Expatriates come to Mexico to enjoy their retirement; Mexicans leave for advancement

Mexico is recognized for the good reception and easy integration of expatriates, although not for professional growth opportunities.

Most foreigners choose to move to Mexico to retire, while almost half of the Mexicans who leave the country do so to progress professionally.

These are some of the conclusions of the last edition of the Expat Explorer survey, of the HSBC bank, in which Mexico ranks 16th in a list of 31 countries that receive the most foreigners; In fact, the report on Mexico begins: “If a nation expects a positive outlook for the world this nation is Mexico”.

The study examines how 22,318 expatriates around the world feel in their host countries in three categories: status and economic projections, on-site experience and family life.

Those who come

Seven out of 10 expatriates in Mexico are over 55 years old, 62% are retired, 15% have children and receive an average income of 1 million 275,540 pesos per year.

This explains why the economy and family life are not the categories that weigh on the list of pros to move to Mexico to enjoy the days of retirement.

In fact, only 22% of expats consider it an appropriate place to progress professionally and 16% believe that their economic expectations in this country are better than in other places.

This is why Mexico is ranked 25th as the best economic destination and 13th for the family.

But it is the experience that gives Mexico a competitive advantage by raising its position to number 7 in this area, two positions higher than in 2017 and above countries such as Germany.

What expatriates value most from their experience in a foreign country is “the opportunity to integrate with the local population and make friends, as well as cultural richness, excellent quality of life and a positive impact on health and well-being”, says the report.

Likewise, the report indicates that in Mexico, foreigners donate to charitable causes and participate in local activities twice as many times as foreigners in other countries. “In different ways, it is a way to return to society the warm welcome and social inclusion.”

“When they return to their homes – mainly the US, Canada, the United Kingdom, France, and South American countries – the expats that leave Mexico feel more adaptable, tolerant and open-minded. Almost 40% say they are happier, “according to the HSBC study.

The survey data show that foreign retirees live a reality parallel to that of their local counterparts.

According to the Global Index for Retirement 2018, of Natxis, Mexico is one of the worst countries for its citizens to have a decent retirement . This, because for the second year in a row, ranked 37th on the list of 43 nations.

Those who leave

The reality of the foreigners who settle in the country to enjoy their new stage without work contrasts with that of the Mexicans who move to other countries, that is, the local expatriates.

These are people between 18 and 54 years of age, employed and in 39% of cases, with children. Their average income is 2 million 193,415 pesos per year and their chosen destinations are Europe (in 49% of cases) and North America (42%).

Almost half of them say that they left the country to give a boost to their careers. In fact, more than 20% work in the finance sector and once outside, their average salary increases by more than 33%.

The report highlights that in 99% of cases, local expatriates speak a second language. “With this profile, it is logical that almost in half of the cases it is their employer who sends them out,” he adds.

From the ranking of 31 countries most valued by expatriates around the world, Singapore, New Zealand and Germany repeat in the top 3. Countries such as France (11) and Russia (20) go up, while Spain (14) and the United States (23) go down ). Close the Brazil list.

Source: FORBES, HSBC

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