More people will move
This may seem ironic given today’s widespread border closures and standstill in global transportation, but as the curtain lifts, people will seek to relocate from poorly governed and ill-prepared “red zones” to “green zones,” or places with good medical care. Or, people may relocate to places where involuntary quarantine, whenever it strikes next, isn’t so torturous.
Both domestic and international migration were surging before the pandemic, with Gen-Xers and millennials shifting to cheaper second-tier cities in the Sun Belt or abroad to Latin American and Asia in search of an affordable life. Once quarantines lift and airline prices stand at rock bottom, expect more people to gather their belongings and buy one-way tickets to counties or countries cheap enough to start fresh.
At the higher end of the value chain, telecommuting has long been the norm; now it has been thrust upon the entire corporate world. This will allow talented remote workers to justify becoming even more remote as they move to places offering higher quality of life, lower taxes, and equal, if not better, connectivity.
Mexico: Still The First Choice For Americans And Canadians
If you’re buying in U.S. dollars, your buying power in Mexico is now 58% greater than it was in 2013… and your buying power has increased 5.5% since last year.
Mexico is still the #1 overseas destination for its fellow North Americans, with more than a million American expats calling it home, myself included. Also, about 500,000 foreigners own homes in Mexico. These expats are enjoying a low cost of living at today’s exchange rates, while new arrivals are getting some good property bargains.
Properties trade in U.S. dollars or Mexican pesos. The latter is where your increased buying power lies.
Mexico offers well-developed coastlines along the Pacific, the Gulf Coast, and the Caribbean. The options for coastal living are limitless, despite the widely held misconception that foreigners can’t buy coastal property here.
Mexico also offers a wealth of well-preserved Spanish-colonial cities. Climates vary from cool highland and mountain environments to the warm beaches on both sides of the country.
Mexico offers some practical advantages, too. First, there’s more English spoken in Mexico than any non-English-speaking country in Latinamerica
Finally, they’re a culturally familiar neighbor. Having lived in South America since 2001, I’d forgotten Mexico’s familiarity, which shows up in many small ways. You can eat enchiladas instead of guinea pigs, and you’ll see full-size, V8 American pickups and SUVs on the road instead of those wimpy Chinese pickups. You’ve also got familiar stores like Sam’s Club, AutoZone, Walmart, The Home Depot, and OfficeMax.
Mexico is my choice for the most hassle-free country in which to retire or own a second home abroad.
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