Creating income in Mexico is not a problem. I continue to be amazed at how much easier it is to live here, enjoy life and do business.
Firstly, you can work online and you need not do any reporting to the Mexican govt. If you want a brick and mortar you will file with the SAT office to set up tax payments. Depending on your business choice, the tax bracket will then be defined. It is fast and easy.
One or two trips to SAT and you are good to go. Please note, I highly recommend not trying to operate out of their system…lest you risk being deported for non-compliance.
Finding a good tax accountant in Mexico is another story. There are American accountants who work here advising on IRS and FBAR filings for ex-pats. They are the best sources for finding a qualified Mexican accountant. If you use both, you will sleep at night knowing how to live offshore without problems on either side of the border. The rates also tend to be much less than in the USA.
As far as ideas for successful income streams in Mexico go, buying a home and renting it out for short term stays is very lucrative. I suggest to all clients looking for property, to entertain one that is ideal for renting. Have several income streams if possible.
From a property investment angle, real estate is a non-reportable asset when buying offshore. Internationals enjoy capital gains exemption of about $200K for each person on the deed were you to sell (this is tied to the exchange rate so it will depend on rate at purchase and again on sale).
Retail shops are plentiful in hot spots like San Miguel de Allende or Puerto Vallarta. There are so many creative people who join forces with the plethora of talented Mexican artisans to establish designs both for retail here and exporting to the USA. Check out this NYC designer who does production here in Mineral de Pozos, has a shop in San Miguel (45 minutes away), and retail in New York.
Dining out is a pastime. If you are a seasoned chef, opportunities are endless. Food is so much less expensive here…farm to table is everywhere. Mexico grows fruits and veggies for export world-wide and hence there is always produce available. No broken supply chains!
If you are bi-lingual, many opportunities for translating especially in healthcare. With over 1.5 million internationals currently living in Mexico, and many retired and only English-speakers, the need for health advocates is on the rise. And, given the pandemic mindset now, shopping services is a big business.
Creating income in Mexico is a past time for many. Whether it is augmenting your retirement income or going full out for thousands a month depends obviously on your investment potential.
Either way, it is simple, no wild reporting laws like in the USA, and so much more captivating working without fear of doing this and that incorrectly. The freedom and sunshine and lower costs make it all worth the gamble. Having done both crazy success in the USA and simple, quality-of-life income in Mexico, I would not ever go back to crazy. An open mind and creative energy is all you need.