According to the federal government, the number of ex-pats living in Mexico full time has increased at an astounding rate over the last few years, with more Americans moving to Mexico than there have been Mexicans moving to the U.S. In fact, American ex-pats now make up more than 70,000 of the estimated 1 million foreigners who now reside full-time in Mexico.
In addition,RealtorMag.com writes that,“Mexico is the No. 1 destination for Americans living abroad,” and points out that the majority of today’s ex-pats also own real estate in Mexico. Furthermore, this trend that is only expected to grow as new laws make it easier than ever to buy and sell property throughout the country’s most popular tourist and ex-pat destinations.
“The new law easily passed the lower house of the Mexican Congress,” writes NPR. “The president and many lawmakers want to relax the ownership laws in hopes of spurring a wave of foreign investment in the country.”
International buyers have previously been required to set up a real estate trust, known as a fideicomiso, to legally purchase property that lies within 31 miles of the coast or 62 miles of the border, but the new law will allow foreigners to buy property directly in these areas. Considering that the actual number of Americans who are already living in Mexico part time is closer to 1 million and growing daily, the new law is expected to prompt an onslaught of new real estate purchases. The reforms are expected to pass before the end of this year’s legislative session, which should happen in the next few weeks.
Regardless of how property must be purchased, living and retiring in Mexico has become increasingly appealing in recent years for ex-pats from the U.S. and around the world. In fact, Mexico was even named “the undisputed number one destination for American retirees” by the AARP. Here, ex-pats enjoy a luxurious lifestyle and unfettered access to modern amenities for a fraction of the cost, with modern highways and airports, familiar brand names, cable and satellite TV, Internet access and affordable high-quality healthcare.
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“One of Mexico’s biggest pluses is its sheer size and variety. If you want beach,Mexico has thousands of miles of it – chic resorts, sleepy beach towns and everything in between,” writes International Living on its list of the world’s top retirement havens in 2013. “Prefer cool, mountain scenery? Mexico has that, too. And there are colonial cities galore. In fact,Mexico has at least a dozen ex-pat havens where you can ease almost effortlessly into life abroad.”
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