Mexico is the second largest economy in Latin America, after Brazil. The country has an export-oriented economy with more than 90% of trade under free trade agreements. In recent years, exports of manufactured products have been expanding more than 10% per year, mostly due to the increase in car production.Due to new laws, Mexico has changed its regulations regarding oil and telecommunications, opening the market to foreign investors, with the oil industry growing particularly in the southeast states of Campeche, Veracruz and Tabasco.
Mexico’s housing market and economy are still recovering somewhat from the economic slump, which resulted from the US downturn. However there are many developers building new homes, which keeps prices at a reasonable level, and interest rates are relatively low in the social sectors due to subsidies. Low interest rates, salary and employment growth, longer payment terms and a recovery in consumer confidence are also expected to drive housing demand.
The real estate market is not well regulated in Mexico and properties rent very quickly. Landlords are requesting monthly rent payments in cash as many banks are now required to regulate recurring payments and report to the government for tax purposes. Continue Reading →
Brazil is the seventh largest economy in the world and the largest in Latin America. In recent years, the country has been one of the fastest growing economies in the world primarily due to its export potential. The country’s trade is driven by its extensive natural resources and diverse agricultural and manufacturing production. Also, rising domestic demand, increasingly skilled workforce along with scientific and technological development, have attracted foreign direct investment. However, bureaucracy, corruption and weak infrastructure remain the biggest obstacles to economic development.
The vast majority of expatriates who visit Brazil are surprised to know that they can find some of the same things that they have in their country of origin including food, many accessories, modern buildings, as well as many other expatriates areas as the country has become increasingly international.
The cost of living is also surprising to the assignee community; currently Brazil is very costly, not only in housing but all consumables.
Our annual Weichert Global Representative (WGR) Summit is an important part of our training initiative, bringing together WGRs from across the world to review updated Scorecard standards and education curriculum, share regional news and re-confirm our commitment to delivering legendary service.
As our WGRs provide an extension of our services on the ground in over 185 countries, we want to make sure we continually update them on our business strategies and partnership expectations, while creating a forum for examining ideas for strengthening global synergies.
Our most recent Summit saw a record number of attendees and especially vibrant discussions. Central to this Summit was an interactive panel discussion featuring several WGRs representing very divergent regions, who spoke on current trends and challenges within their areas of expertise. I was proud to serve on this panel alongside the following WGRs:
On September 25, I participated in a panel discussion on workforce mobility in Brazil at a meeting of the Boston chapter of the Forum for Expatriate Management. Fellow panelists included representatives from AIRINC, Cultural Awareness International, Fragomen, Radius and KPMG.
Topics discussed included tax and compensation issues, cultural awareness and business practices in Brazil, housing, cost of living, and a firsthand account from an assignee who spent time in Brazil. In my segment, I presented the results of Weichert’s Latin America Mobility survey and discussed trends that we are seeing in this area.
The top concerns voiced by both the panelists and audience when it comes to moving employees into Brazil were:
— the lengthy immigration process
— lack of available/adequate housing for assignees, and
— overcoming cultural differences (particularly those felt by American employees taking on assignments in Brazil)
Latin America has become a hotbed of talent deployment activity. But with great opportunities come equally great challenges. In this podcast, we’ll examine what the majority of respondents to our recent Latin America Mobility survey indicated as their greatest challenge: managing payroll and tax compliance for employees being relocated into this region.
Our subject matter experts include Andrés López-Llamozas, Manager of International Tax & Compensation, and Laura Levenson, Director of our global consulting practice.
You can listen using the audio player below, or by downloading the episode here.
Latin America has become particularly attractive for companies looking to go global. But with great opportunity comes equally great talent mobility challenges.
In an effort to equip today’s corporate relocation managers with the insight they need to overcome these hurdles, Weichert Workforce Mobility conducted a survey of approximately 90 global HR professionals across 11 industries to identify best practices for deploying talent in the LATAM region.
The infographic below provides a quick overview of the top LATAM destinations, the primary workforce mobility challenges our survey uncovered, and best practices and recommendations as identified by survey respondents.
As part of our ongoing effort to provide today’s HR leaders with they insight they need to optimize the management of their mobile talent, our consulting group has launched a groundbreaking survey of Latin America relocation trends.
The results of this survey will identify key challenges and best practices associated with deploying talent throughout Latin America, and help companies with mobile workforces in this region better position themselves for growth.
Latin America has become an increasingly critical destination for mobile workforces, and our survey will address the growing need for specific, best-practice data on housing, policy, compensation methodologies and compliance within this region.
The survey is being launched in conjunction with the opening of Weichert’s Latin America Centre of Excellence, and it is open to corporate mobility managers responsible for deploying talent into, out of or across the Latin America region, including Mexico, Central America, the Caribbean Islands and South American countries.
Joe Palumbo, our Vice President of Real Estate Valuation and member of the New Jersey Board of Appraisers, just returned from Mexico City, where he taught two classes for local appraisers.
These classes, presented by Fecoval, the only Mexican appraisal association, were conducted to give members the opportunity to earn a professional designation from The Appraisal Institute, which has become an increasingly global entity over the past decade.
This was Joe’s second trip overseas to share his knowledge and skill set with aspiring appraisers. In 2010, he taught similar courses in China, part of his ongoing commitment to the betterment of the art of appraising and the workforce mobility industry.