How Does Buying Real Estate In Mexico Work?
If you are a foreigner interested in buying real estate in Mexico, there are a few things you should know.
First, as a foreigner, you are allowed to buy property in Mexico, but there are some restrictions on the type of property you can purchase. For example, you are not allowed to buy property within a certain distance of the border or coastline, known as the "restricted zone." This zone extends 50 kilometers (31 miles) from the border and 100 kilometers (62 miles) from the coastline.
Within the restricted zone, foreigners can only buy property through a Mexican bank trust, known as a fideicomiso. Outside of the restricted zone, foreigners can buy property in their own name, without the need for a trust.
To know all details to buy Property Get Your Guide How and Why Buy Property In Mexico.
However, it is still a good idea to work with a lawyer and or a certified Realtor to ensure that the property is properly transferred and that all necessary legal documents are in order.
It is also important to note that the Mexican government imposes a value-added tax
Overall, buying real estate in Mexico as a foreigner can be a good investment.
Conclusion
As you can see, buying real estate in Mexico is not as simple as buying a house in the US. It requires careful planning and attention to detail. The good news is that many foreigners have successfully purchased property there and continue to do so every year.
At Nomad Realty our team of Certified REALTORS®, legal, and financing advisors can help you navigate this process and ensure that your investment is safe and smooth.
To know all details to buy Property Get Your Guide How and Why Buy Property In Mexico.
This article is based upon legal opinions, current practices and my trusted advisors personal experiences. I recommend that each potential buyer or seller of Mexico real estate conduct his/her own due diligence and review. My liaisons in Mexico provide legal assistance for your personal and specific purchase though our reputable legal and financing advisors. Nomad Realty Certified REALTORS®
