With the cheapness and availability of travel these days, more and more people are thinking about retiring overseas. The ever increasing number of countries willing to offer retirement visas has made the world the oyster of “snowbirds” – i.e., people who want to escape their drab, expensive lives and relocate and retire to sunnier climes where their pensions are going to provide them with a good standard of living and not just allow them to subsist.
One well-known destination for Canadians and Americans is now coming onto the radar for Brits – we’re talking about Mexico. And yes indeed, the numbers of Britons retiring in Mexico are increasing, but why?
Well, for the second year in succession Mexico has been rated as the best retirement destination in the International Living annual global retirement index. The index rates 29 different countries for retirees according to real estate costs, special benefits offered to retirees, culture, safety and stability, healthcare, climate, infrastructure and cost of living. If you’re over 50 and can show you have a fixed monthly income of around £900 plus £350 for each dependant, you can apply for an FM3 visa and retire in Mexico. If you own property in Mexico, these income requirement figures are reduced. So, if you’re now planning to retire in Mexico we don’t blame you!
Income required to live in Mexico varies obviously, dependant on your lifestyle. But with a monthly income of around £1,200 per month you can live very comfortably, this figure includes house rental so if you own your own property a good living wage would be around £ 900. Retiring in Mexico doesn’t have to be all tacos, salsa and tequila either. Most European food and drink can be found in Mexico at major supermarkets and hypermarkets, and with most foreigners living in 4 or 5 major locations, expats living in Mexico are well catered for. Radio and television channels available via satellite include most major American networks and other global channels such as BBC World, CNN and Fox – so you can move to live in Mexico in retirement and feel right at home!
Expats living in Mexico will need to organize their own health care plan. Mexico doesn’t have a reciprocal healthcare agreement with the UK so you will have to pay for your own healthcare. Facilities and standards are however very good, and many clinics are in line with good private establishments in the UK for example.
Those retiring to Mexico can enter into the senior citizens benefits program at 60. This program offers discounts on a wide range of services such as discounts on health related services including hospital and doctors visits, dental care and chemists services, cultural activities such as theatre and museum tickets, travel related costs and hotel accommodation. Discounts for retirees in Mexico can be up to 50%.
Retiring in Mexico is an option well worth looking into. The country offers a range of climates and locations from hot and humid coastal resorts to all year round spring like conditions in mountainous areas. One thing you will need to bear in mind when considering living in Mexico is that learning Spanish is going to be very important. In order to get the most out of retiring overseas you’re going to want to do more than just live in a country club – and interacting with the local people is going to enhance your Mexican experience so learn Spanish and you can have a great retirement in this fascinating and vibrant country.