The ability to pocket undeclared income in Mexico is going away. Tax changes in 2020 have been announced by the government. The press and social media groups are circulating this important information to the expat community. The problem of foreigners who are renting their homes or condominiums and failing to pay Mexican taxes has existed for a long time. NO LONGER. Not declaring income and paying taxes is a violation of Mexican tax law with severe penalties if discovered.
The weaker peso is attracting more visitors. They are enjoying our temperate weather and lower prices for food and lodging. The increased ¨snow bird¨ population is putting pressure on restaurants and hotels to hire more staff. In some cases, these businesses are offering higher wages for the next 3-4 months to entice dental and medical assistants and other young workers away from their jobs. If we have more than 500 new condos being built in Zona Romantica, the concern about demand is still on the table.