Are you considering buying a property in Mexico as a foreigner? With the country’s beautiful beaches, stunning ancient ruins, and vibrant cultural heritage, it is an increasingly attractive option for people from all over the world. In this blog post, we’ll explore how to successfully buy a property as a non-Mexican citizen and provide helpful advice on topics such as legal requirements and financial considerations. Let’s get started!
Buying a Property in Tulum Mexico
Foreigners are allowed to purchase and own Mexican real estate. However, when they acquire properties located in the “restricted zone”, which includes land within 50 kilometers of international borders or 100 kilometers of any coastlines they must obtain a permit from the Ministry of Foreign Affairs.
Things You Need to Know About Calvo Clause
The Calvo Clause is an agreement between the Mexican government and foreign buyers that is required for any property purchase in Mexico. Under this clause, foreigners are treated as Mexican nationals with respect to their real estate purchases. In order to be valid, the Calvo Clause must be signed by a Mexican public notary and approved by SRE (Ministry of Foreign Affairs).
Requirements To Buy A Property In Riviera Maya Mexico
In order to legally purchase a property in Mexico, non-Mexican citizens must obtain a permit through the SRE (the Ministry of Foreign Affairs). The buyer must also follow Mexican regulations and provide proof of financial solvency. Finally, all contracts must be signed in the presence of a Mexican Notary Public.
Benefits Of Buying A Property In Tulum Mexico
Purchasing a property in Mexico as a foreigner comes with several benefits. For starters, foreign-owned properties typically appreciate in value over time. Also, if the buyer is not planning to live in the country full-time, they can rent out their property and earn passive income while enjoying the beauty of Mexico from afar.
Real Estate Trust And Trusteeship Process In Mexico:
In order to purchase a property in Mexico, foreign buyers must set up a Fideicomiso trust. This is a special bank trust that gives the foreign buyer all rights to a property and allows them to transfer title of that property to their name. A Mexican bank is appointed as the trustee, or fiduciario, and holds legal title of the property on behalf of the purchaser. The trust lasts for 50 years and can be renewed indefinitely.
What Is The Difference Between A Sale And A Trust (Fideicomiso) In Mexico:
The main difference between a sale and a trust (fideicomiso) in Mexico is that the Fideicomiso trust allows foreign buyers to purchase and own property in Mexico’s restricted zone. The process of establishing a Fideicomiso trust typically takes 2-3 weeks and involves obtaining the permit from the Ministry of Foreign Affairs, selecting a Mexican bank as the trustee, signing documents with a Notary Public, and making payments.
Final thoughts:
Overall, buying real estate in Mexico is a safe and profitable investment for foreign buyers. In order to purchase a property in the restricted zone, a permit must be obtained from the Ministry of Foreign Affairs as well as a Fideicomiso trust set up with a Mexican bank. All of this will be taken care of by a local lawyer. With its stunning coastlines, vibrant culture and warm climate, foreign buyers are sure to find something they love in Mexico.
Chek our article about Fractional Ownership
