Tax, economy, and demographics

Dimension	Mexico	Singapore
Corporate income tax	30%Very high	17%Moderate
Corporate tax basis	WorldwideWorldwide	Modified remittance basisModified remittance basis
Personal income tax (marginal)	35%Moderate	24%Low
Personal tax basis	WorldwideWorldwide	TerritorialTerritorial
Population	133.0 M×22	6.1 M
Area	1,964,375 km²×2673	735 km²
Population density	68 /km²	8,313 /km²
Capital	Mexico City	Singapore
Currency	MXN (Mexican peso)	SGD (Singapore dollar)
Main airport	MEX (Mexico City International Airport)	SIN (Singapore Changi Airport)
Phone code	+52	+65
Internet TLD	.mx	.sg

Visa access controls

Your access

Pick your nationality above to see how long you can stay in each country and whether you need a visa.

Passport power

Mobility strength of each country's passport, useful if you are weighing it as a future citizenship.

Mexico passport

#20

Henley rank

156

Visa-free destinations

• Schengen visa-free

Singapore passport

#1

Henley rank

192

Visa-free destinations

• Schengen visa-free
• UK visa-free
• US ESTA
• Canada eTA
• Australia eTA

Verdict

For professionals who prioritize safetyshield index, Singapore leads with 9.4 / 10 versus 4.5 / 10 for Mexico. On flight index, Singapore is at 8.9 / 10 compared with 4.8 / 10 for Mexico.

Frequently asked questions

• Mexico

  Can foreign residents open bank accounts and deploy capital in Mexico without friction?

  Foreign residents can open accounts, convert currency, invest, and acquire most assets in Mexico, but onboarding involves real friction rather than none. Mexican banking is supervised by the Comisión Nacional Bancaria y de Valores (CNBV), a deconcentrated body of the Secretaría de Hacienda y Crédito Público (SHCP), while the Banco de México acts as the central bank and monetary authority. Major retail banks include Banamex (Banco Nacional de México, separated from Citi México in December 2024), BBVA México, Santander México, Banorte, HSBC México, Scotiabank, and Inbursa. Account opening for foreign residents typically requires a valid passport, a residence document, a Clave Única de Registro de Población (CURP), proof of a Mexican address such as a recent utility bill, and in many cases a Registro Federal de Contribuyentes (RFC) tax registration, with source-of-funds evidence for higher-value or investment accounts, although exact requirements vary by bank and product. Accounts are tiered from Nivel 1 to Nivel 4, where the lower tiers carry monthly deposit limits and Nivel 4 offers full-documentation functionality with no general statutory deposit cap beyond any limit agreed with the bank. Lead times range from same-day digital onboarding to several weeks where enhanced due diligence applies. Private banking and patrimonial segments operate at the major banks, including BBVA Patrimonial, Santander Select, Banorte Banca Patrimonial, and Banamex, alongside international wealth managers present through different vehicles, with UBS running CNBV-regulated entities, Morgan Stanley through a casa de bolsa, and Julius Baer through a representative office. Entry thresholds are set by each institution rather than by a single market-wide minimum, and local patrimonial tiers can start well below the levels associated with offshore private banking. Mexico applies the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) through its tax authority and was not listed by the Financial Action Task Force (FATF) as a high-risk or increased-monitoring jurisdiction at its February 2026 plenary. Mexico has operated a free-floating exchange-rate regime since December 1994, with no general capital controls, so conversion between United States dollars (USD) and Mexican pesos (MXN) and outbound transfers are freely available in practice, subject to bank-level identity and anti-money-laundering checks, sanctions screening, tax documentation, and transaction reporting. Foreigners may own real estate directly outside the constitutional Restricted Zone, defined under Article 27 of the Constitution as the strip within 100 kilometres of an international border and 50 kilometres of any coastline. Inside that zone, residential acquisition is channelled through a fideicomiso, a 50-year renewable bank trust under which the bank holds legal title and the foreigner is the beneficiary. A Mexican company, including one held entirely by foreign capital, may instead hold property directly inside the Restricted Zone for non-residential purposes, while foreign-owned companies may not acquire residential-use property there. Investment access to the Bolsa Mexicana de Valores (BMV) runs through licensed casas de bolsa such as GBM, Actinver, Vector, Monex, Punto Casa de Bolsa, and UBS, among other CNBV-supervised intermediaries, with onboarding speed depending on the brokerage, residence status, tax registration, and compliance review rather than being uniformly same-day. Crypto-assets are not legal tender in Mexico and are not treated as foreign currency under the joint position of the Banco de México, the SHCP, and the CNBV, and Mexican financial institutions are not authorised to offer crypto-asset operations to the public, although non-bank exchanges such as Bitso operate in the retail market, so crypto should not be read as a regulated substitute for bank deposits or securities custody. Mexican tax residents may also carry annual reporting and tax obligations on income earned through foreign entities and transparent foreign vehicles under the controlled-foreign-entity and preferred-tax-regime rules of the Ley del Impuesto sobre la Renta (LISR), principally Articles 176 to 178 of its Title VI, filed through the dedicated annual informative return, rather than under a blanket offshore-account disclosure.

