Forgetting is cheap in Mexico, as Kenny Chesney once sang in “Tequila Loves Me,” and apparently moving abroad is, too.
According to data from International Citizens, an international health insurance agency, Mexico is the top destination to move abroad for every age group, the company told Entrepreneur.
Nicole Gustas, marketing director at the agency, said Mexico is a perennially popular destination for expats because the dollar is strong against the peso, and people from the U.S. can increase the purchasing power of their retirement savings.
“And then, of course, there’s the spectacular culture, wonderful climate, beautiful scenery,” she added.
Carlos Tischler / Eyepix Group/Future Publishing via Getty Images
International Citizens helps people find and buy international insurance, which is often a requirement for obtaining various visas, Gustas said. Because of that, inbound requests to Citizens typically include people who are pretty close to moving abroad or almost done with the process, she added.
The company broke down inbound inquiries from people in the U.S. looking for help with international health insurance from September 2021 to August 2022 and shared it with Entrepreneur.
Mexico hardly surprised Gustas, but she said there are some interesting changes, too. Costa Rica appears to have lost some of its lusters as the country has become more expensive, Gustas added.
Here are the top places Americans want to move abroad, per International Citizens.
Where Boomers are Moving
“People over 60 are often looking to stretch their retirement dollars,” said Joe Cronin, president of International Citizens in an email. That means Mexico is a huge favorite. It represented 16% of requests from this age group.
Spain jumped from No. 9 to No. 6 in popularity, and France jumped from No. 11 to No. 8.
Canada also had a big shift, from No. 10 to No. 7. As for losses, Costa Rica lost several spots, going from No. 5 to No. 9 compared to the prior year. The UK dropped two spots.
1. Mexico
2. Portugal
3. The Philippines
4. Italy
5. Thailand
6. Spain
7. Canada
8. France
9. Costa Rica
10. UK
VW Pics / Contributor
Where Gen X Is Moving Abroad
Some of this is the early retirement crowd and some are simply people who want to move abroad to work, Cronin said. The age group is 40 to 59.
Mexico brought in 15% of requests, and even more than last year, Cronin said.
Costa Rica similarly lost ground with this age group, from No. 2 to No. 4. “Costa Rica is higher here than in our older age cohort, possibly because people who are working remotely choose to move there,” Cronin said.
Portugal made up about 6.7% of requests and moved up from No. 3 last year. Gustas thinks word-of-mouth chatter from various travelers is boosting interest in Portugal.
“Italy was No. 4 in the previous year, so this is a big shift,” Cronin noted.
1. Mexico
2. Portugal
3. Canada
4. Costa Rica
5. Thailand
6. Spain
7. The Philippines
8. Italy
9. UK
10. France
Where Are Millennials and Gen Z Moving
The youngest group in the data was aged 25 to 39. It includes the eldest members of Generation Z but the majority is Millennials, Cronin said.
“In this cohort we see higher-income countries moving up the list. Australia’s Working Holiday Visa, which is open to people up to age 35, is a driver behind their appearance in the top 10,” Cronin said.
Australia’s border was closed from March 2020 to February 2022.
Ireland and China are also new to the top 10, he added.
Loop Images / Contributor / Getty Images
1. Mexico
2. Canada
3. UK
4. Spain
5. Germany
6. Australia
7. Costa Rica
8. Thailand
9. Italy
10. France
Read the full article here
