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Named as the #1 Retirement Haven for two years in a
row, 2007 and 2008 by experts from
International Living, Mexico has not
only hit the stage running but takes all the ribbons, blue and red.
While actual statistics are not available since census bureaus do not
collect such data, it is estimated that well over one million foreign
retirees have chosen Mexico as their primary or part-time residence. Its
proximity to the U.S. and ease of travel from the U.S. and Canada are of
major importance as well as the temperate climate,
cost of living,
friendliness of the Mexican people and a strong sense of community in
conjunction with all the modern amenities.
Mexico's population is overwhelmingly friendly,
Puerto Vallarta, for example, was voted the “friendliest city in the
world” by Condé Nast. Because most of the country realizes that
American/Canadian investment in tourism, second-home ownership and
retirement is a critical boom to the Mexican economy,
Americans/Canadians are welcomed with opened arms.
There are others like you: It is estimated that almost one-in-four of
the 4 million Americans living overseas are living in Mexico – more than
600,000 permanent citizens, in fact. When you retire there, you're going
to enjoy the company of others just like you – brave enough to do
something exciting with their lives and smart enough to do it in a place
that is easy, warm, friendly and comfortable.
Whether it’s an urban center with access to a rich
cultural heritage of events, art and music, museums, theaters and fine
dining, or something a bit more out-of-the-way, off-the-road, with its
own authentic pueblo rhythm, Mexico can offer the retirement experience
anyone is searching for or dreaming of. Terrain varies from low desert
to high desert, from seaside jungle to mountain jungle, from rambling
small town rural to throbbing vibrant urban. Take your choice, or
consider a destination that even has it all.
 Probably the greatest strides have been taken in
medical care and attention, one of the prime considerations for the
retiree. Insurance is much more
readily available, whether a policy that one continues from an existing
policy or new access to national health insurance in many areas.
International banking is
becoming increasingly more common with daily access to funds through
cash machines as well as major financial institutions.
Major considerations for most northerners is the
change of pace in relocating to Mexico as well as a language that many
may be familiar with but not so many find easy to tackle
post-retirement. Nevertheless, many areas feature large and growing
foreign communities where language becomes less of an issue for many of
the day-to-day activities. For those who truly wish to integrate into
the local communities of their newly adopted country, numerous language
programs are offered to assist in that process. It allows for greater
independence as well as the satisfaction of true integration.
Using the telephone in Mexico can be confusing to
some. For an aid to using cell phones, land lines, and
international calling, please see the calling
guide below.
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COST OF LIVING
The cost of living ranges are set within the
costs for a middle to upper class family lifetsyle, which
considers a $1300 to $17400 USD monthly income. Included in the
costs are: Housing, Food, Education, Transportation, Clothing,
Recreation, Health, Furniture and Appliances, and Personal Use.
Monthly rents are taken for the average for each city, and may
vary according to market situation. Prices are in USD, based on
an exchange rate of 11.5 pesos to the dollar. |
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STATE |
CITY |
COST OF LIVING RANGE |
MONTLY RENT |
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HIGH |
LOW |
AVERAGE |
|
Aguascalientes |
Aguascalientes |
5992 |
2334 |
1304 |
|
Baja California Norte |
Mexicali |
7392 |
2666 |
565 |
|
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Tijuana |
7525 |
3409 |
696 |
|
Baja California Sur |
La Paz |
3928 |
1769 |
348 |
|
Campeche |
Campeche |
4783 |
2261 |
696 |
|
Chiapas |
Tuxtla Gutierrez |
5217 |
2470 |
766 |
|
Chihuahua |
Chihuahua |
4826 |
2261 |
696 |
|
|
Ciuda Juarez |
5304 |
2122 |
870 |
|
Coahuila |
Saltillo |
4557 |
2113 |
694 |
|
|
Torreon |
6174 |
2609 |
933 |
|
|
Monclova |
4643 |
1870 |
522 |
|
Distrito Federal |
Mexico City |
6087 |
2174 |
2000 |
|
Durango |
Durango |
5826 |
2521 |
217 |
|
Estado de Mexico |
Toluca |
5348 |
2348 |
870 |
|
Guanajuato |
Leon |
4696 |
2000 |
619 |
|
|
Guanajuato |
3852 |
1913 |
423 |
|
Guerrero |
Acapulco |
5565 |
2087 |
386 |
|
Hidalgo |
Pachuca |
6087 |
2609 |
435 |
|
Jalisco |
Guadalajara |
5478 |
2478 |
435 |
|
Michoacan |
Morelia |
4522 |
2087 |
135 |
|
Morelos |
Cuernavaca |
6044 |
2696 |
789 |
|
Nayarit |
Tepic |
4696 |
2087 |
391 |
|
Nuevo Leon |
Monterrey |
7322 |
3217 |
1500 |
|
Oaxaca |
Oaxaca |
5652 |
2304 |
746 |
|
Puebla |
Puebla |
6435 |
2870 |
922 |
|
Queretaro |
Queretaro |
6000 |
2522 |
1304 |
|
Quintana Roo |
Cancun |
6783 |
2870 |
609 |
|
San Luis Potosi |
San Luis Potosi |
5130 |
2261 |
602 |
|
Sinaloa |
Culiacan |
5739 |
2200 |
217 |
|
Sonora |
Hermosillo |
6870 |
2870 |
588 |
|
Tabasco |
Villahermosa |
5391 |
2087 |
522 |
|
Tamaulipas |
Reynosa |
7304 |
2957 |
1218 |
|
|
Tampico |
5913 |
2174 |
765 |
|
Tlaxcala |
Tlaxcala |
5391 |
2174 |
273 |
|
Veracruz |
Veracruz |
5513 |
2547 |
1130 |
|
Yucatan |
Merida |
5417 |
2261 |
435 |
|
Zacatecas |
Zacatecas |
7043 |
2870 |
1043 |
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INSURANCE
Accidents and mishaps occur when least
expected and in some of the most remote places. Would you be
ready to pay the costs if this happened to you or your family
anywhere in the world? Health insurance is certainly crucial,
especially for expatriates. We have outlined here what you can
and should expect from your insurance plan, be it life insurance
or health insurance.
