Mexico is attracting record numbers of U.S. retirees, and the numbers are expected to soar from one million to five million over the next ten years, in part due to changing healthcare laws, cost of living and changes that are in the works for how foreign buyers are permitted to purchase Mexico real estate.
Also of note,U.S. President Barack Obama has been discussing the concept of medical tourism with Mexico’s leaders for several years. In addition, Mexico’s expanding healthcare and retirement benefits have made moving south of the border a sensible economic move for many retirees. More than one million U.S. ex-pats already live in Mexico – the largest concentration anywhere – although more than five million are also scattered else where abroad.
Hospitals throughout Mexico, and especially those which are found in popular ex-pat havens such as Playa del Carmen, Puerto Aventuras and Cancun, are working to gain – or have already earned – international certifications, which either meet or exceed the standards of U.S. hospitals. This move will only work to improve Mexico’s allure among retirees, who are growing increasingly frustrated with the high cost of living and healthcare in the U.S.
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“Searches for luxury coastal property in Mexico by overseas buyers have increased by 27 percent since it was revealed that a 100-year restriction on foreigners buying land by the sea is to be revised,” writes PropertyWire.
Foreigners currently have to purchase land that is within 50 kilometers of the coast using a type of legally binding trust agreement known as a fideicomiso to purchase land in these areas. The buyer has all typical rights of ownership, including sole authority over managing and controlling the property, the right to collect rent and the obligation to pay taxes on the property.
“Changes are likely to make it much easier for foreign buyers and real estate agents expect the number of inquiries to rise again once the changes have been ratified,” writes PropertyWire. “The resort towns of Cancun and Playa del Carmen are set to benefit most, with 57 percent of all property searches centered here.”
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In addition to U.S. retirees and vacationers, Mexico is also steadily increasing the number of British and Canadian ex-pats and visitors, as well as an increasing number of tourists from all areas of the world. In fact, the Chicago Tribute recently listed Mexico as one of four “great places to retire overseas,” stating that it offers,“a pleasant climate, low cost of living and good access to health care.”