Many Canadians dream of a retirement that is free from slush and snow shovelling and want to trade in their boots for a pair of sandals. A recent reader survey released by Expats in Mexico revealed 54 percent of those surveyed were extremely likely or very likely to pursue relocation to Mexico, a notable five percent increase from the same survey issued just two years earlier.
Whether it is accomplished by becoming a snowbird (someone who migrates south for the winter like a bird and spends the warmer months up north) or a permanent resident depends on the person and their needs. Before you say Hola to a retirement surrounded by stunning beaches and do an international move to Mexico from Canada, fall in love with its rich culture, and ancient ruins, here’s what you need to know.
Seeking out residence
Although there are bureaucratic hoops to jump through to live in Mexico permanently, a fair number of Canadians are working, living, and enjoying their retirement in Mexico. A key component to being granted a temporary or permanent resident visa is providing proof that you can support yourself while living in the country, whether by pension, personal investments, or owning a property or business within Mexico.
Those who are sure they want to become a citizen can apply for a Permanent Resident Visa, a one-time application that will allow you to live in Mexico for more than 180 days and travel between Canada and Mexico and other countries should you wish. A temporary resident card can be issued one year at a time and renewed as many as three times, allowing a maximum of four years in Mexico. This method of entry can allow you some time to confirm that Mexico is right for you. Once you confirm that Mexico is right for you, get help from your international movers to make your move less stressful.
For those living in Mexico on a part-time basis
If your retirement plan includes purchasing a property in Mexico, working with a qualified real estate agent is helpful. They can help you find the right home in a safe community and connect you with property management businesses that can watch over and help maintain your home while you are away.
What will happen to my Canadian old age security when I move to Mexico?
Before making a move, research whether you qualify to receive your Old Age Security (OAS) pension outside of Canada, particularly if you rely on it to support your retirement in Mexico. Qualification depends on several factors, including how long you have lived and worked in Canada or another country that has a social security agreement with Canada. If you do not qualify to receive OAS while outside of Canada, your payments will cease once you are outside of the country for more than six months. You also will not qualify to collect the Guaranteed Income Supplement if you are outside Canada for more than six months. When building your budget, you should also explore your taxation obligations in Mexico and Canada.
What is healthcare like in Mexico?
Retiring in Mexico from Canada is appealing to many because of the low cost of healthcare. In fact, many retired expats living in Mexico may qualify for IMSS (which provides access to healthcare, medical assistance, social protection, and social services). In most cases, an insured person can be outside of Canada for up to 212 days per twelve-month period and keep their Canadian provincial healthcare coverage, but again, verify how this will apply to you, your move, and your budget before moving.
Research is key to budgeting for and determining if a move to Mexico meets your retirement goals.
Orbit International Moving Logistics Ltd.: Your International Shipping Company and Moving Expert
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