In 2019, International Living listed Mexico as the third best place in the world to retire. It’s no wonder so many retirees and those on the cusp of retirement are looking towards a partial or permanent move to Mexico, because who wouldn’t want to walk along golden sands in their golden years? Here are six reasons why Canadians are looking to Mexico for their retirement.
Low Cost of Living
Canada is a wonderful country, but it also comes with high costs of living and housing. Couples who move to Mexico are said to be able to live comfortably with an inclusive cost for rent and health care ranging from $1500 to $3000 a month. Elaine Duke told The Province, “What makes Mexico really attractive is the cost of living. My property taxes here are $300 a year. In Canada, they’d be $6,000. People can live a life here that they can’t anywhere else.” Those who opt to apply for full-time residency can sign up for the National Health Care Plan, which can cost as little as a few hundred dollars each year. Any resident over 60 years old can apply for the National Senior Discount Card, which provides seniors with discounts ranging from 10 to 20 percent on many goods and services.
The Best Of Both Worlds
Canadians who have decided to snowbird, aren’t just travelling south to Arizona or Florida anymore. By dividing their time with six months in Mexico and six months in Canada they are able to maintain their Canadian pension and access to Canadian health care (recently BC has extended health care allowing BC residents to leave for up to seven months a year and still maintain their health benefits). They are also able to maintain relationships with family by remaining at home six months of the year and entice friends and family to travel to see them during the winter. Because Mexico is only a four to eight-hour flight from most regions of Canada, retirees can make it back north quickly in the event of an emergency. Individuals should research their benefits and the maximum number of days they are permitted to leave Canada based on their own personal situation before making any major decisions.
Rental Options
Anyone wishing to rent in Mexico will find they get a better price when they commit to a six-month contract. Most retirees who are looking to escape winter will generally leave from November or December to April or May. Those who own property in Mexico should hire a property management firm to make sure their home is being taken care of while they’re away. Additionally, retirees are permitted to rent out their Mexican residence as a vacation property and gain additional income from their property when they are in Canada.
Great Dental Care At Half the Cost
Each year millions, that’s right millions, of Americans go to Mexico for dental treatment or cheaper medication. So, if you require a root canal, implants, or more, you may be better off with a Mexican dentist. So, if you’re prone to dental issues and it’s taking up a lot of your budget, seeking reliable and safe dental care in Mexico just may be what the doctor (ahem) dentist orders!
Come for The Weather
Mexico is large and geographically diverse. This allows retirees to pick their favourite weather and choose where they want to live in the country accordingly. Various elevations can determine temperatures, so it’s advised that those moving, travel around and rent in various parts of the country before settling in one region.
A Great Community
According to the Mexican Tourism Board, Canadians make up approximately a third of all foreign retirees in Mexico. This means that you’ll be in good company with many retirement communities filled with ex-pats to connect with. It’s suggested that Canadians work on their Spanish before relocating so they can better communicate with locals and make friends.
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