A variety of U. This article highlights Mexico’s property markets and key economic and political factors that affect commercial real estate opportunities. C ross-border real estate transactions are certain to increase as trade agreements, political reforms, and globalization lower the barriers that separate the United States and Mexico. To successfully participate in this promising new market, commercial real estate professionals should educate themselves about Mexico’s property sectors and economic and political issues that affect the country’s business climate. Property Market Overview The following summaries offer a glimpse of Mexico’s real estate market’s major drivers. Mexico’s hotel market is the most robust in Latin America. Typically properties have been built with foreign capital and about half are leisure-oriented. Intourism was the country’s third-largest source of foreign capital, and Mexico ‘s beaches and resorts continue to attract foreign tourists, approximately 80 percent of which come from the United States. The tourism industry employs about 6 percent of Mexico’s workforce, and foreign investment in luxury hotels, condominiums, and other hospitality-related projects rose 12 percent last year.
LAS FAVORITAS
Remember, the average minimum wage in Mexico is half or less of what it is in the U. Many workers in Mexico earn much less than minimum wage. There is stiff competition for jobs, and you will not be allowed to do a job that will take work away from local employees. Officially, to get working papers, you must have a job offer from a company that will process for you a temporary resident visa for lucrative purposes. If you want to start working right away, you can either start your own business and set up a Mexican corporation, or you can try to prove that:. In your favor, Mexico welcomes foreign investment and offers countless opportunities for new businesses. Mexico is a largely First-World country, with good infrastructure, fast and reliable telecommunications, and excellent healthcare. Talk to the immigration authorities in your area about your options. We also recommend that you consult with a local Mexican attorney. It could be simply buying local products in Mexico , like handicrafts, and selling them back home when you return. Mexico makes so many handicrafts that you have plenty of options, from Mexican rugs to silver to pottery and more. Several regions of Mexico are particularly known for their handicrafts. The Colonial Highlands is another handicraft-rich area. Taxco specializes in silver, including jewelry, crucifixes and other items. San Miguel de Allende has striking tin stars studded with glass that are used as lamps. For the best prices, go directly to the craftsmen themselves.
Setting up Your Own Business
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Learn what it takes to do business south of the border.
If you’re planning to travel to Mexicoyou may be concerned with how you will access your funds to pay for expenses during your trip. You should be aware that credit and debit cards are not accepted in all establishments in Mexico. Also, when paying for small expenses on the go such as taxis, bottled water, admission fees for museums and archaeological sites, as well as when eating at local restaurants or food stands, and tipsyou will need to pay in cash, and that mone pesos, not dollars.
So before your trip, you should consider how you will get those pesos. An easy way maoe access money while traveling is to use your debit or credit card in an ATM or cash machine in Mexico: you will receive Mexican currency, and your bank will withdraw the equivalent funds from your account plus a fee for the transaction.
However, you may also wish to bring a certain amount of cash with you to exchange during your trip, and the following is a primer on what you need to know about exchanging money in Mexico. The currency in Mexico is the Mexican peso, sometimes referred to as the «Nuevo Peso,» since its introduction on January 1,after the currency was devalued. The code for the Mexican peso is MXN. The exchange rate of the Mexican peso to the US dollar has varied from 10 to around 20 pesos within the last decade and can be expected to continue to fluctuate over time.
To find out the present exchange rate, you can go to X-Rates. You can use Yahoo’s Currency Converter, or you can use Google as a currency converter.
To find out the amount in the currency of your choice, simply type in the Google search box:. When exchanging U. This law was put into effect in to help combat mexido laundering. You will need to bring your passport with you when you change money so that the government can keep track of how much money you change so that you don’t go over the limit. It’s a good idea to get some Mexican pesos before your arrival in Mexico, if possible your bank, mexick agency, or exchange bureau should be able to arrange this for you.
Although you won’t receive the best rate of exchange, it may save you worries upon your arrival. You can change money in banks, but it is often more convenient to change currency in a casa de cambio exchange bureau. These businesses are open longer hours than banks, usually do not have long line-ups as banks often do, and they offer comparable exchange rates though banks may offer a slightly better rate. Check around to see where you will receive the best exchange rate the exchange rate is usually ij prominently outside the bank or casa de cambio.
Most cities and towns how to make money in mexico city Mexico have an abundance of ATMs cash machineswhere you can withdraw Mexican pesos directly from your credit card or debit card. This is often the most convenient way of accessing money while traveling — it’s safer than carrying cash, and the exchange rate offered is usually very competitive.
If you’re going to be traveling in rural areas or staying in remote villages, be sure to take enough cash with you, as ATMs may be scarce. Suzanne Barbezat. Suzanne Barbezat is a freelance writer specializing in Mexican travel, culture, and food. Tripsavvy’s Editorial Guidelines. Share Yo Email. Was this page helpful?
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Last Updated: January 12, I pride myself on being able to make a living on the road. I for one, am not cut out for fruit picking. At least now I know. These are just the many ways that I have earned money around the world and continue to do so. If you have any other suggestions I would love to hear them in the comments! I give a full description of working holiday visas and how to get them in this post. It means you can how to make money in mexico city up full or part time jobs, save a bit of money, then head off to travel some. I did a working holiday visa in New Zealand and then again in Australia. I lived and worked in Christchurch, Melbourne and Sydney saving up thousands of dollars to take with me around both countries for exploring. Exploring Australia on my working holiday visa! But if you want to start a blog and in a few months or morestart earning an income from it, you. You can see how I make money in my income report posts. If you want to know more you can check out my post about how to start a successful blog.
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