• Singapore

  Can foreign residents open bank accounts and deploy capital in Singapore without friction?

  The financial regulator is the Monetary Authority of Singapore (MAS), which combines central-bank, banking-supervision, securities-regulation, and insurance-supervision functions. Singapore is a top-tier banking jurisdiction with the three local incumbents (DBS, OCBC, UOB) plus the Singapore branches of HSBC, Standard Chartered, Citibank, and a deep roster of private-bank platforms (Bank of Singapore, J. Safra Sarasin, Pictet, Lombard Odier, Julius Baer, UBS Wealth, BNP Paribas Wealth Management). Account opening for foreign residents is straightforward for retail accounts (1 to 3 weeks with valid pass and proof of address) but rigorous for non-resident or HNWI accounts (4 to 12 weeks, often requiring an in-person meeting). All Singapore institutions apply enhanced source-of-funds verification and full FATCA and CRS reporting under the Income Tax (International Tax Compliance Agreements) Order. Singapore is a FATF member with a strong technical compliance profile (compliant on 20 of 40 FATF Recommendations and largely compliant on 17 of 40 per the most recent enhanced follow-up report) and applies the AMLD-equivalent Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act and the Terrorism (Suppression of Financing) Act. There are no foreign exchange controls and the SGD is fully convertible. Foreign nationals can purchase non-landed private residential property freely (apartments, condominiums) but face a 60 percent Additional Buyer Stamp Duty (ABSD) on residential purchases, with Singapore Permanent Residents paying a reduced 5 percent ABSD on their first residential property and 30 percent on the second (and 35 percent on third and subsequent). Singapore citizens are exempt on their first property and pay 20 percent on the second and 30 percent on the third and subsequent. Landed residential property and vacant residential land require Land Dealings Approval Unit consent and are typically restricted to citizens. Singapore tolerates regulated cryptocurrency activity under the Payment Services Act 2019 administered by MAS, with Digital Payment Token Service Provider licensing required for exchanges and custody.

• Mexico

  How does taxation apply to residents and foreign-source income in Mexico?

