So...you want to live in Mexico?
Where do you start?
We hear this a lot. Maybe you visited Mexico and fell in love with the country, the culture and its people. Maybe you're fed up with politics and society in your own country and are looking for a little change. Perhaps you're just wanting to escape the norm to a place that offers beautiful sites, great attractions and maybe even a little slower lifestyle than you are accustomed to living.
It doesn't really matter the reason, Mexico is a great place to visit and a great place to have an adventure, or even a second home. You might be looking for a place to land for a few weeks, a few months or maybe for the rest of your life.
Check out our guide on living in Mexico. You'll find the resources useful!
If you plan to live in Mexico but don't plan on taking up permanent, long-term, residence there, then you should consider obtaining a Temporary Resident Visa. But if you how to become a permanent, long-term resident of Mexico, then you should consider a Permanent Resident Visa.
Secondly, unless you are certain whether you wish to become a permanent or temporary resident of Mexico, and if/or you are not certain which region or city where you would prefer to live, we would recommend you consider renting or leasing property for a period of at least one year instead of jumping directly into purchasing a home, condo or apartment.
Communications in and Throughout Mexico
Mexico’s telephone network is one of the most well-developed in Latin America. But the introduction of mass-market mobile telephones in the mid 1990’s meant that people turned to wireless connections and demand for land-lines declined.
Mexico offers a whole range of telephone services from simple land-line telephone services to high-speed internet services as well as the latest 3rd Generation (“3G”), 4th Generation (“4G”) and LTE (Long Term Evolution) mobile technologies. And thanks to legislation in 2015, wireless communication across Mexico is now more competitive and affordable, But you should still be careful when selecting a carrier to ensure you are getting the best deal available.
Television in Mexico
Open broadcast television in Mexico is dominated by two companies – Televisa and TV Azteca, which operate the only national networks. Televisa’s flagship channel is Channel 2, and it also runs channels 4, 5 and 9. TV Azteca’s main channel is Channel 13, and it also runs Channel 7, and Channel 40 in Mexico City.
The main fare on Mexican television includes news, soap operas, sports, game shows, reality shows, talk and gossip shows, as well as an abundance of U.S. programs (such as cartoons, sitcoms and dramas) dubbed into Spanish.
The most common restricted TV service is cable. There are more than 5 million cable subscribers in the Mexico today and about 1.5 million satellite television subscribers. Usually there is only one cable TV operator in any given area, although there are several hundred small cable operators in the country, and a handful of large cable companies.
Sky Television in Mexico
Sky Mexico is the country’s only provider of satellite TV service. It recently launched a prepaid service where customers buy the equipment (for about US$200) and can then buy time as they need it, by the week or month. This could be ideal service for you if you have a home in Mexico.
BEFORE YOU GO
U.S./Mexico Tax Considerations
If you plan on bring in Mexico, or anywhere abroad, for a year or more, you will need to let tax authorities in your home country know about your plans.
If you have earnings from work or investments while living in Mexico, you need to be aware that many countries have double taxation agreements with Mexico, and that means you may have an advantage in that money you earn in Mexico (or investments earning money at home) will not be taxed in both countries.
Taxation can be one difficult to understand, especially when a resident of two countries, or a resident of Mexico and still a cityizen of the United States. This is particularly true if you have significant financial assets to manage. But being a foreign resident can be tax-efficient under the right circumstances, provided you get the planning right and execute your affairs according to tax laws in both your home country and in Mexico.
People with significant financial assets should seek professional tax accounting advice at the earliest opportunity because you need to plan your commercial, work, and investment affairs ahead of time in order to avoid paying too much tax and to avoid falling foul of tax laws.
Mexico's Currency System - The Mexican Peso
Mexico’s currency is the Mexican Peso. There are one hundred Mexican cents (centavos) to every peso.
The symbol for the the Mexican Peso is $. To distinguish this from the Dollar, you sometimes see it presented as MX$ or the value with the letters “MN” after it, e.g. $100 MN. The MN stands for Moneda Nacional, meaning National Currency.
Mexican Bank notes are printed in denominations of 20, 50, 100, 200, 500 and 1,000 pesos. The most commonly seen and used are the 50, 100 and 200 peso notes.
Value of the Mexican Peso
The Mexican Peso is a “free floating” currency in Foreign Exchange Markets and like other similar currencies, its value fluctuates daily.
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