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Main Page Are inspection tours available? Can New Homes be Complete with Furnishings? Can I have a home custom built? What are the advantages to living in the Yucatan Peninsula? Will I Lose My U.S. Citizenship?
Is There a
Minimum Income Needed to Live in Mexico?
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Many Americans and Canadians want to live in Mexico for as many reasons as there are people. Many people want a vacation home in the warm tropics that is more affordable than hotels...Seniors on social security move here for financial reasons, investors look to have properties for rentals. We want to make it easier for those wishing to do so, to own a new affordable home here near the beach or in the city of Merida. We were lucky to find one of the best building engineers in the business. We also have retained a fine and long established (English speaking) law firm in Merida to handle all legal and closing transaction. Closing costs in Mexico are considerable, so special fee considerations are being given to our buyers.
Many people still think that they cannot own property in Mexico outright, especially on any beachfront. Things have changed and it is now much easier to buy. I am now going to quote from a realtor's information page. "In the interior of Mexico, you can buy property "fee simple" in your own name, just as you would in the United States or Canada. But Mexican law has special exceptions governing property within 31 miles of the coast and within 62 miles of the border, an area known as the Restricted Zone. Most of the properties offered on this site are located within this zone. After 1970, the Mexican government passed laws to permit foreigners, as private individuals, to buy property in the Restricted Zone through a bank trust or fideicomiso. This trust, initially established for a 50-year term and renewable for an additional 50, grants you, the beneficiary, every right of ownership. You may use, modify, rent or sell the property. In the event of your death, the property passes to the beneficiary you have named without the necessity for probate. The current cost of establishing a trust is approximately $2,500 US, and the annual maintenance fee charged after the second year is currently about $400 USD. Charges vary from bank to bank, and the annual maintenance fee depends on the value of the property. If you intend to use the property for business, it is easy to form a Mexican Corporation, and in most cases is not necessary to have a Mexican partner. The property may be purchased by the corporation and 100% owned. Costs of forming a corporation vary from $1,000 to $2,000 USD. The Mexican government currently requires monthly tax filings, so plan to pay a Mexican accountant about $50 to $100 USD a month. It is also important that the principal officers of the corporation and/or homeowners apply for and obtain FM3 Visas from the Department of Immigration. The process is not difficult - you can do it yourself."
We can arrange to have your homes furnished with all the basics...furniture, window coverings, air conditioning, kitchen ware, bedding, etc. There will be extra cost, of course, but this could make your move even simpler, when you don't have to worry about shopping to furnish a home. There are standard items that we would put in, but if you want to select your own you can do that at your own pace. You can arrange to have a custom home built by the same group of engineers and builders. Perhaps you have your own land already...they are in place to do whatever you wish! Why Live in the Yucatan Peninsula? The Yucatan Peninsula offers history, fascinating archeology, tranquility and sunshine. The crime rate in the Yucatan Peninsula is the lowest in the country of Mexico. It's even lower than many towns in the U.S.A and Canada! The people are warm, inviting, and friendly, with a deep love and devotion to family. Merida (the capital) is very clean and modern, with all the amenities of a big city that you could wish for. There are large box stores such as Sams, Wal Mart and Costco and fast food restaurants tucked among the local stores and restaurants. You'll find the usual assortment...McDonalds, Burger King, Kentucky Fried Chicken, Bennigans, TGI Friday's etc. But most people don't live here on fast food....they enjoy the local foods and flavors of the Yucatan. See "Why live in Mexico." There are many U.S. and Canadian citizens who live in the Merida area year round, so you will be able to socialize in your own language, should you choose to do so! Beside the world-famous archeological sites of Chichen Itza, Uxmal, and Dzibilchaltun, you will see haciendas built hundreds of years ago that have been refurbished. Merida is a cultural mecca, boasting a symphony, opera house, archaeological museum and 500 year-old churches. The Merida English Library is stocked with over 15,000 volumes, books on tape and some videos. They are always seeking volunteers to staff the library, so if you are looking for something to keep you busy, you can always go there! The Yucatan Peninsula has an excellent system for transportation. You can travel on the many buses which traverse through Merida, little villages and towns. You can also take a bus to anywhere else in Mexico, including cities like Cancun, Playa del Carmen and the Caribbean coast. You can rent a car or take a taxi to anywhere you need to go. You can even buy a car if you wish.
No, living in Mexico does not have any bearing on your U.S. Citizenship. You can apply for an FM3 visa when you are here, to assure that you can stay longer in Mexico than a tourist can. Tourist visas are issued for a maximum length of 6 months. FM3s allow you to stay in Mexico for one year, and are renewable each year. There is no minimum income to visit Mexico, or to be here on a tourist visa for up to 6 months. If you wish to buy, however, you will need to have an FM3 Visa, and in order to get an FM3 Visa, you will need to show a minimum income of $1,000 per month for a single, and $500 for each other person in the family. So, for a couple, the minimum (at this writing) is $1500 per month. If you own property in Mexico, however, the requirement is half the above income. Go to Renderings and Floor plans Renderings are computer generated pictures of some homes and floor plans.
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Please email us for information not covered here. mexicoanswers@mexicoanswers.com
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