Learn more about millionaires migrating to Mexico, reasons why wealthy expats choose this country, its advantages and living conditions, local economy, and global immigration trends.
Over the last 10 years, millionaires around the world have been actively migrating. The number of wealthy individuals moving to other countries has risen since 2013 and reached its peak in 2019, which was a pre-pandemic year.
According to Henley Private Wealth Migration Report 2023, the number of millionaires who left their home country then totaled 110,000, remained low during COVID years, rebounded to 84,000 in 2022, and is predicted to rise up to 122,000 in 2023.
Mexico also experiences changes in its expat population due to the world’s migration trend. In 2020, according to United Nations Department of Economic and Social Affairs data, more than 1.2 million foreigners lived in the country's territory holding a residency status.
Notably enough, around 67% of all immigrants in Mexico originated from the United States, which accounts for about 800,000 people. This makes Mexico the #1 country for US expats.
Among those who strive for a better life in Mexico are around 318,000 millionaires, which was shown in the Credit Suisse Global Wealth Report. It is estimated that by 2026 there will be more than 565,000 individuals with a net worth of more than 1 mil. US dollars.
Book a call with us if you wish to learn more about moving to Mexico, the requirements to get resident status, or advice on the best investment strategies.
It is no secret that the world's major economies are looking to make as much profit as possible at the expense of their citizens. High taxes reaching 55% are believed to be used for benign deeds but are often allocated to the governments’ own benefits. People who disagree with the way their money is used choose to migrate to other, more favorable places.
Even though one cannot call Mexico a tax haven, the level of freedom people get there often appears to be the deciding factor. Mexico doesn't have Draconian laws that defy common sense.
For example, you can opt for medical insurance that suits you best. The law in Mexico does not make you buy overpriced healthcare plans that go against your needs.
Also, you will not be judged based on how you dress up, what you eat, or how you look at people, and ordinary citizens and expats can express their opinion without fear of going to jail.
One of the most common reasons to move to Mexico is its affordability. Lots of wealthy individuals seek to optimize their spendings while not compromising on a high-quality lifestyle.
And Mexico has something to offer: luxurious hotels and resorts, elite private schools for your kids, numerous shopping malls, top-rated private medical clinics, modern sports, and fitness centers, swanky restaurants, high-class real estate, and more.
According to the Numbeo Cost of Living Index by Country 2023, living in Mexico is much more affordable than in the US, Canada, the UK, Ireland, Australia, or New Zealand.
Another alluring fact, buying or building a luxury beachfront villa often will not cost you even half the price of the same property type in the United States or Australia.
Mexico has it all: tropical forests, beautiful white-sand beaches with clear turquoise water, snow-capped mountain tops of volcanoes, deep canyons, plateaus with cacti, and overall breathtaking landscapes.
The country's coastline is home to seals, sea turtles, sea lions, and in the water, you can spot some dolphins.
Those who like to spend time by the water or engage in active water sports will love it there: Mexico is washed by the Pacific Ocean and the Gulf of California on the west and by the Caribbean Sea and the Gulf of Mexico on the east. The country also boasts dozens of picturesque rivers and lakes.
The climate in this heavenly beautiful place is subtropical in the north and tropical in the south, which means you will not need a fur coat at any time of the year. However, if you miss snow and cold, you can find it high up in the mountains.
Not keen on covering yourself with layers of clothing? Stay close to the shore. Even in winter, the temperature on the coastline usually does not fall below +20°С. In addition to such warm conditions, you can also enjoy year-round sunshine in most of the cities.
People from all around the world who do not agree with the politics of their home country's government often opt for Mexico as their second home destination.
Whether it is new bills imposed by your government, the war it wages, outdated educational standards or new ones that contradict common sense, woke culture that you cannot accept, restrictions on freedom of movement, or anything else you do not want to put up with, there is a way out. And moving to Mexico is one of that ways.
Mexico is often believed to be a hotbed of crime. It is not quite so. In the latest years, the harsh reality has shifted to a more favorable one.
In its ranking of the world's most criminal countries, Numbeo does not place Mexico among the top 30 anymore. Nowadays, the country is considered to be safer than, for example, Peru, Brazil, South Africa, Argentina, Puerto Rico, or Colombia.
According to Numbeo, the crime rate in Mexico is now similar to that in France or the United States.
Locals and tourists that came to the country before also note that the situation has improved. The Mexican authorities put lots of effort into making the streets of the cities safer. Police and armed units patrol high-risk areas, investigations have become more thorough, and locals are rewarded for providing crime-related information.
Obtaining temporary and permanent resident status in Mexico is relatively easy. All you need to do is to provide proof of having enough finance, whether it is an annual income or savings. You can also get residency by purchasing real estate or buying shares in a local company.
The financial threshold is rather low, especially for a millionaire. In order to get a temporary resident status, you will need to submit documents indicating you earn at least $3,660 USD per month (the actual sum depends on the currency rate).
There are also three other options for acquiring a temporary resident card: savings (appx. $61 011 USD), a share in a company (appx.$244,047 USD), or buying real estate (appx. $488,094 USD).