 Insurance in Mexico works in ways that are
very similar to the way things are in the rest of the world,
with a couple of exceptions. Car insurance is a little less
complicated in that the fees are basically flat rates, with
fewer measures that depend on your driving record (which in
Mexico isn't generally available) and more on the type of car
you drive (especially if it is the model attractive to car
thieves).
Health and life insurance are another matter.
For the first you need to consider what hospitals are included
and whether they pay for treatment in Mexico, your native
country, both, or everywhere. There is also the issue of whether
the company pays up-front, or if they ask you to pay the
hospital and they send you a check (hopefully) later. Life
insurance is more often a matter of investment philosophy.
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Life Insurance in Mexico
A fatal accident or natural death can happen
to anyone. This is why there are Life Insurance policies adapted
to the needs of each individual or family, wherever they may be
in the world. By insuring yourself, you ensure the best
financial support for your loved ones and relatives by not
leaving your family unprotected and leaving them with an
inheritance. The various life insurance plans include term life,
universal life, and whole life.
Term life offers the most basic life
insurance protection covering 10, 15, 20, 30 year periods and
can be converted into a Universal life insurance policy. The
Universal policy is more flexible, guaranteeing the possibility
of withdrawals as well as income tax-free revenue generated by
the policy. The Whole life plan offers permanent life insurance
that provides complete and reliable protection to policy
holders. |
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Health and Medical Insurance in Mexico
The best health and medical insurance plans
cover expenses of up to $500,000 to $1,000,000 dollars per year
(renewable every year) and offer a network of the best hospitals
around the globe, covering dozens of countries, including
different deductibles that fit your lifestyle, free coverage for
all children under the age of ten, coverage of 100% of hospital
and medical expenses in the country of residence after your
choice of deductible, and medical care covering birth defects,
premature births and other complications. Also covered are
medical check-ups, emergency help lines, repatriation of mortal
remains, and other services.
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Auto Insurance in Mexico
You should know that U.S. auto insurance is
not recognized in México, and although there are many in Mexico
who drive without any auto insurance, this is very dangerous. If
you're crossing the border with your car you should acquire auto
insurance at the border. This will be a little less than, or
equal to, the value of your car.
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Home Insurance
The object of home insurance is to secure
your home from damage or loss and to cover the costs of any
accident that may occur. This includes coverage for such cases
as vandalism, theft, fire, lightning, civil violence or
disturbance, hail storms, windstorm, hurricanes, and other
possible scenarios.
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Real Estate Title Insurance
One of the most important aspects of
protecting a real estate investment is making sure the title to
the property is in proper order. Real estate purchases are
different from most types of purchases. Instead of purchasing a
physical object like a boat or a car, you are purchasing a group
of rights, called the title to the property. These rights can be
limited by rights and claims asserted by others. A title
insurance policy (SPI) protects your rights.
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Solutions Abroad also brings to you the
following service from Healthcare International:
HeatlhCare International has revolutionized
the Expatriate Health Insurance market with its Executive and
Premium Plans. There is no better comprehensive worldwide
medical coverage for Expatriates and their families, and at an
affordable cost.
Both the Executive and Premium Plans are
insured and underwritten by AXA Assistance (subsidiary of
 AXA -
the worlds largest Life Insurance Company). AXA Assistance
provides Expatriates with the best 24 Hour Emergency Call
Centre, in addition to 37 centres spread across the globe and
more than 7,000 correspondents and doctors in over 180
countries. "Our philosophy and purpose is to help you and your
family when you need us the most".
In Mexico, HealthCare International has
chosen Online Insurance Brokers and their partner Solutions
Abroad to represent and broker them. With offices in Mexico
City, they are here to help Expatriates in Mexico with their
Health & Medical Insurance coverage by providing them with the
Executive and Premium HealthCare International Plans.
