MEXICO.