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Mexicos proximity to and the benefits it reaps from its trading and political relationship with the United States help provide it with economic stability and make it an attractive foreign direct investment target for foreign investors. Spains cultural ties to the Mexican community are also a large part of the reason for the ongoing international money transfers into Mexico from Spain. Through a number of bilateral trade agreements, the two countries continue to maintain healthy trade and political relations. Currently, there are no restrictions on sending money from Spain to Mexico. Spanish citizens are able to transfer money from Spain to Mexico to pay for travel, education costs, or to make foreign exchange international payments for rent or mortgage.
Mexico has two types of visas for non-residents to stay or work within the country: the temporary visa (for stays of one to four years), and the permanent visa, for stays of longer than four years. For shorter visits, Spanish citizens, as part of the European Union, are not required to apply for or obtain a visa before visiting Mexico. As long as Spanish residents can provide a valid, up-to-date passport or other form of valid identification upon entry into Mexico, they are able to visit Mexico without any additional paperwork needed or restrictions on their entry.
Buying real estate in Mexico is generally open and without restrictions to foreign investors, although there are some limitations on coastline properties or land held in common (ejido). All Spanish citizens who are planning to purchase property in Mexico must first acquire a permit from the Ministry of Foreign Affairs. All prospective purchasers are required by law to be over 18 years of age.
It is common for Mexican real estate purchases to require a 20% down payment to complete the offer, and it is advised that foreign buyers find a local real estate mortgage broker to help you secure a mortgage. The first offer can be either verbal or in writing, and must include the details of the sale, including the purchase price and the details of the payment, as well as buyer and seller contact information. Once an agreement has been reached, the purchase agreement, the contrato de promesa de compraventa, can be signed by both parties. Although the contrato does not officially complete the transfer of the property, it is a binding agreement. If either party decides to back out once the contrato has been signed, they will be fined a penalty which is based on a percentage of the deposit.
Spanish residents living in Mexico are not permitted to vote in Mexican national elections. For Spanish citizens living or temporarily residing in Mexico who wish to vote in the Spanish parliamentary elections or EU parliamentary elections, they must first register with a local Spanish embassy or consulate in Mexico before they can vote from abroad.
Spanish residents living in Mexico are not permitted to vote in Mexican national elections. For Spanish citizens living or temporarily residing in Mexico who wish to vote in the Spanish parliamentary elections or EU parliamentary elections, they must first register with a local Spanish embassy or consulate in Mexico before they can vote from abroad.
Spanish students planning to study at an institute of higher learning in Mexico must first apply for and be accepted to the school or university in Mexico. Once they have obtained acceptance, they must provide the proof of acceptance to their local Mexican consulate or embassy, along with a letter attesting to their ability to support themselves during their studies in Mexico. Once these requirements are met, the student visa will be issued. Upon arrival in Mexico, the student must take the student visa to the National Institute of Immigration within 30 calendar days of arrival for validation.
Note that the student visa does provide the holder the ability to work while in Mexico, but before obtaining employment the student must be granted authorization from the National Institute of Immigration. If the students course of study is longer than one year, the visa will need to be renewed for each subsequent year of study.
Mexicos healthcare system is a combination of public and private services. Each state within Mexico offers its own health services, which is overseen at a federal level by the Ministry of Health. All Mexican residents are entitled to a certain level of healthcare services, although it is common for residents to purchase private insurance to supplement their coverage. Because there is no reciprocal healthcare agreement between Mexico and Spain, all Spanish citizens who plan to visit Mexico are strongly advised to take out travel insurance to cover unexpected medical costs.
Foreign direct investment (FDI) into Mexico has been increasing over the past 10 years and Spain, as part of the European Union, is one of the major contributors to this increase. The majority of FDI flowing into Mexico today is directed towards Mexicos manufacturing industry (accounting for nearly 56% of all FDI), its retail (20%) sector, and the construction sector (12%).
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
