Do you enjoy traveling to a foreign country and back home frequently? Maybe you are just starting to consider it? Having two destinations to bounce between can be very beneficial in many ways. Not to mention, it keeps life somewhat exciting. One country to seriously look at for this is Mexico. Because buying a house in Mexico has a lot of benefits, and we are not just talking about the benefit of escaping from the cold winter.
Buying a house in Mexico is a great way to achieve citizenship
Buying a house in Mexico is like a gateway to having a second passport! Owning real estate in Mexico will help to achieve residency, and even dual citizenship and all the advantages that come with it, if that is something that you would like to do.
International traveling offers many opportunities to experience other cultures, traditions, and different ways of life. When planning a retirement itinerary or timely goals, it certainly should include having a home in Mexico. Mexico is a very trendy de|stination for Americans and Canadians alike. Take a look at some privileges that you can enjoy with either residential status.
National Health Programs
There are two Social Security programs offered to Mexico Residence. And, they are the Instituto Mexicano Del Seguro Social (IMSS) and Seguro Popular (SP). Both of these programs provide a certain degree of health coverage. Besides, private healthcare in Mexico is also an option for foreigners and offers affordable plans.
Senior Discount Card(s)
The INAPAM (Instituto Nacional de las Personas Adultas Mayores) is a federal agency that administrates discount programs for senior citizens. This program also applies to foreigners who are 60 years of age or older, either with a temporary or permanent resident visa. When shopping, dining, or enjoying local activities, this card provides additional discounts on your bill.
Capital Gains on home sales
Needless to say, there are several tax advantages to having Mexico citizenship. You can reduce capital gains tax on the sale of a property by quite a margin. You have to meet specific criteria, but the process is much easier for a resident than for a foreign investor.
Banking privileges
Having residency status in Mexico has the advantage of allowing you to open a local bank account. You can set up an account where you can pay your bills online, apply for loans, and receive a credit card to make purchases. When needing to exchange foreign money for local currency, a local bank will offer the best exchange rate at little to no fee.
Having a driving license
Having an official driver’s license gives you several privileges. For example, it makes it a lot easier to purchase a car and title, register and get insurance for your vehicle under your own
Local discounts
Showing your Mexico ID card or driver’s license gets you discounts in some tourist areas. To mention just a few examples, you get discounts when shopping, going to restaurants, visiting theme parks, and taking excursions,
Having dual citizenship
Dual citizenship gives you unlimited reentry and endless length of stays. This is a great perk for US & Canada citizens. For one thing, with a temporary resident visa, you have unlimited reentry and stays for up to 4 years. On the other hand, under a tourist visa, you must leave Mexico after a 180-day stay, for at least 24 hours before reentering the country.
All in all, owning a property in Mexico eases the path to acquiring a resident visa. Or better yet, the second passport which comes with so many extra privileges for you.
Enjoying all the benefits mentioned above, plus the low cost of living, minimal property taxes, and an exceptional real estate market is a no brainer decision. No matter if you decide to have a second home as a seasonal destination or for retirement, buying a house in Mexico is like having a ticket to paradise!
Remember, at Top Mexico Real Estate … we make it happen!
