Retirees head to Mexico

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International retirees looking for somewhere to relocate are heading to Mexico, according to the latest report.

A poll by Barclays Wealth International, revealed that a number of foreigners are heading to Mexico giving retirement as the central reason for the move.

The poll found that 27.27% people are moving to Mexico for retirement, this figure is closely followed by those who have chosen the country for its reasonable cost of living (24%).

For a number of years South America has proved to be an attractive venture for European expats and potential retirees. This area of the world is rich in diversity and offers good value for money, not just for those looking to relocate but those who may wish to make investments.

The Mexican economy has experienced some fluctuations in its economy, as the cost of living and inflation became uncontrollable, and the country’s poor infrastructure struggled to help it recover. However, the Mexican economy has stabilised and started to offer much more than sun and sand for visitors.

Over the last few years the Mexican economy has been closely tied to the US economy. It is also heavily reliant on the money sent home from millions of workers in the US.

The Mexican economy was badly hit by the global downturn in 2008. Since then, foreign investment has jumped by nearly 30% in the first six months of 2010.

Transferring money to Mexico

Are you looking to invest in Mexico? If so, think carefully about how you will be transferring money to Mexico. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Mexico – which you will inevitably have to do if you are looking to make a property investment – be sure to compare the market before you buy your overseas currency.

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Retirees head to Mexico

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