Originally Posted by baja
What is just getting underway is what many are calling the “Largest southern migration to Mexico of people and real estate assets since the Civil War” A significant percentage of the Baby Boomers have been doing the research and are making the life changing decision to move out of the U.S.A. The number one retirement destination in the world is Mexico. There are already over 2,000,000 US and Canadian property owners in Mexico. The most conservative number of American and Canadian Baby Boomers who are on their way to owning property in Mexico for full or part time living in the next 15 years is over 6,000,000. Do the math on 6,000,000 people buying a $300,000 house or condo and you will understand why the U.S. Government is trying to tax this massive shift of money to Mexico through H.R. 3056. The U.S. government calls this “The Tax Collection Responsibility Act of 2007”. Those who will have to pay it are calling this the EXIT TAX.
This has gone on for years. This isn't anything new. Haven't you heard of the "Snow-birds"? More so than Mexico, Americans are buying realestate in central and south America. You can get an offordable home with zero property tax and a view of the ocean for $300k. Those areas are starting to dry up more and more...but, where do Americans want to retire...Minnesota...Texas? No they head for the beach whereever they can afford it. And, Yes Mexico is still on their radar. Big deal...where's the news?
Comparing Mexico to the US in any shape or form is purely idiotic...even for you baja!