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I am a US citizen wanting to move to Puerto Penasco-aka Rocky Point.
I have adequate funds to both buy a home outright, and live monthly-but I do not have anywhere near the sums that long term visa requirements state. (Why are they so high?-everything is so cheap in Mexico!)
I am a single person living on social security, but it is only about 1100/mo, which is below the 2500/mo I believe (?) I need to have.
I also will not own a property that is worth 150k. I am looking at something much less expensive.
I am looking to retire and not work.
I do not have skills they are seeking, anyway.
I do speak fairly good Spanish.
I am not related to anyone who is Mexican.
I am not looking to marry one, either.
Can I just buy a house and move, and say screw it?
I am a US citizen wanting to move to Puerto Penasco-aka Rocky Point.
I have adequate funds to both buy a home outright, and live monthly-but I do not have anywhere near the sums that long term visa requirements state. (Why are they so high?-everything is so cheap in Mexico!)
I am a single person living on social security, but it is only about 1100/mo, which is below the 2500/mo I believe (?) I need to have.
I also will not own a property that is worth 150k. I am looking at something much less expensive.
I am looking to retire and not work.
I do not have skills they are seeking, anyway.
I do speak fairly good Spanish.
I am not related to anyone who is Mexican.
I am not looking to marry one, either.
Can I just buy a house and move, and say screw it?
Is there something I am not thinking of?
Any advice would be great.
Lets see, US$1,100 at month are like $20,350 pesos, for 1 person in retirement is good for a simple way of life, no luxuries.
If you are just retiring, go for it. But if you are not mexican, you are not allowed to own a property in the beach in Mexico. Why not just rent a home in Rocky Point and live like a tourist? You can return to USA every six month and ask for another permit.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Quote:
Originally Posted by SenorChip
If you are just retiring, go for it. But if you are not mexican, you are not allowed to own a property in the beach in Mexico.
Indeed foreign nationals CAN own real estate in Mexico via the fideicomiso bank trust system. Currently I believe it's 50KM from the ocean and 100KM from the borders that require a bank trust. Outside those areas no trust required.
We even got title insurance on our casa which had been subdivided out of ejido land.
Try it and see. Technically no you aren't supposed to live without a visa so you may have trouble getting a bank account and some utilities, but you could just withdraw cash from a US account and find ways around restrictions. I don't know if your housing budget is truly enough for that market. Thing to understand is you might be able to rent a cheaper place, but buying one is going to be hard because in a market like that almost all the properly built and titled homes are government programs that are not going to allow someone to sell to you. The places for foreigners are going to cost more than you will want to spend.
As for why they have high requirements, well it's their decision to keep people of your resources out. They want big spenders and have made a decision they don't really want lower income retirees around. You may not like that concept, but they will tell you find another country to live in if you don't like it.
yea.. you can live as a tourist as SenorChip mentioned,
and simply return every 6 months.
it's really not that bad..
Rocky Point isn't that far from the border.
Or you can find a Mexicana and put everything in her name.
You'll blend right in..
There's tons of Gringos & Canadians.
I would rent and never buy and avoid the touristy places because they are unnecessarily expensive. That means places like Puerto Penasco and Puerto Vallerta are out for me. Should you change your mind and desire to move to a different part of the country, you are not locked into a location for years.
As far as the visa is concerned, in most countries it's not a big deal to overstay your visa. I read about a US citizen who lived in Guatemala for 15 years before the authorities caught up with him. Most of the time you are just made to leave the country and not thrown in jail.
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