A Billion-Dollar Idea—for Free
Psst! Mexico…over here! I have an idea for you. A multi-billion-dollar one.
Actually…Costa Rica, you might want to pull up a seat too…and take your piece.
There’s a lot to go around…
Here it is: Create a new visa for mobile working folks. Sure…residency is easy to get in Mexico. But, income taxes are high. So, create a new visa that gives permanent residency and a low tax rate…say 10% to 20% on income. Non-Mexico investment and passive income should be exempt from tax.
Facebook, Twitter, Siemens…all the gang who already hang out in Tulum and Cabo… have told their employees they NEVER have to come back to the office. Why not entice them to move with their families, or pets, to Mexico?
Live in paradise with all your costs cut by two thirds versus living in a major city. It would be an overnight success and a multi-billion-dollar boost to the economy.
Portugal has attracted billions in investment through their Golden Visa program. My idea is nothing like this though. The European Golden Visa programs are for wealthy Asians and Latin Americans who want a foothold in Europe. An escape hatch. They tend to spend very little time there.
What I’m talking about is attracting a little army of young, innovative…highly productive and earning…folks. They will live most of the year in Mexico. Contribute to society. Send their kids to school. There’s a real economic kicker to this. These remote workers will start building teams around them and tapping into the pool of local labor and drawing more people from Europe and the rest of North America. They won’t just hire people to clean their homes. They’ll hire coders and designers. Accountants and lawyers. I’ve seen this exact situation play out in my own business. Wherever key members of the team base themselves a little ecosystem of vendors and contractors build up around them.
The residence visa should be extremely accessible, financially. Remember many of the folks you will be targeting could have very high incomes but still be shackled with college debt. Many won’t have the assets for a conventional European Golden Visa.
My offer goes as follows. I’ll write the program for free. Leave a few blanks for you to insert applicable tax rates. And, I’ll give a full money back guarantee that this program will add $1 billion in economic activity to Mexico in Year 1.
Please share if you think this is a good idea. Let’s make this happen…