Questions Regarding Retiring to the Riviera Maya
When someone considers retiring to the Riviera Maya, I am sure numerous questions arise. Obtaining as much information as possible is crucial when relocating to a foreign country. Here are a few common questions – along with some general answers that might help things along. However, there are specific questions that can only get an answer once you establish a home base.
Question: Is establishing permanent residency or becoming a citizen hard to obtain?
Answer: Applying for a Mexico Permanent Resident Visa (PRV) does have its advantages. But you will need to meet specific requirements and financial qualifications beforehand. But after you receive your status, the PRV is valid indefinitely. It will give you certain privileges that you cannot obtain or practice with a Tourist Visa. You will be eligible for citizenship (naturalization) after having a PRV for five years.
Question: Can my US bank work with a Mexico bank?
Answer: Before you set out on your new adventure, consult with your home bank on how to do business with a foreign bank. They might already have a relationship with one or more Mexico banking institutions. On the same note, when establishing a Mexico bank, make sure you know what you need to do beforehand. Don’t forget to ask both institutions about transfer or conversion fees of any kind.
Question: How does the United States tax laws work when living in Mexico?
Answer: You will always have to pay US taxes no matter to what country you retire. You pay taxes on money earned or collected in the US. If you make money in Mexico or own property, you will have to pay taxes to Mexico as well. It is highly advised to consult a tax professional in both countries.
Question: Do you need to know Spanish to get around in Mexico?
Answer: Is it not necessary to speak fluent Spanish, but it would be helpful to know keywords or phrases. More than half of the Mexican people and especially in the Riviera Maya know fluent English. It is again advised to learn the language and use it when possible. It will be very helpful in certain locations. Although, if you are retiring to the Riviera Maya that might not be necessary.
Question: Is renting or buying better?
Answer: Like anything else, ‘try it before you buy it.’ You should make sure that you are comfortable with the neighborhood. The suggestion is that you rent for at least six months. If the area is not conducive to your needs, then try another location.
Question: Is shopping that much different in Mexico versus the United States?
Answer: In most cases, It isn’t that much different shopping for clothing, food, and other household needs. There are several unfamiliar brands, and the variety and choices can be somewhat limited. But like anything else, shopping will become routine.
Note; It is recommended to either pay with a credit card or pesos. You will need to learn – know – recognize the face-value of Mexico’s currency.
Question: How hard will it be to meet people and have friends?
Answer: You will be amazed by how many people live abroad and especially in Mexico. Pretty much anywhere you go, you will find people of your same nationality. Mexico is one of North America’s most popular destinations for retirement and second homes. You will also enjoy how easy it is to make friends with the Mexican people. They are a very welcoming and generous culture.
We hope the above questions and their answers will lend some relief to your curiosity. Don’t be afraid to ask questions of any kind at any time. If you need additional information regarding rentals or available real estate in and around the Riviera Maya, take a moment to contact Top Mexico Real Estate. We have very knowledgeable staff who can help you in so many ways. Keep in mind that relocating to a foreign country offers new experiences, which, in turn, keeps life interesting!
Remember, at Top Mexico Real Estate … we make it happen!