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Moving to Mexico. What to do about assets NOB?


MakeItSo
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We're getting closer to moving permanently to Mexico. What to do with liquid assets in Canada?  

A) Move it all to Mexico? Where to? 
B) Better to keep it all / part in Canada? Why? 
C) ?

Fuller picture: 

1: By the time we move we won't have family / relations left in Canada, and once we sell the house we won't have a residence. 
2: We're not looking to buy bullion or crypto. 
3: We have RRSPs, which will take time to withdraw. 

Not seeking legal or accounting advice, just tips from experienced expat perspective... 

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All our financial stuff remained in Canada and still does twenty-seven years later. We abided by the "RENT for the first year" and put the equivalent of a small apartment's worth of stuff in a Canadian storage locker. If the adventure didn't work out, no harm and no foul and we could go back to the location of our choice. However, we knew after three months that we were staying in Mexico and applied for our FM3's here in Mexico. An FM3 was the equivalent of a Temporary Residence Permit that you must now apply for from your country of current residence before moving to Mexico. After one year, we drove the Canadian plated van back to Canada and sold it, helped a friend rebuild a cottage that had burned to the ground and donated everything in the storage unit to the new build. And flew back to Mexico to start a life in the house we had bought. About six months after that, we applied for and received the official non resident Canadian status which allowed us to have tax on income taken off at source in Canada... a flat 15%. Also did a "deemed" disposition of financial assets in Canada and paid the capital gains owing... and lived capital gains free ever after... well, until we sold our first house in Mexico and owed the pittance to the Mexican government.

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4 hours ago, MakeItSo said:

We're getting closer to moving permanently to Mexico. What to do with liquid assets in Canada?  

A) Move it all to Mexico? Where to? 
B) Better to keep it all / part in Canada? Why? 
C) ?

Fuller picture: 

1: By the time we move we won't have family / relations left in Canada, and once we sell the house we won't have a residence. 
2: We're not looking to buy bullion or crypto. 
3: We have RRSPs, which will take time to withdraw. 

Not seeking legal or accounting advice, just tips from experienced expat perspective... 

Sounds like you still have several important things to learn before making such a Big commitment to mexico. I would say you need to come rent and live a while till you learn the answers to your questions and decide IF Mexico is really for you. Many come here and find they can not manage life here and return NOB. You don't seem to leave that option available. Mexico is way different than NOB.

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Just to add: We've been wintering in Mexico for 20 years, and own a house here. The permanent move is in the works, with the aim to receive residency later this year, prior to packing up in Canada and coming down one way in 2023. 

Looking for practical boots-on-the ground pros and cons of keeping liquid assets in Canada vs moving all of it to Mexico as only long term expats would know.

 

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So you are a seasoned.... pun intended.... veteran and know the ropes here.  IMO, Canadians here in a similar situation as you  should step up like Ferret did and share their experiences as they may relate to your situation in Canada.

 

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2 hours ago, Ferret said:

I trust the Canadian Banking system far more than I would ever trust the one in Mexico. 

Really ?-- tell that to the truckers and protesters --the only thing that save most accounts was that the banks cried when people did a run on the banks--!

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3 hours ago, bobby brown said:

Really ?-- tell that to the truckers and protesters --the only thing that save most accounts was that the banks cried when people did a run on the banks--!

I was going to ask to take into account geopolitical considerations, such as governments freezing bank accounts, but thought it was too political for the board...

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6 hours ago, Ferret said:

I trust the Canadian Banking system far more than I would ever trust the one in Mexico. 

Do you mean stability of Mexican financial institutions? Government interference (if one exists)? etc?

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6 hours ago, Ferret said:

I trust the Canadian Banking system far more than I would ever trust the one in Mexico. 

Those that haven't have paid the price and learned the hard way. Getting proper legal and accounting information is critical and cheap insurance, since what you don't know will hurt you.

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In December of '94, the peso was devalued drastically. By the time we arrived in May of '96, the interest rate at Lloyd's was a whopping 42% per annum. Tempting to be sure. But, slow and steady wins the race and we stayed with an investment firm in Ottawa, Canada. The owner of that company had previously told us that if you want to make a grab for the gold ring on the merry-go-round, you may not want to stay with this company. We stayed and did very well. Canadian banks weathered the 2008 crash with flying colours as well. I'll stick with what I'm used to and have confidence in doing business with them. YMMV.

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2 hours ago, MakeItSo said:

Do you mean stability of Mexican financial institutions? Government interference (if one exists)? etc?

The present Mexican federal government cannot be trusted.

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17 hours ago, MakeItSo said:

I was going to ask to take into account geopolitical considerations, such as governments freezing bank accounts, but thought it was too political for the board...

Anything about your health and well being is not political--I keep my ear on the railroad tracks to hear the coming train---Keeping your head on a swivel is NOT political.

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On 3/18/2022 at 4:24 PM, MakeItSo said:

We're getting closer to moving permanently to Mexico. What to do with liquid assets in Canada?  

A) Move it all to Mexico? Where to? 
B) Better to keep it all / part in Canada? Why? 
C) ?

Fuller picture: 

1: By the time we move we won't have family / relations left in Canada, and once we sell the house we won't have a residence. 
2: We're not looking to buy bullion or crypto. 
3: We have RRSPs, which will take time to withdraw. 

Not seeking legal or accounting advice, just tips from experienced expat perspective... 

Get help from a financial guy to move your assets to overseas accounts--Forget about Canada--it's gone--Punks like Turdo could never take the US--Simple--everyone is packing and pissed off-- Americans are not a very nice people ; very violent ---just a spark and it's on !!!  I would fight but I'm too old and just don't give a damn.---I paid off all my credit cards and emptied my US accounts to the bare minimum to pay any bills.-- Got a lot of Pesos in the house --When the mushroom clouds start appearing; it all doesn't matter anyway.--well good luck in your new life--

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21 minutes ago, HoneyBee said:

The price of the bolio (bread bun) will be increased to 10 pesos as of this coming Tuesday. In other words it has doubled in price in the space of one year (in my area anyway).

As usual the price of tortillas and beans; way up--it always hits the poor hard--People ask me what to do--All you can do is eat less and do without and tighten your belt-- we will do better in Mexico because of the street vendors--bolios stuffed with ham and other goodies--maybe we will become healthier--

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14 hours ago, Bandol said:

I think the rules and expectations are changing everywhere.  Canada does not provide the stability that it once did.  

maybe someone needs to step down or be removed--It has always happened in human history---

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18 hours ago, Alpha1 said:

Those that haven't have paid the price and learned the hard way. Getting proper legal and accounting information is critical and cheap insurance, since what you don't know will hurt you.

where have you been? trucker's trucks seized; bank accounts frozen; foreign troops brought in against Canadian citizens?-OH; those foreign troops can be killed legally--it's a war against Canadians--OH; I forgot, you need guns to fight a war !--If that happened in the US all those foreign troops would be sent home in body bags to their grieving mothers !!!!!--Why do you think Japan never invaded the US?--Because a General said- "In America there is a gun behind every blade of grass "--

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