A permanent resident card can be obtained after 4 years of holding a temporary residency with a few specific exceptions. Permanent resident status is available for those who earn at least about $6,101 USD per month or have savings of at least $244,047 USD.
Note that there are often age requirements to apply for permanent residency: it is usually issued to those older than 60 y.o. That is why Mexico is so popular among retired expats.
The main applicant’s closest relatives can also obtain a residency in Mexico, including a spouse, unmarried children (under the age of 18), and parents.
Having legally lived in Mexico for 5 years (in certain cases 2 years or none at all), you become eligible for Mexican citizenship. A Mexican passport gives you access to over 160 countries worldwide without going through a tedious visa-obtaining process first. Among visa-free or visa-on-arrival countries are most of Latin America, Schengen states, the UK, Japan, Singapore, the UAE, New Zealand, Canada, and many more.
Over the past years, the Mexican government has been actively investing in local infrastructure, trying to make the country and its regions more comfortable and worth visiting.
In most big cities, you will also find areas specially designated to wealthy individuals, including expats: private international schools, guarded residentials, luxury shops, well-equipped sports centers, elite real estate, and exquisite restaurants.
Mexico has a fascinating culture while remaining familiar to most people from the so-called Western world. Here you will find all the usual holidays like Christmas, New Year, Labor Day, All Saints' Day (Halloween), or Valentine's Day.
The main religion in the country is Catholicism, so if you tend to follow Western traditions, you won't get the culture shock here that you might experience in most Muslim countries.
Whether you like it or not, people, especially women, can wear rather revealing outfits not only on the beach but also on the city streets, you can buy and drink alcohol rather freely, you won't be judged for your hair color or expressing your emotions quite openly.
Mexicans are considered by many to be a generally friendly and hospitable nation. Here you may be smiled at in the street and greeted by locals or sellers. If you are from a place where it is uncommon, remember not to fret away.
Mexican cuisine is famous worldwide. Taco, burrito, tortilla, guacamole, enchilada, quesadilla, and so much more all originate from Mexico. You can find plenty of delicious traditional food everywhere, from big cities to small villages, no need to go to a certain restaurant.
Apart from ubiquitous Mexican food, you will surely discover multiple places to try other national cuisines. Japanese, Chinese, Korean, Thai, European, Mediterranean, Italian, or any other gastronomic delights are there for you.
This is especially relevant to Mexico City, which can not only be referred to as the country’s capital but also as a culinary capital. There are about 300,000 places to eat in that city, from fancy restaurants to extensive food courts, cafes, and food stalls.
Travelers can benefit from numerous domestic and international air links that are available thanks to 53 airports within the country.
You can fly from and to such cities as Acapulco, Cancun, Ciudad del Carmen, Guadalajara, Mérida, Puerta Vallarta, and dozens more.
The biggest and most in-demand airports are located in Mexico City and Cancun. Mexico City International Airport serves flights to 100 destinations in 25 countries, including numerous cities in the US, South America, Europe, South Korea, and Japan.
From Cancun International Airport, you can fly to 125 destinations in 29 countries as well as 25 domestic destinations.
Mexican medical services are regarded as high quality, particularly when it comes to the private sector. Local clinics are clean, modern, fully equipped, and meet all U.S. standards.
There are different healthcare plans available that you can opt from depending on your personal needs.
Citizens and expats with resident status can use state clinic services for free. Doctors at local hospitals have all the necessary certifications. Most of them go to the US and Europe for internships and training.
X-rays or blood tests can be done on your own without a prescription. Lots of common medications are available at local pharmacies also without a prescription.
Retirees from the US, Canada, Australia, and other countries like to come to Mexico to focus on enjoying their life.
Basically, all the reasons for such a decision have been mentioned above: warm and comfortable climate, beautiful nature, low cost of living, good healthcare, rich culture, and extensive travel opportunities.
In this natural paradise, elderly people can finally get a well-earned rest after years of hard work.
Being a wealthy expat allows you to have a wide range of options: you are free to rent an apartment with an astounding city view or buy a lavish beachfront villa.
It is up to you to decide, but searching for housing in a country you are not well familiar with can be tiresome and time-consuming. Incomprehensible local law, sketchy rental contracts, unscrupulous landlords, and other challenges are unfortunately not uncommon for expats.
If you want to make the process of finding a place to reside in Mexico as quick and simple as possible, it is worth seeking the assistance of a lawyer who is familiar with local law and the legal pitfalls.
We at Wealthy Expat are well-familiar with the process of moving to Mexico and help our clients to go through the entire relocation journey hassle-free. We will connect you with our own lawyer, who is knowledgeable about Mexican law and the real estate market.
Like every country, Mexico has its own unique aspects. Many people like living here, but before moving to the country permanently, it is worth visiting it as a tourist first. Thankfully, most nationals can easily travel to Mexico visa-free or with a visa-on-arrival.
When considering where to settle in Mexico, pay attention to local features, climate, community, availability of services, and transportation accessibility.
To make it easier to move to Mexico, apply for residency, and find suitable housing, you can contact the Wealthy Expat team.