  Mexico taxes its fiscal residents on worldwide income, whatever the source of the wealth, an obligation that derives from Article 1 of the Ley del Impuesto sobre la Renta (LISR). Tax residency itself is defined in Article 9 of the Codigo Fiscal de la Federacion, which is triggered by a permanent home in Mexico or, for a person with a home in more than one country, by a centre of vital interests in Mexico, meaning that more than 50 percent of the calendar-year income is Mexican-sourced or that the principal centre of professional activities sits there. The federal corporate income tax, the Impuesto sobre la Renta (ISR), is a flat 30 percent under Article 9 LISR with no state-level corporate surcharge. Concessionary corporate regimes available in 2026 include the manufacturing, maquila and export services regime (IMMEX) under the Decreto of 1 November 2006 and Articles 181 to 183 LISR, where a Safe Harbor methodology has been mandatory since fiscal year 2025 after the last advance pricing agreements covered 2020 to 2024. Under Safe Harbor the taxable base is the higher of 6.9 percent of assets used or 6.5 percent of operating costs and expenses, and the resulting effective burden depends on each company's cost, asset and margin structure rather than on any fixed statutory rate. The Regimen Simplificado de Confianza (RESICO) for legal entities, under Articles 206 to 215 LISR, applies cash-basis 30 percent ISR to Mexican-resident corporations with up to MXN 35 million annual revenue and only individual resident shareholders, and allows accelerated investment deduction at the maximum percentages of Article 209 LISR only where total investments in the year do not exceed MXN 3 million, the general Title II percentages applying above that threshold. The Polos de Desarrollo Economico para el Bienestar regime, created by decree in the Diario Oficial de la Federacion of 22 May 2025, grants a 100 percent ISR credit during fiscal years 1 to 3, then 50 percent or up to 90 percent where minimum employment thresholds are exceeded during years 4 to 6, plus 100 percent immediate deduction of new fixed assets through 30 September 2030 and a 100 percent VAT credit on intra-Polo transactions, with 14 Polos approved by the inter-ministerial committee as of May 2025. The Plan Mexico decree, published in the Diario Oficial de la Federacion of 21 January 2025, layers accelerated depreciation of 41 to 91 percent on new fixed assets acquired in 2025 and 2026 and 35 to 89 percent on assets acquired between 2027 and 30 September 2030, plus a 25 percent additional deduction on the increase in training and innovation expenses for priority sectors anywhere in Mexico. Personal income tax is progressive from 1.92 to 35 percent across 11 brackets under the annual tariff of Article 152 LISR. For 2026 the 35 percent top marginal rate applies to annual taxable income above MXN 5,107,703.93, the bracket published in Annex 8 of the Resolucion Miscelanea Fiscal 2026 (Diario Oficial de la Federacion of 28 December 2025) after the tables were rebased by 13.21 percent for accumulated inflation. The RESICO regime for individuals, under Articles 113-E to 113-J LISR, offers a flat 1.00 to 2.50 percent ISR on gross business, professional or rental income up to MXN 3.5 million annual, with no deductions, and is unavailable to partners or shareholders of legal entities, to related-party transactors and to foreign residents. There is no separate federal wealth tax, no standalone inheritance or gift tax and no general exit tax at the individual level. Inheritances and legacies are exempt from ISR under Article 93 LISR, while gifts are exempt between spouses and in the direct ascending or descending line and other gifts are exempt only up to three times the annual Unidad de Medida y Actualizacion, the excess being taxable. Capital gains realised by resident individuals on listed Mexican shares are taxed at 10 percent under the dedicated regime of Article 129 LISR, computed on net annual gains with brokers reporting and provisionally withholding and the balance settled in the annual return, rather than as a simple final withholding. The standard VAT rate is 16 percent, with an effective 8 percent rate in the Northern Border Zone through a fiscal stimulus that credits half of the tax, and a 0 percent rate on exports. The Ley de Ingresos de la Federacion 2026, published in the Diario Oficial de la Federacion on 7 November 2025, introduces in its Twenty-Fourth Transitory Article a final 15 percent ISR on legally sourced funds held abroad until 8 September 2025, returned to Mexico no later than 31 December 2026 and kept invested in Mexican productive activities for at least three years, the levy applying to the gross amount without deductions and being definitive. Mexico operates a treaty network of more than 60 jurisdictions including the United States, Canada, Spain, France, Germany, the United Kingdom, the Netherlands, Japan, Korea and most OECD members, with a foreign tax credit available to residents under Article 5 LISR. Mexico participates in the OECD Inclusive Framework but has not enacted a domestic Pillar Two minimum-tax package, with no qualified domestic minimum top-up tax, income inclusion rule or undertaxed profits rule in force as of May 2026, which leaves Polo and IMMEX entities with potential top-up tax exposure at the level of the ultimate parent jurisdiction.

• Singapore

  How does taxation apply to residents and foreign-source income in Singapore?

