Moving from Canada to Mexico

A Few Items to Consider Moving From Canada to Playa del Carmen, Mexico or Moving to Tulum or all Riviera Maya

Today’s world of connectivity allows easier access to jobs and various opportunities on a global scale. As a result, there is a greater movement of people across borders to live or retire in Playa del Carmen, or invest in Tulum or buy in Riviera Maya, Mexico. These exciting moves are accompanied by obligations to make a successful move. To ensure a smooth transition with very few bumps along the way, we suggest taking the following steps:

Moving To Your New Destination

Contact us at Living Riviera Maya Real Estate for your move to the area.
We specialize in helping you successfully invest in real estate in Playa del Carmen and Riviera Maya.

1 604 628 7247 ; info@LivingRivieraMaya.com

Many of our associates of Playa del Carmen Real Estate Mexico, including me, as owner/broker have expatriated completely from Canada to Mexico. We can share our experiences with you so you relocate from Canada to Playa del Carmen, to avoid any unwanted surprises. Our specialty is orienting and educating you in the real estate market of Playa del Carmen and all Riviera Maya, so you find the right property, at the right price, in the right area, that fits all your requirements.

There is so much to consider when moving to Mexico to Playa del Carmen and the Riviera Maya and buying property. Me and my team at Playa del Carmen Real Estate Mexico take our role seriously. We have been successfully advising investors of Riviera Maya Real estate since 2003. Our orientation during your buying process includes info such as the locations of schools, hospitals, health service providers, public services, fun things to do, and lifestyle wishes and wants.

When making a real estate investment in Playa del Carmen and moving to Riviera Maya we make sure you have all the best legal advice.

Before you Move

We highly suggest making a checklist:
-Create a detailed packing list of what needs to go and what can stay or be given away/donated.
-Arrange packers, movers, storage, research moving companies. If you plan to import large pieces, you will need a customs broker. Most successful buyers who move here choose not to import.
-Take a course in Spanish either in your hometown or here in Riviera Maya. Knowledge of a few basic words and expressions can go a long way.
-We will introduce you to the right bank to set up new bank accounts so you can transfer funds as required.
-Join any social media expat sites and join clubs. They have already made the move and they could provide you with some great tips.
-Make sure your passports are valid for at least 6 months after you exit Canada. Have several copies ready for when you arrive to distribute as needed.
– Visa for stays longer than 120 days are required for Mexico. You can begin your application for a temporary resident visa at the Mexican consulate closest to your hometown. Once it’s approved, you will complete the process here in Inmigracion in Playa del Carmen. We have a team of people to guide you through the immigration process when you arrive in Playa del Carmen.
-Bring citizenship documents, police checks, birth certificates, etc.

Leaving Canada – The Canadian Tax System

First, the good news stated simply. Mexico does have a tax treaty with Canada, which helps Canadians avoid double taxation and help prevent tax evasion. However, a move to Mexico or buying property in Playa del Carmen or Riviera Maya does not necessarily mean that you automatically are considered a non-resident for tax purposes.

Depending on your ties to Canada, the number of days you spent there, and other factors, the Canada Revenue Agency (CRA) may consider you a: Factual Resident, Deemed Resident, Non-Resident or Deemed Non-Resident.

If you are a non-resident or plan to become one, then properly exiting the Canadian Tax System is crucial. Playa del Carmen Real Estate does not offer tax advice for Canadians. However, we can refer you to a Canadian company that specializes in this. Trowbridge Specialists can simplify the process for you.

Call us at Playa del Carmen real estate Mexico and we will hook you up with their information. 1 604 628 7247

If you do not take the proper steps there is a potential for double taxation on your worldwide income, application of incorrect tax rates and penalties, and/or interest accruing. In order to terminate your Canadian Residence in the tax system, you will need to file a departure tax return indicating your date of departure. We recommend you speak to your tax advisor or we can refer you to one.

This date of departure varies if you have a spouse or dependents or if you are becoming a deemed resident of a new country. Furthermore, on your departure tax you may need to include a deemed disposition – if leaving the country, the CRA treats any property you own as if it was sold at the current fair market value when you become a non-resident. Depending if there is a capital gain or capital loss, taxes may be applicable or a loss could be claimed on your return.

While you may have physically left Canadian soil, there are usually ties to Canada that remain, such as real property, bank accounts, RRSP’s, etc. These ties may provide reasoning for the CRA to penalize you if not properly addressed.

As a non-resident who owns a rental property that earns you income, you are obligated to report this income to the CRA. There is a non-resident withholding tax at a rate of 25% of the gross rental income.

