If you dream of retiring abroad and spending your golden years lounging on a beach without a care in the world, let us show you why Mexico is one of the best places to retire abroad and makes it easy for US citizens to obtain residency.
US Retirees in Mexico
Unlike many foreign countries, most US citizens can apply for permanent residency in Mexico without ever having actually lived there first. With a lower cost of living, great healthcare, fantastic weather, friendly locals, modern infrastructure and a wide variety of excellent real estate investment opportunities, living in Mexico definitely has its benefits. Perhaps it’s not surprising then, that Business Insider reports more Americans applied for residency in Mexico than vice versa over the last few years.
“A foreign residency opens opportunities you otherwise wouldn’t have”, wrote Business Insider. “A foreign residency gives you more options for work, business, investments, travel and living”.
Since 2014, the Mexican peso has depreciated -50% on the US dollar, so retirement income also goes much farther for retirees. In addition, Mexico real estate investment – especially in places like downtown Playa del Carmen, Puerto Aventuras and Tulum in the Riviera Maya region just south of Cancun – offers a much greater value than any comparable beach destination in the world… Another important consideration for retirees, since you will need a place to live that won’t break the bank.
With a per capita violent crime rate equal to the peaceful US state of Wyoming and Alaska, the Riviera Maya and Yucatan state are much safer than most parts of the United States. Add to this the region’s rich culture and booming real estate market and it’s easy to see why US retirees are increasingly deciding to retire in Mexico.
“Mexico always has a strong US feel”, wrote Business Insider. “You see full-size SUVs and pickups everywhere. They have Walmart and Home Depot, where you can buy the exact same stuff as in the states”.
Applying for Residency in Mexico
Gaining Mexican residency is easy and makes great sense for retirees who would like to make their retirement income stretch much farther than it does in the US, while enjoying better quality of life. Mexico is one of the few places in the world that allows some applicants to skip temporary residency entirely and go straight to permanent residency, provided they are officially retired, can demonstrate good credit and are financially self-sufficient.
A letter from the US Social Security office or a retirement letter from your former employer will both be sufficient to prove that you are retired, and most of the application process can be handled through a Mexican consulate close to wherever you live in the US. (Not retired yet? Don’t worry – there’s an easy way to obtain temporary residency that’s also available to almost anyone.)
As a permanent resident in Mexico, you will be permitted to come and go with no restrictions and there is no need to apply for additional permission to work in Mexico or invest in real estate, business interests, etc. In addition, your card granting permanent residency in Mexico won’t expire and does not require renewal!
“Your permanent residency is indeed permanent, unlike many other places (Chile, Panama), where the government expects you to visit the country occasionally to maintain it”, wrote Business Insider. “And yes, this short-cut permanent residency can lead to Mexican citizenship”.
The bottom line? If you can properly fill out and submit official paperwork, and have the ability to prove adequate retirement income, most retirees can easily get permanent residency in Mexico!
Do you have other questions about how to retire in Mexico? Post them in the comments!
Read How to Use Mexico Real Estate to Boost Retirement Income and see how vacation homes can double as an income producing property.