  Singapore operates a territorial-with-remittance corporate tax system at a flat 17 percent headline rate on Singapore-sourced income and on foreign income received in Singapore (Section 10 of the Income Tax Act 1947), with broad foreign-source exemption under Section 13(8) for dividends, branch profits, and service income meeting the subject-to-tax and headline-rate (15 percent) tests. Tax residency for individuals is established by the 183-day rule under Section 2 of the Income Tax Act, with administrative concessions for two-year and three-year continuous employment. For individuals, progressive rates run from 0 percent (first SGD 20,000) to a top marginal of 24 percent on chargeable income above SGD 1,000,000, raised from 22 percent effective Year of Assessment 2024. Foreign-source income received in Singapore by resident individuals in their personal capacity is generally not taxable as a matter of administrative practice consistent with the territorial principle (the Comptroller of Income Tax exempts such income where the exemption is beneficial to the recipient), while income received through a Singapore partnership falls within the Foreign-Sourced Income Exemption (FSIE) scheme under Sections 13(7A) to 13(11) of the Income Tax Act 1947 subject to subject-to-tax and 15 percent foreign headline rate conditions. Combined with the absence of capital gains tax, dividend tax, inheritance tax, and wealth tax, this produces a de facto territorial regime for individual taxpayers. Non-residents pay a flat 24 percent on most income except employment income, taxed at the higher of 15 percent flat or progressive resident rates. The Section 10L rule introduced in Budget 2024 may tax certain foreign-asset gains received in Singapore by entities lacking economic substance. For corporates, several concessionary regimes lower the effective rate well below 17 percent. The Pioneer Certificate Incentive (PC) and Development and Expansion Incentive (DEI) administered by EDB grant 5 percent, 10 percent, or 15 percent on qualifying headquarter or high-value-added manufacturing income, with the 15 percent tier introduced in Budget 2024 (effective 17 February 2024) to align with the OECD Pillar Two minimum effective tax rate. The Financial Sector Incentive (FSI) administered by the Monetary Authority of Singapore offers 5 percent, 10 percent, 13.5 percent, or 15 percent rates across sub-categories including FSI-Standard Tier, FSI-Headquarter Services, FSI-Trustee Company, and FSI-Fund Management (with a 5 percent rate for newly listed Singapore fund managers under Budget 2025), with the 15 percent tier added in Budget 2025 effective 19 February 2025 to align with Pillar Two. The Intellectual Property Development Incentive (IDI) grants 5, 10, or 15 percent on a percentage of qualifying IP income determined by the OECD modified nexus approach (BEPS Action 5). The Finance and Treasury Centre (FTC) regime grants 8 or 10 percent on approved corporate treasury income. The Global Trader Programme (GTP) administered by Enterprise Singapore grants 5, 10, or 15 percent on international physical commodity trading income. The Refundable Investment Credit (RIC) introduced in Budget 2024 is a Pillar Two-compliant Qualifying Refundable Tax Credit awarded by EDB or Enterprise Singapore on an approval basis with up to 50 percent of qualifying expenditure supported and a 4-year cash-refundable balance. Section 13W of the Income Tax Act provides a statutory safe harbour exempting gains from disposal of ordinary shares (and, since Budget 2025, qualifying preference shares accounted for as equity by the investee) where the divesting company has held at least 20 percent of the investee continuously for at least 24 months prior to disposal, with the previous 31 December 2027 sunset removed under Budget 2025 making the safe harbour permanent. Family offices use Section 13O (Singapore Resident Fund Scheme) and Section 13U (Enhanced-Tier Fund Scheme) of the Income Tax Act, both materially tightened by MAS Circular FDD Cir 10/2024 effective 1 January 2025. Section 13O requires minimum AUM of SGD 20 million in designated investments at application (no grace period), at least two investment professionals with at least one non-family member (12-month grace for the second), tiered local business spending starting at SGD 200,000, and mandatory local-investment deployment of at least 10 percent of AUM or SGD 10 million whichever is lower. Section 13U requires SGD 50 million minimum AUM at application and at end of each basis period, three investment professionals (one non-family member for SFO structures), and tiered local business spending of SGD 200,000, SGD 500,000, or SGD 1,000,000 depending on AUM band. Both regimes have required a screening report from MAS-approved providers since October 2024. Beyond 13O and 13U, Section 13D of the Income Tax Act provides tax exemption to non-Singapore tax-resident offshore funds managed from Singapore with no AUM minimum (one Singapore-based investment professional required from Year of Assessment 2028 onwards), and the new Section 13OA effective 1 January 2025 extends the resident fund regime to Singapore-registered limited partnerships with a SGD 5 million minimum AUM and tiered local business spending starting at SGD 200,000. Singapore has signed over 90 comprehensive Avoidance of Double Taxation Agreements covering all major OECD economies, China, India, and most ASEAN states. Singapore has enacted the Multinational Enterprise (Minimum Tax) Act 2024 implementing the OECD Pillar Two Income Inclusion Rule and Domestic Top-up Tax for in-scope multinational groups (consolidated revenue above EUR 750 million), with IRAS registration opening in May 2026.

