If you are considering buying property in Mexico as a foreigner, it’s important to know the legal requirements and restrictions. Here is a guide to help you through this process:
- Border Zone and Beach Zone:
Article 27 of the Mexican Constitution states that a foreigner cannot directly acquire property within 100 kilometers of the country’s border zone or within 50 kilometers of the beach zone.
However, there is a solution: you can create a trust where you are the beneficiary, and a bank acts as the trustee. This trust must be regulated by the Law of Credit Institutions. The bank administers the trust, which has a duration of 50 years, with the possibility of renewal.
- Outside the Border and Beach Zones:
In other areas of Mexico, foreigners can acquire property without the need for a trust.
The requirements include:
- Temporary or permanent residence permit in Mexico, issued by the National Institute of Migration
- Federal Taxpayer Registry (RFC) with the Tax Administration Service (SAT) to pay the corresponding taxes in Mexico
The purchase process is similar to that of a Mexican citizen: find the desired property, negotiate the price and terms with the seller, and sign a purchase contract before a notary public.
Always remember to consult with a lawyer or real estate expert to ensure you comply with all legal requirements. Good luck with your property search in Mexico!