California millionaires rebelling from Taxafornia tended to move to the income tax-free states of Texas, Washington and Nevada. But increasingly Californians are headed for Mexico. A Google internet search for “emigrate to the United States” generates 3.3 million hits”; but “emigrate to Mexico” generates 1.3 million hits and the number is rising fast. Besides low taxes, Mexico has six times the beachfront, half the food prices and a third the real estate costs versus California.
Because Mexico officially bans foreign ownership of land, disallows birth-right citizenship and tries to make it difficult for foreigners to find work, there are only 150,000 Americans who live legally in the Empire of the Sun. But over one million Americans live in Mexico illegally. These American Wetbacks can establish property trusts and take advantage of bank secrecy laws to hide assets from the prying eyes of IRS and California tax collectors. American Wetbacks can roll-over six month tourist visas for $25 and vehicle permits for $30. Mexican businesses seldom ask for identification.
While California’s economy is in the doldrums with 10.2% unemployment, Mexico’s economy is booming with only 5.0% unemployment. The Mexican business climate is benefiting from strong production growth and increasing job opportunities. Over 1.4 million Mexicans — including about 300,000 children born in the United States — returned to Mexico from the United States between 2005 and 2010. Net immigration to the U.S. dropped to zero since 2008, while American immigration to Mexico is thriving.
Sunday, December 2, 2012
Californians Are The New Wetbacks Headed For Mexico
This is called a reversal of fortunes.