• Mexico

  What long-term residence options exist in Mexico for internationally mobile individuals?

  Mexico operates a consular Temporary Residency route (Residente Temporal, Article 52(VII) of the Ley de Migración) for stays of more than 180 days and up to 4 years, alongside a direct Permanent Residency route for retired or pensioned applicants (Residente Permanente, Article 54(III)). The Acuerdo published by the Secretaría de Relaciones Exteriores (SRE) in the Diario Oficial de la Federación on 25 July 2025 rebased the economic solvency thresholds onto multiples of the Unidad de Medida y Actualización (UMA), the daily reference unit set at MXN 117.31 from 1 February 2026. Temporary Residency by economic solvency offers four main routes. The income route requires monthly employment or pension income above 680 UMA (about MXN 79,771) over the previous 6 months. The savings route requires an average monthly bank or investment balance of 11,460 UMA (about MXN 1,344,373) over the previous 12 months. The real estate route requires ownership of Mexican property worth more than 91,710 UMA (about MXN 10,758,500). The investment route requires qualifying investment above 45,850 UMA (about MXN 5,378,664), which may be evidenced through capital participation in a Mexican legal entity, transfer of assets or rights to the company, qualifying fixed assets used for business activity, or documentation proving economic or business activity in Mexico. The visa is issued for a single entry, the residence card must be requested before the Instituto Nacional de Migración (INM) within 30 calendar days of entry, and it is granted for 1 year initially, renewable up to a cumulative 4 years. Family members may qualify through family unity, with an additional economic solvency requirement of 220 UMA (about MXN 25,808) per dependent, which is a means test rather than a fee. Direct Permanent Residency is available to retired or pensioned applicants who show either an average monthly bank or investment balance of 45,850 UMA (about MXN 5,378,664) over the previous 12 months, or pension income above 1,140 UMA (about MXN 133,733) per month over the previous 6 months, granting indefinite stay from issuance of the card. Spouses or common-law partners of Mexican nationals fall under Article 56 and are not documented directly as permanent residents. They are first granted Temporary Residency for 2 years, after which they may change to Permanent Residency if the marital or common-law link subsists. The same 2-year sequence applies to spouses of foreign permanent residents under Article 55. Employer-sponsored Temporary Residency runs under Article 52(VII), through a visa authorisation promoted before the INM by a Mexican employer holding a valid employer registration (Constancia de Inscripción del Empleador). A points-based Permanent Residency is codified under Article 57, but its implementing dispositions are not operational in a clearly defined way under current published rules. The Ley Federal de Derechos amendment published in the Diario Oficial de la Federación on 7 November 2025 raised INM card fees sharply from 1 January 2026, with the 1-year temporary residence card rising to MXN 11,140.74, approximately double the main 2025 reference amount. A 50 percent fee reduction applies where residency rests on family unity, a national employment offer by a registered employer, or an invitation by a public or private organisation for unpaid activity. A temporary-to-permanent pathway therefore carries an indicative cumulative INM cost in the region of MXN 47,500 to 60,000 depending on the renewal sequence, before consular fees, translations and ancillary costs, rather than a single fixed amount. Naturalisation is generally available after 5 years of legal residence under the Ley de Nacionalidad, reduced to 2 years for nationals of Latin American countries or of the Iberian Peninsula, and for spouses of Mexican nationals who meet the residence and cohabitation conditions. Dual nationality should be treated with care. Mexican nationality by birth is strongly protected, but naturalised Mexicans are subject to specific renunciation and protestation requirements and to constitutional grounds for loss of Mexican nationality by naturalisation, so foreign nationals keeping another citizenship should confirm their position before naturalising.

