Market Opportunities
Imagine relocating to Mexico. What do you see?
According to Fraind, you should be envisioning a robust economy in many parts of the country, no longer simply related to manufacturing. Design, engineering, and other “white collar” roles are taking a foothold.
Mexico is emerging above the typical “beachy” (or perhaps cartel-related) imagery. Because beyond the weather and cuisine, Mexico is the world’s eighth largest producer of automotive parts and the world’s largest supplier of flat-screen TVs.
Mexico’s infrastructure is reliable and modern. There are malls, cinemas, and private hospitals specifically catering to medical tourism. Oaxaca and Playa Del Carmen are short vacations away from such bustling metros as Monterrey and Mexico City.
Market Challenges
While its global image is starting to change, there are, of course, challenges to consider regarding Mexico as an expat destination.
Fraind cautioned on corporate housing and rental issues for transferees in Mexico, such as low suitable inventory, the lack of modern appliances in many units, and needing a co-signer in most leasing agreements.
Fraind also explained there are long wait times and application processes for schooling—posing an issue for relocating families.
Visa processing is straightforward and relatively quick, but any delays in the application process means a delay in other destination services: applying for a bank account, applying for a driver’s license, and finding housing in a timely manner. Working with a professional destination support organization should eliminate the chances of delays.
Thanks in part to rebranding efforts alongside the country’s growth (“Mexico: The place you thought you knew”), businesses’ initial perceptions of Mexico are starting to shift to envision something more rich in infrastructure and opportunity. And a market where employees could thrive.