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How the COVID-19 Pandemic Changed the Way We Work

While working remotely has been commonplace in some countries, the COVID-19 pandemic saw workers across the globe working from home in unprecedented numbers. And while the pandemic has been devastating for millions, it has also created opportunities for improving the way we work and live. Let’s take a look at just a few of these benefits. Benefits of Remote Work - Shorter commute times: Depending on where you live, your commute may have consumed a few hours of your day - every day! Remote work means no commute. No commute means less wear and tear on your car, less money spent on...

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2021 Financial Requirements for Temporary and Permanent Residency in Mexico

Each year, Mexico increases the financial requirements to obtain either temporary or permanent residency. We have outlined the most commonly asked about residency types and this year’s financial requirements. How is the requirement calculated? There are two different ways that Mexican Consulates and Mexican Immigration offices may determine the financial requirements for residency. Note: Each consulate and office are different. Before you schedule your appointment with your local Mexican Consulate, you should always check the requirements on their website. ✓ Based on the Mexican daily minimum wage ($141.70MXN). OR ✓ Based on the daily UMA (Unidad de Medida y Actualización) rate ($89.62MXN). UMA...

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Renewing Your U.S. Passport While Living Abroad

If you are a U.S. Citizen living abroad, you may need to have your passport renewed. The good news is that you do not need to return to the U.S. to do this. The bad news is that, unlike in the U.S., you will have to request the new passport in person. But, don’t worry, the process is very easy, and the staff at the U.S. Embassy, U.S. Consular Generals, and U.S. Consular Agents make renewing your adult 10-year passport relatively pain free. Please note: While the U.S. Embassy, Consular Generals, and Consular Agents are slowly beginning to resume normal operations...

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Buying Property in Mexico: Fideicomiso or Corporation?

If you are considering buying a property in Mexico, there is more to think about than just the price and location. You need to consider how you will be using the property. Will you be using it for vacations for you, your family and friends? Or will you be purchasing it as an investment with the plan of renting it out. Why does it matter? Because knowing how you will use the property will help you determine what legal process you should use to obtain the property - A fideicomiso (bank trust) or a Mexican Corporation. Fideicomiso (Bank Trust) All foreign individuals...

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Closing Costs in Mexico: What to Expect

Congratulations! You found your dream home in Mexico, and you are ready to put in an offer. But, your lawyer just gave you the breakdown of the estimated closing costs, and you are feeling a bit shocked! Why are the closing costs much higher than you are used to in the United States and Canada? Closing Costs: What to Expect? You should expect to pay the following fees when closing on a property in Mexico: Notary Fees In Mexico, any legal acquisition of property must be administered through a Notary. A Notary (Notario Publico) in Mexico is an experienced lawyer, selected and appointed by...

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