However, the non-resident withholding tax can be significantly reduced. There are certain forms to be filed with CRA by your appointed agent. Playa del Carmen Real Estate Mexico will put you in touch with a specialist in Canada.

If you have RRSP’s, dividends, retirement compensation, continued social security benefits, royalties, are earning interest, or other types of income, make sure to advise these companies of your non-resident status as they may need to remit withholding taxes to the CRA on your behalf. As a non-resident earning this type of income, they should issue you an NR4 slip – this slip reports any withholdings and income to the CRA.

While the above are only a few noteworthy tips, always do your research and work with industry experts for investing in Playa del Carmen Real Estate Mexico for your transition to Riviera Maya.

Love your new life on the beach.
Do it the right way and don’t make mistakes.
Playa del Carmen Real Estate Mexico can help you navigate through all the steps.

1 604 628 7247 ; info@LivingRivieraMaya.com

www.LivingRivieraMaya.com

Riviera Maya tops the charts

Travelers put the Riviera Maya area among the best places to be in Mexico.

The Riviera Maya continues to be among the best destinations, according to the popularity rankings generated by travelers on TripAdvisor.

Source: Aquaworld

Four of the top six most popular destinations in Mexico are in the Riviera Maya, in a list of 25 cities. The reviews are filled with praise of its beautiful white sand beaches, dazzling diving places filled with sea life, incredibly well-preserved archaeological sites, dynamic nightlife and lively cultural activities (not to mention the lush, year-round tropical climate of the Caribbean sea!)

Source: playadelcarmen.com

Like that is not good enough, the Traveler’s Choice Awards, which lists the 25 best-rated beaches in the world, puts Playa Norte in 7th place. This beautiful beach has also been named one of Mexico’s best beaches for two years in a row. It is located in Isla Mujeres, an island less than 10 miles off the coast of Cancún. Senior contributor IslaMujeres1 writes: “When I first saw photos of this beach, I thought they had to be touched up. […] Calm turquoise waters, beach clubs, pure white powdery sand, and much more. […] Water so blue, it makes the sky look pale”

Source: Bahia Divers

Don’t miss the opportunity to visit these incredible destinations on your next vacation!

Curious about investing in Riviera Maya real estate? View our listings here.

Mexico: A Country with an Economy that Continues to Grow

 

Mexico economy Green Economic Growth

For those of you worried about Mexico’s state of the market and the economic slowdown between 2009 and 2012 as a result of the international financial crisis, I have some good news for you. The forecast for Mexico’s economy not only looks promising, it looks great. Since mid-2012, Mexico has been thriving on an international level, particularly in the Riviera Maya.

International companies as well as the Mexican government continue to invest massively in Mexico. The country has shown real determination in laying the foundations to cooperate with private institutions. These international companies as well as financial institutions include mutual funds, insurance companies, pension funds, foundations and sovereign funds. The aim? To foster strategic areas for economic growth and social development. Mexico has conducted studies, amendments, and regulations to the laws in order to accommodate the changes in this growing market. As a result Mexico overtook Brazil as the Latin American country receiving the most foreign investment capital.

 

Mexico economy flagMexico is one of the world’s most attractive countries to investors right now.

Because Mexico’s reputation as a hotspot for tourism continues to grow internationally, the government has decided to spend billions of public and private investment dollars on massive infrastructure spending programs. The extensive plans focus on upgrading roads, ports, telecommunications, water and energy facilities to sustain the country’s growth in tourism and travel.

The country also plans to invest in airport infrastructure, theme parks, marinas, golf courses, healthcare facilities and retirement communities. In total, the program will include 27 major tourist destinations spread across 17 Mexican states. These projects will create more than 100,000 new jobs and will further support domestic tourism by giving more citizens higher incomes as a result.

The Riviera Maya is a prime example of Mexico’s success in development and investments in Tourism. Over the years the Yucatan Peninsula has seen the number of tourists increase exponentially. In light of its international appeal and the high number of flights coming into the Cancun airport, it’s become a hotspot worldwide. An average of 4 million visitors per year choose the Riviera Maya as their holiday destination. The wind of economic optimism continues to blow over Mexico and has settled over the Riviera Maya. In the last 4 years, the area has become a great place to buy, especially for foreigners.

New project developments, remodeled homes, occupancies in hotels and rental condos are constantly on the rise. The market in Mexico couldn’t be in better shape. If you’re interested in buying in the Riviera Maya, there has never been a better time than now!

Judi Shaw | 1 604 628 7247 Direct | +521 984 116 3251 Mexico Cell