Mexico and My Money: New survey aims to guide expats on financial decisions
Mexico News Daily has launched a new anonymous survey to help foreign residents better understand and manage their personal finances in the country, as the expat population continues its rapid expansion.
The 20-question survey, which went live on Saturday, will inform a new weekly series called Mexico and My Money, covering topics including banking, currency exchange, rental income, investing and working with local contractors and service providers.
The initiative comes as Mexico's foreign-born population has grown by 95% over the last decade, with more than 1.5 million US-born citizens now calling Mexico home, making Americans the largest foreign community in the country. Applications for temporary and permanent resident cards from citizens of developed countries, particularly the United States and Canada, more than doubled between 2020 and the early 2020s, according to Mexican interior ministry statistics.
Financial landscape for expats
The survey addresses critical financial issues facing foreign residents in Mexico. The Mexican peso has appreciated almost 16% against the US dollar in 2025 and continued strengthening in early 2026, reaching approximately 17.04-17.65 pesos per dollar as of August 2026, its strongest level since July 2024. This currency movement significantly impacts expats' purchasing power and financial planning.
Housing represents another key area of concern. Mexico's housing prices are projected to rise 7-8% in 2026 according to Fitch Ratings, representing a moderation from prior years' double-digit growth rates. In sought-after Mexico City districts, rents have climbed significantly due to the influx of foreign residents, fueling debates over short-term rentals and gentrification, with city officials weighing measures to protect long-term housing.
Banking and tax considerations
The survey will help identify common challenges expats face with banking services. BBVA Bancomer, Mexico's largest financial institution with more than 14,000 ATMs and nearly 1,700 branches, offers accounts for non-residents and remains a popular choice among expats.
Tax obligations represent a complex area for foreign residents. Foreigners who spend more than 183 days per year in Mexico become Mexican tax residents, requiring them to report and potentially pay taxes on worldwide income. Non-resident landlords earning rental income face a 25% withholding tax on gross rental income with no deductions allowed, and an additional 16% VAT may apply to furnished properties.
US citizens living in Mexico must also navigate reporting requirements in their home country. Those with foreign bank accounts must report to the IRS if the total balance across all foreign accounts exceeds $10,000 at any point during the year.
The survey findings will be shared on Mexico News Daily and will guide the new weekly series on common mistakes and best practices for protecting and growing money in Mexico. Results will help the Mexico-based foreign community feel more confident about their personal finances in the country.
