Mexico Amongst Top 5 Countries For Best Health Care

For Americans and Canadians, Mexico is the #1 destination owing to sunny climate and beaches. Large number of people from these countries have made Mexico their home. Destinations such as Akumal, Playa del Carmen and Puerto Vallarta have a large number of expat population. Every year thousands of people make Mexico their retirement destination.

Still, many people are skeptical about Mexico as a place to live. Doubts persist about medical care and safety in Mexico. We have in our earlier posts mentioned that Mexico is a safe to live. Similarly, healthcare facilities in Mexico are top notch. This claim has been even validated by InternationalLiving.com’s in its annual Global Retirement Index reports. In its report it has featured top 5 countries which provide the best and most affordable medical care facilities in the world.

Mexico Amongst Top 5 Countries For Best Health Care

Mexico Amongst Top 5 Countries For Best Health Care

The Health Care category in the International Living Index takes in to account the quality of the health care as well its cost. Other factors such as doctor to patient ratio, hospital beds per 1,000 people, access to safe water, the infant mortality rate, life expectancy, and public-health expenditure as a percentage of a country’s GDP are also factored in.

The top 5 countries in the Index are France, Uruguay, Malaysia, Costa Rica and Mexico. Mexico is an obvious choice for retirement because of lot of reasons  in its favor. Tropical climate, beaches, good infrastructure and world class medical care facilities. What tilts the scale in Mexico’s favor is that it is close to USA. It shares its border with USA. Almost all cities in USA have flights to major cities of Mexico.

None of the other countries has all these attributes. No doubt, Mexico is the best country for international living. For people who haven’t yet decided if they should retire in Mexico, these newly published facts would be of great help. Mexico’s affordable real estate, stress free lifestyle and health care in sharp contrast to USA.

 

Carlos Slim Invests In Mexico Real Estate

Carlos Slim Invests In Mexico Real Estate - Buys Loreto Bay Resort

Carlos Slim Invests In Mexico Real Estate – Buys Loreto Bay Resort

When one of the richest persons in the world makes a move the world takes notice. So when Carlos Slim, the richest man in Mexico decides to buy a project it will create a flurry. Mexico real estate industry is agog with the news that Mr. Slim has purchased Loreto Bay Resort on the Sea of Cortez.

This has been confirmed by none other than State Secretary of Tourism Ruben Lugo Reachi who also told reporters that Mr. Slim’s company, Grupo Carso, would have the “necessary resources” to jump start the project.

It was a distressed sale as the Mexican housing company, Homex was struggling with low sales and mounting losses. The Trust for Sustainable Development (TSD) teamed up with Mexico’s tourism agency Fonatur to construct a residential resort with 6,000 homes, golf courses and hotels spread over a whopping 8,000 acres. The project was to be built at a cost of $3 billion.

Loreto Bay Resort has been hailed as a model for sustainable projects. Contemporary urban principles have been incorporated for this residential project.  Dense neighborhoods with organic farms and nature preserve were designed in to the project. Special care was taken to ensure that people can walk around their neighborhood freely. The project started in 2004 as a master planned development which would target foreign buyers in a remote area of Baja California.

Citibank was roped in as an investor. The problems started in 2009 when the developer TSD Loreto informed owners that all operating and construction activities for Loreto Bay would be halted “due to the challenging situation in the international real estate and financial markets.”

“Several potential buyers and investors have visited the project over the last few months, yet in the context of the current economic crisis and credit shortage, the project has been unable to secure a buyer or new investor,” the developer said.

Homex then decided to take over the project in 2010 but the market conditions and its own financial problem hounded Homex out of the project.

Mexico real estate is currently witnessing an uptrend due to a strong tourism number from areas such as Cancun, Playa del Carmen in the state of Quinatana Roo and improved performance of USA’s economy.

Mexico Beachfront Property Reforms To Spur Foreign Real Estate Investment?

Foreigners have long been barred from purchasing beachfront property in Mexico, but now, a bill working its way through Mexico’s congress may just change the entire scene.

Mexico Beachfront Property Reforms To Spur Foreign Real Estate Investment?

Mexico Beachfront Property Reforms To Spur Foreign Real Estate Investment?

After the U.S. – Mexican War ended in 1848, Mexico lost almost half of its territory to the U.S.  Article 27 of the Mexican Constitution was then written to prohibit further loss of the country’s borders. Article 27 clearly states that “Within a distance of 100 kilometers from national borders and 50 kilometers from national coastline, under no circumstances may foreigners acquire direct title over land or water.”

However, foreigners have been able to purchase coastal property in Mexico ever since the 1970s via a mechanism called a ‘fideicomiso’, created exactly for this purpose.

The fideicomiso is a bank trust through which the bank holds nominal title to the property but the beneficiary of the trust is the foreign buyer of the property.  The property is not regarded an asset of the bank and may not be used by the bank for any purpose other than being held legally for the benefit of the trust beneficiary. Over the years, the fideicomiso has proven to be a popular but fairly complex process that requires a whole lot of paperwork and also payment of annual bank fees. Plus there is also a big risk – the government can revoke ownership of the property.

While some real estate buyers are ready to go through these hassles and bear the risk in order to own a home in breathtaking destinations like Playa del Carmen, Cancun in the Riviera Maya, other potential buyers have been discouraged by the thought of too many official procedures, causing them to invest their money in other countries.

In April this year, the lower house of Mexico’s Congress had passed a constitutional amendment that would allow foreigners to purchase residential property directly, though buying commercial property would still be restricted. The proposed constitutional change would allow foreigners to acquire direct title to land within the designated “prohibited zones” as long it is used solely for residential purpose and not for any commercial venture, along with some additional conditions.

Supporters say that easing property ownership laws is much needed to promote coastal development in Mexico and will bring about a boom in foreign investment in the country which in turn will improve the economy. Foreigners will now find the process of investing in Mexico beach homes a lot less scary and costly, which is in fact the purpose of the initiative.

However, opponents of the bill say it is a letdown and would likely be damaging to the coastal environment of the country.

Lets just wait, watch and hope for the best.