The digital nomads are finding alcoves in the world where they can maximize their freedom and live very well. Mexico is high on that list!
January 23, 2023
By: Bobby Casey, Managing Director GWP
The idea of the “American Dream” has changed quite a bit since World War II. Back in the 1950s, someone could picture the dream as owning a nice-sized house with a white picket fence and having a family with two kids.
The idea of the American suburbs was born during this era. Quite a lot of time has passed since the “Baby Boom era,” and millions of people have grown up in a suburb somewhere.
The Evolution of the American Dream
According to some sources, cities actually started growing faster than the suburbs during the early 21st century. What was once known as the “American Dream” started evolving into something more urban.
But then came 2020, and the COVID pandemic, along with the summer riots in every major U.S. city.
The Shift Back to Suburbs and Rural Areas
The cities started emptying back into the suburbs and some rural areas. According to a Brookings study from 2022:
“The data show a new dispersal to large- and moderate-sized metro areas in the middle of the country—especially in the Northeast and Midwest. If these shifts continue, they could call into question the sharp clustering of the nation’s population—in large metropolitan areas and their cities—that characterized the first half of the 2010s.”
But last year and now this year, things have been getting much worse financially for many Americans. Many people have started looking for an escape.
Digital Nomads Flocking to Mexico
So instead of staying trapped where inflation has been running hot for two years and the economy is on the verge of recession, smart digital nomads are saying…
“¡Viva México!”
The Appeal of Mexico for Digital Nomads
Most people hear the word “immigration” and think of people from various places coming across the Mexican border into the United States.
But beginning last year, the floodgates opened the other way. Thanks to a much lower cost of living and remote work, Americans are moving into Mexico at a furious pace.
Economic Potential and Tax Benefits
The Mirror provided one example of the economic potential for digital nomads choosing to live in Mexico:
“One U.S. dollar is roughly 20 pesos. The U.S. federal minimum wage is $7.25 an hour. For a typical 40-hour workweek, a person gets roughly $1,160 a month, or 23,200 pesos. Mexico increased their national minimum wage to 178.87 pesos a day, or roughly 5,340 pesos a month, roughly $260 U.S. If someone is earning more than $7.25, they are in a different tax bracket entirely.”
Sounds great, right? Not so fast…
Challenges and Digital Nomad Taxes
The immigration is so intense that Mexico is running out of plastic to print the ID cards because of so many Americans and Canadians immigrating.
If you go today to get residency, it takes two months for them to print up an ID card.
In fact, I just renewed my residency in Mexico in October 2022, and it took two months to get my new card. Instead, they gave me a paper document to prove residency until the card was printed.
Navigating Digital Nomad Taxes
And even if you manage to gain residency in Mexico, don’t forget how complex digital nomad taxes can be. The United States government makes it challenging for people to leave without fulfilling their tax obligations.
This brings us to the importance of understanding and managing digital nomad taxes effectively.
Your “Stateside Exit” Can Start with One Phone Call
This is not to discourage you. Rather, it’s to stress the importance of getting expert advice based on your situation so things go as smoothly as possible. And the good news is…
You might have your own “dream” of living a truly free lifestyle with minimal expenses. Somewhere where inflation and taxes aren’t robbing you blind. It could be Mexico, somewhere in Eastern Europe, or another “hidden paradise.”
If the lifestyle of a digital nomad sounds like something you want to pursue, then I’ve got good news…
Become a GWP Insider
Become a GWP Insider, and you can schedule unlimited 1-hour consultations with me to help you reduce your tax burden—including navigating digital nomad taxes—lower your costs, and implement any other business and wealth internationalization strategies that make sense for you.
Benefits of Membership
In just one call, we could put together an exit plan to help you escape inflation, higher taxes, or expensive penalties when expatriating from the U.S. (or any other country).
People from all walks of life become GWP Insiders, like:
- A Canadian e-commerce entrepreneur living in Portugal making 6-7 figures net. He needs to know where to register his company and how to get out of the Canadian tax system without owing much (or anything) in Portugal.
- A German SaaS company owner living in Thailand.
- A Brit who is nomadic with a digital marketing agency.
- An American with a digital products business living in Mexico.
Even though my clientele is diverse, they’re all facing similar challenges.
They all want to create the right business structure and optimize it for a low-tax, multi-jurisdictional approach in different parts of the world (to stay free).
And I’m the one guy they come to for help!
Exploit Every Possible Tax Loophole
So if you’d like to exploit every possible tax loophole while avoiding the #1 most common business structure mistake (plus others unique to your situation), especially regarding digital nomad taxes…
Then you should join us inside GWP Insiders.
What’s Included
Once you join, you’ll immediately get to schedule your first 1-hour consultation with me. This can be used to discuss your business structure, ideal locations to live abroad, or even to make professional introductions for your specific needs.
One consultation would normally cost $445 to $4,000 depending on your situation, but GWP Insiders get unlimited consultations at no charge.
You’ll also gain access to the private membership area, which includes a variety of business, life, and wealth internationalization strategies that give you shortcuts to success with the following:
- Offshore companies
- Trust planning
- Tax planning
- Real estate
- Second passports
- Discounts on offshore structures
- And so much more
Bonus Content
As a bonus, the insiders-only content includes the 2022 edition of my Offshore Banking Report where you’ll discover more helpful information:
- The 9 best licensed offshore banks for 2022, plus my commentary on each.
- How to start banking in the U.S. without visiting a single branch.
- How to leverage “Fintech” institutions like the wealthy elite do.
- How FATCA could “trap” you even if you aren’t a U.S. citizen.
- The top 5 traditional U.S. banks that accept non-residents.
Take Action Now
Look, I’ve made joining GWP Insiders and scheduling your first 1-hour consultation with me as easy as taking a walk in the park.
But for a limited time, I have one more surprise for you…
If you go to this special page and sign up, you’ll also receive an 80% discount.
Bobby Casey
Location Independent Entrepreneur
P.S. Don’t Miss Out
Places like Mexico are continually getting “backlogged” with requests for residency by U.S. citizens who are “pulling the plug” on the traditional American Dream. That’s why I strongly encourage you to become a GWP Insider right now.
When you do, bring me your toughest questions about setting up your digital nomad “expatriation plan” and managing your digital nomad taxes to get away from it all.
I bet I can answer all of them during our first call. Massive financial and personal security await the right person. Hurry, and go to this link to save 80% right now.
