Mexicans with money begin to flee to Miami and take their money abroad

Wealthy Mexicans have begun fleeing to Miami and taking their money abroad to escape the tax policies of President Andrés Manuel López Obrador.

According to a report The financial The flight began with Obrador's victory but has worsened with the coronavirus crisis and the Mexican president's refusal to provide fiscal stimulus.

"Every day you hear about a new Mexican family moving to Miami," said Miami-based Philippe Stiernon, founder of ROAM Capital, which helps U.S. private equity firms raise money in Latin America.

According to El Financiero, much of the evidence so far is anecdotal, but the figures indicate an increase in Mexican investments abroad from 2018 to date.

The city of Miami has historically been a refuge for many when things go wrong in Latin America.

Aside from the case of Cubans who escaped Fidel Castro's dictatorship, wealthy people from Argentina, Brazil, Venezuela and Colombia have moved their investments to Miami to protect themselves from the policies in their countries.