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Retiring in Mexico

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mattinnorfolk
9/7/2019 20:16 EST

I was convinced I would retire in Colombia, but their taxes on worldwide income even SSN or pension income, and mandatory 12.5% for their government EPS health makes that look difficult if I keep paying for Medicare . In Latin America I can only find Guatemala, Costa Rica, Panama, and Nicaragua that do not tax worldwide income. I am a single, 62 year old guy, and was hoping for thoughts on retiring there. I can't figure out Mexico on pension or SSN income. Thanks so much in advance!

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RVGRINGO
9/8/2019 11:40 EST

Mexico will not tax your US retirement income. You will pay IVA sales tax.

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mattinnorfolk
9/8/2019 11:42 EST

That’s where I will end up then if the healthcare is good, I didn’t decide what area of the country because I’ve never really looked at it as much as other places I travel to.

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Explorer88
9/8/2019 17:32 EST

I was considering Colombia also, and was advised by several expats not to register with DIAN (IRS) and stay out of the system. This does not sound like a good plan in the long run for me. In addition, there seems to be political and regional troubles brewing there that I'd rather not be exposed to. Mexico also has its troubles, but it does offer a wide variety of choices, plus it's close to the states.

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mattinnorfolk
9/8/2019 17:44 EST

I just got back and been there 3 times in Medellin this year, and really always felt safe, and I don't think FARC will be a big deal, but it will be safer when Venezuela is better, as there are so many in the country. I am a regular there since 2012, but like everywhere there are no go places and be smart. If someone is making 2k a month taxes are not an issue and 12.5% for health insurance is not bad, but if your income or assets are high and they count all income and assets, even a wealth tax. It will smother you if you are honest to DIAN. Just don't use a Colombian Debit card for many major purchases and pay with cash as much as possible. I love the culture, people, weather and raw beauty. It does have for the most part lousy beaches though.

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Cozumeldeb
9/8/2019 17:50 EST

When researching locations, keep in mind how close you are to major airports..better ticket prices and choices.

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Explorer88
9/8/2019 17:51 EST

Sounds great, but you're the one that was talking about taxes. If you like it, then do it. What's the problem?

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mattinnorfolk
9/8/2019 18:00 EST

I am nervous like you said since Colombia and USA have a information sharing agreement with DIAN and the IRS. Any thought son Guadalajara outside the city toward the Pacific? Thanks.

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morganstern
9/14/2019 08:18 EST

mattinnorfolk....once and for all....is out to lunch on Colombia. You go to Colombia...you leave your money in the U.S., you use your U.S. debit and credit cards. You get residency showing your pension income. You mind your own business. You enjoy some of the lowest costs of living in the Western Hemisphere. You get much better health care than Mexico (arguable). And nobody in the government could give a xxxx about your foreign assets or anything else.

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mattinnorfolk
9/14/2019 11:18 EST

Thanks Morgan

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Thunder1957
9/14/2019 13:05 EST

What is IV I taxes?

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RVGRINGO
9/14/2019 17:11 EST

In Mexico, IVA is the 16% Sales Tax, usually included in all prices that you see in stores, etc., unlike the USA, where sales taxes are added to the price.

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