We're comparing taxation, retirement, and social rights for long-term immigrants in Kenya and Mexico. It's complex, isn't it, Leo?
Indeed, Mira. Let's start with Kenya. Taxation involves income tax and VAT; residency (183 days) determines tax obligations. Rates can be significant.
Correct. Mexico's system is different. Worldwide income is taxed for residents, but residency rules are intricate. Income tax rates are generally lower than Kenya's.
Regarding retirement, Kenya's NSSF primarily covers Kenyan employees. Immigrants often rely on private pensions or international options.
In Mexico, IMSS is mainly for residents and contributing workers. Immigrants may need private pensions or their home country's plans.
Concerning social rights, access to public healthcare and social services in Kenya can be limited for immigrants unless they have specific permits.
Mexico offers more accessible social rights for legal residents, with public healthcare through IMSS and Seguro Popular, though quality can vary.
Ultimately, proactive planning is crucial for long-term immigrants in both countries. Neither offers automatic, extensive social benefits.
Precisely. Thorough research on taxes, pensions, and healthcare is essential before relocating for an extended period.
Remember, knowledge is power. And a good accountant is invaluable.
Agreed. Thank you for joining us.
Thank you.