• Singapore

  What long-term residence options exist in Singapore for internationally mobile individuals?

  Singapore offers a tightly engineered ladder of work passes and a single direct route to Permanent Residence through the Global Investor Programme, all administered with significant discretion by either the Ministry of Manpower (MOM) or the Economic Development Board (EDB). The Employment Pass (EP) is the standard route for foreign professionals earning a fixed monthly salary of at least SGD 5,600 in general sectors and SGD 6,200 in financial services as of 1 January 2026, rising to SGD 6,000 and SGD 6,600 respectively from 1 January 2027. EP candidates must also score at least 40 points on the COMPASS framework introduced in September 2023, which assesses salary against peer median, qualifications, employer nationality diversity, local PMET hiring record, shortage occupation list bonus, and strategic economic priorities. The S Pass covers mid-skilled associate professionals at SGD 3,300 (general) and SGD 3,800 (financial) and remains subject to a sector dependency-ratio quota of 10 to 15 percent. For top-tier individuals the Overseas Networks and Expertise Pass (ONE Pass) issued since 1 January 2023 grants a renewable 5-year personalised pass to applicants earning a fixed monthly salary of at least SGD 30,000 over 12 consecutive months at an established company (market capitalisation USD 500 million or annual revenue USD 200 million), or to outstanding-achievement candidates in arts, culture, sports, science, technology, or academia who meet no salary floor. The Tech.Pass, administered uniquely by EDB since January 2021, will be replaced from 1 January 2027 by a new ONE Pass (AI and Tech) track announced at the Committee of Supply on 3 March 2026, with five-year validity and acceptance of vested equity toward the salary threshold. Foreign founders use the EntrePass, requiring 30 percent ownership of an ACRA-registered private limited company plus an innovation criterion such as venture-capital funding, intellectual property, recognised entrepreneurial track record, A*STAR collaboration, or government incubator participation. The Personalised Employment Pass (PEP) for high earners requires a current EP earning at least SGD 22,500 fixed monthly salary (or comparable last drawn salary for non-residents), allows up to 6 months between jobs, and is non-renewable and capped at three years with an annual fixed salary minimum of SGD 270,000 to be maintained. The only direct investment route to Singapore Permanent Residence is the Global Investor Programme administered by Contact Singapore (EDB). Three options exist. Option A requires investing at least SGD 10 million in a new or existing Singapore-based business in an EDB Annex B sector, with applicants demonstrating either three years of business track record (turnover SGD 200 million), new-generation family-business profile (turnover SGD 500 million), or a tech-founder profile (company valuation SGD 500 million backed by reputable VC or PE). For 5-year Re-Entry Permit renewal under Option A the business must employ at least 30 staff with 10 incremental hires (half being Singapore Citizens) and SGD 1 million annual business expenditure, or the residency condition must be met. Option B requires SGD 25 million committed to a single GIP-select fund that itself invests in Singapore-based companies. Option C requires a Singapore-based Single Family Office with at least SGD 200 million in Assets Under Management and at least SGD 50 million deployed within 12 months in EDB-specified investments (listed equities, qualifying debt securities, approved funds, or Singapore-based private equity), plus 5 incremental professionals (3 Singapore Citizens) for renewal. The GIP application fee is SGD 20,000 effective 5 May 2025, processing takes 6 to 12 months, and approval grants immediate PR with a 5-year REP. Singapore citizenship may be applied for after a minimum of two years as PR (subject to ICA discretion) and requires renunciation of all foreign nationalities. Singapore does not allow dual citizenship for adults. Family scope across all routes covers legally married spouse and unmarried children under 21 via the Dependant's Pass (requiring the principal to earn at least SGD 6,000 fixed monthly salary), with parents and adult unmarried children eligible for Long-Term Visit Passes (parents require the principal to earn at least SGD 12,000 fixed monthly salary). Male children obtaining PR through GIP become liable for National Service.

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• Tax Freedom Index
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