In addition to insurance, many expatriates
also begin to start planning for their financial future and the
financial future of their families once overseas. |
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BANKING IN
MEXICO
When it comes to taking care of your banking
needs, Solutions Abroad brings to you the services of Scotiabank
Inverlat. Scotiabank Inverlat is the bank for foreigners in
Mexico. They have agreed to assign an English speaking executive
to help you with your banking needs. Scotiabank Inverlat makes
banking easy with their extensive network of branches and ATMs,
their innovative means of accessing all your banking needs
electronically, their competitive rates, flexible accounts and
credit card services. Solutions Abroad has chosen Scotiabank
Inverlat because it is sensitive to the needs of expatriates in
particular with their fully bilingual service and years of
experience in dealing with the unique needs of foreigners living
in Mexico.
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Banks
There are many banks to choose from in
Mexico. The largest are Scotiabank Inverlat, Banamex/Citibank,
BBVA-Bancomer, and HSBC. Take a look at the links we have listed
for you:
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Accounts
Mexican banks offer foreign individuals
accounts both in Mexican pesos or dollars. These accounts range
from regular checking and money market accounts to certificates
of deposit. The peso checking and money market accounts are
called "cuentas ejes" or "central accounts," whereby the account
holder is able to transfer to other accounts in Mexico or
worldwide, transact business in the country, or have access to
investment packages or invest in the Mexican Stock Market (Bolsa).
In order to open a bank account in Mexico you
will need the following:
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Credit Cards
The Mexican institution that holds your
account can also issue your credit card in Mexico. The
requirements are the same as above plus proof of income. Some
banks will require you to have your account with them for at
least 6 months and a balance of $50,000 pesos before issuing you
a credit card if you do not have credit references.
Business hours are normally between 9 am to 4
pm. Many expatriates begin to start planning for their financial
future and the financial future of their families once overseas.
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- General Tips for Making
Phone Calls within Mexico
Calling within Mexico is easy. You’ll just need to pay
attention to area codes and to whether or not you are
calling a cellular phone.
- Mobile phone calls within Mexico
Unlike in some
countries, mobile phones in Mexico do not have special
cellular prefixes in place of area codes. They use the same
area codes used by Mexican land lines, much like the system
in the United States.
However, you do need to dial either 044 or 045 before
dialing the area code and subscriber number. These codes
allow you to call a local (044) or long-distance (045)
cellular phone. e.g. For a local call to a cell phone in
Oaxaca, dial 044-951-xxx-xxxx. For a long-distance call to a
cell phone in Oaxaca, dial 045-951-xxx-xxxx.
- Receiving calls from abroad
For international calls to Mexican land lines and
cellular phones, simply dial the international access code
(011 in the U.S.), the country code of 52, the area code,
and the local subscriber number. In many cases when calling
a cell phone in Mexico from the US/Canada, a 1 should be
placed after the country code. i.e.
011-52-1-322-123-4567 This example would dial
internationally without operator assistance to a Mexican
cell phone located in Puerto Vallarta.
- Other calls and numbers
For local calls to land lines in Mexico, simply dial
7-8-digit subscriber number. Depending on your
US/Canadian carrier, you may be able to call local cell
phones by dialing the 10 digit number.
Numbers beginning with 01-800 are toll-free in Mexico.
Beware - foreign toll-free numbers are not free if you can
call them from Mexico.
- Other toll-free special numbers are used for public
services in Mexico
Emergencies:
- 065 Emergencies of any kind
Services:
- 040 Domestic Directory Assistance
- 020 Domestic Operator Assistance
- 090 International Operator Assistance
- Tips for Calling Internationally from Mexico
To make international calls from Mexico, first dial 00,
the international calling access code used in the country.
Then dial the country code for the country you need to reach
(1 for the U.S. and Canada), followed by area code and local
number.
Try to avoid making calls from your hotel room and from
phone offices known as “casetas de teléfono.” Both can be
expensive. Most public phones in Mexico now require cards
known as “Ladatel cards.” They can be purchased in units of
20, 50, and 100 pesos. They are best used for local calls;
the units go quickly when making long distance or
international calls. For long distance or international
calls, try to find a coin-operated phone and use a calling
card.
Internet cafes are plentiful and usually affordable in
urban Mexico. If you are staying in a large hotel, you may
also find Internet service in its business center.
#1 choice if you're staying for a couple of weeks
in Mexico. Purchase a Mexican cell phone. Telcel
has a plan called "Amigo". You don't need a Mexican
address, the phones are cheap and calls are economical.
A cell phone can be purchased for as little as $20.00 US and
minutes are bought in various amounts with a scratch off
card and number, like $100, $200, $500 pesos, and they
usually give you a bonus minutes when you enter the code
into your cell phone. Take the cell phone with you
when you leave and when you return to Mexico, you can
re-activate it. If there are some problems
re-activating it then ask the clerk to fix it or you can
purchase another sim card at a nominal price. A quirk
about the minutes: For international calls you can
only use the purchased pesos, the bonus pesos can only be
used for in country calls. When checking your peso
balance, remember to push 3 for a breakdown of your
peso-minutes.
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