7 Financial Myths About Retiring in Mexico

Myth: It's Always Cheaper to Retire in MexicoReality: While the cost of living can be lower in many parts of Mexico compared to the U.S. or Canada

Myth: Healthcare in Mexico is Subpar and UnreliableReality: Mexico offers a range of healthcare services, from public hospitals to private clinics that are on par with healthcare facilities in the U.S. and Canada.

Myth: You Can Live Comfortably on Social Security AloneReality: While your Social Security income may stretch further in Mexico than in the U.S., relying solely on this income may not guarantee a comfortable lifestyle

Myth: U.S. Dollars Are Widely Accepted EverywhereReality: While U.S. dollars may be accepted in tourist areas and for certain transactions, the Mexican peso is the legal currency.

Myth: Property Taxes Are Non-ExistentReality: Property taxes (known as "predial") do exist in Mexico, but they are generally much lower than in the U.S. or Canada.

Myth: Buying Property in Mexico Gives You Citizenship or Permanent Resident StatusReality: Owning property in Mexico does not grant you citizenship or even permanent resident status.

Myth: There Are No Tax Obligations for U.S. Citizens Retiring in MexicoReality: U.S. citizens are taxed on their worldwide income, which means that even if you retire in Mexico, you're still obligated to file U.S. tax returns.

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