Moving to Cabo San Lucas? Here's What You Need to know

Goldsmith Group Los Cabos February 16, 2023

Moving to Cabo San Lucas? Here's What You Need to know

Cabo San Lucas is on the tip of the Baja California peninsula, between the Sea of Cortez and the Pacific Ocean. It is a premier location for families looking for a second home and retirees. The population swells from November to March with tourists and part-time residences worldwide, notably from the United States and Canada. They are attracted to the mix of rural life and modern city.

There are rural areas with cows wandering the streets, and vibrant city centers hopping with night life. Cabo San Lucas has unlimited access to the ocean. It has mountains and a desert community. Temperatures rarely go below 70°F or above 100°F. As a result, Cabo San Lucas is a beautiful place to live.

Financing your real estate


Majority of US and Canadian buyers purchase their Los Cabos homes in cash. Refinancing in their home state or province is preferred by most. A global mortgage company such as Moxi does provide financing in Mexico for US citizens only. Speak to Paul or Daria Goldsmith for more details.

Another option that may be available to you is Developer Financing, which provides you with financing for real estate development when you purchase new construction. Repayment terms will vary but are usually based on construction completion dates.

Funds from your Self-Directed IRA can be used for foreign investments. However, the property will then need to be treated as an investment, which means you won’t be able to live or vacation in it until you retire. Talk with your financial advisor and real estate attorney, as there may be other laws and stipulations you need to follow. They may also have different ideas that are better suited to your needs and budget.

Immigrating to Mexico


Citizens of the United States do not need a Visa to enter Mexico as long as their stay is less than 180 days, and they are not being paid for any services while in the country. If you want to earn revenue from your Cabo San Lucas real estate, or wish to live there for more than 180 days, you can apply for a Temporary Resident Visa or a Permanent Resident Visa.

The Temporary Resident Visa expires after four years. You will need to apply for a Permanent Resident visa at that time. Once you enter the country, you have 30 days to negotiate your Visa. You will also have to register with the National Register of Foreigners.

The necessities


When you move to any new country, the daily comforts may not be the same in your new home. You will want to spend some time in Cabo San Lucas, away from the comforts of your favorite resort, and get a feel for what will change when you move to Mexico.

Water



Mexico doesn’t have dependable filtration country-wide as the United States does. Most homes will have a built-in water filtration system, and you will want to ensure it is in good working order. Thankfully, even the smallest stores sell large, recyclable jugs of safe drinking water.

Shopping


While the cost of living is lower in Mexico, large stores with meat, groceries, and clothing all in one store are not the norm. You will find a Home Depot, Walmart, and Costco in Cabo San Lucas but be prepared to buy your necessities at several different stores.

Money



While you can open a bank account in Mexico without a Visa, it isn’t necessary. Provided your American bank allows for free online banking and zero ATM fees, you will not need another bank account.

Driving


Your U.S. Driver’s License is all you need to drive in Mexico. They have Uber and Taxi services if you prefer not to have a car.

Residential options


There are many residential developments in Los Cabos, such as Diamante Cabo San Lucas. Residences range from move-in-ready condominiums to new-construction single-family homes. Investment opportunities range from $500,000 for a lot to $5.5 million for a custom-built villa. Amenities include private golf courses, a fitness center, pools, trails, restaurants, and nightclubs.

Some of the most popular neighborhoods for expatriates in the Los Cabos area include:

  • El Pedregal: The community is on a cliff that overlooks the sea. It has spacious homes starting at $900,000.
  • Cabo Bello: Considered to be in the tourism corridor because it is in the stretch between Cabo San Lucas and San Jose del Cabo, it is near the marina and has private lots with plenty of lush vegetation.
  • Cabo del Sol: A gated golf community along the Sea of Cortez with oceanfront homes and villas.
  • Punta Ballena: One of the most prestigious residential areas in Cabo. It has private tennis courts, two miles of walking trails, and an exclusive Beach Club.
  • Puerto Los Cabos: A master-planned community with gated residential areas, a golf course, a marina, and botanical gardens.
  • Querencia: A private community tucked away in a gorgeous natural environment surrounded by rugged hills and expansive plateaus.
  • Club Campestre San Jose: The community spans the foothills of the Sierra de la Laguna Mountains and has a Jack Nicklaus-designed golf course.

Entertainment



Cabo San Lucas provides the best of oceanfront amenities. You can watch the whales from December through April and might even see a newborn calf. The snorkeling and scuba diving opportunities abound with vibrant marine life. There are ocean adventures and desert adventures, hiking trails through the mountains, and so much more. The nightlife is alive and well in downtown Cabo with live music and dance clubs. Dining options range from the local taco stand to five-star restaurants with sunset views over the ocean.

Finding your oasis


Moving to Cabo San Lucas offers a wealth of opportunities. The weather is perfect, the golf is world-class, and the ocean is sublime. Spanning over 20 miles is a large variety of residential developments, and selecting the best one for you will likely require the help of a local expert. The agents at the Goldsmith Group have been helping expatriates find their dream home in Cabo San Lucas since 2015. They are happy to answer your questions and help you find the best investment opportunities in Mexico.




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