Welcome to the latest video from Nick Fong, the broker and founder of Ronival Real Estate in Baja California Sur. In today’s short video, Nick answers the question about whether foreigners can own real estate in Mexico. So if you’re from Canada, the United States, or another country, this video is for you.
If you’re interested in checking out the real estate options in Mexico, especially in one of the great cities within Baja California Sur like Cabo San Lucas or Todos Santos, Nick Fong has your answer. Therefore, continue reading to uncover how you can own real estate in Mexico.
Can a foreigner to own Mexican real estate?
Yes, as a foreigner, owning real estate in Mexico is legal and simple. Either through the process described above or through a Mexican “trust” called a fideicomiso, if you are a foreigner to Mexico, you may purchase Mexican real estate.
Requirements to buy real estate in Mexico
Below are the few requirements to follow when you purchase Mexican real estate. And, it isn’t complicated. Your Ronival real-estate agent in Baja Sur will help you through the entire process. So, don’t be vexed! Your attention should lie in finding the right Baja Sur real estate that fits all your needs and desires.
The simple list of requirements:
- Provide your Passport from the country that you come from.
- Attain a Mexican Tourist Visa (min. requirement) or a Temporary Residency Visa.
- Purchase a fideicomiso, which is a bank trust, held by a Mexican bank in your name.
A Mexican bank will then hold the trust deed for you. And, you’ll become the beneficiary and retain full ownership of that Cabo San Lucas real estate.
Mexican Temporary Residency Visa
You may purchase real estate in Mexico with a Mexican Tourist Visa, which is obtained at the airport when you enter Mexico. But, if you plan to stay in Mexico, it’s a good idea to obtain a Mexican Temporary Residency Visa.
The Temporary Resident Visa will only be granted for one year when you first obtain it. Then, after the first year, temporary residents may apply for one, two, or three years renewal of their temporary resident card.
Foreigners who intend to stay in Mexico for more than 180 days must attain their Temporary Residence Visa. First, you must prove your income and show that you can support yourself while living in Mexico. Of course, if you’re an investor, or you already own real estate in Mexico, you probably already qualify for a Temporary Residency Visa.
Use a Mexican corporation as an option
As another avenue, some of Nick’s clients who buy real estate set up a Mexican corporation. Then, they receive a sponsorship through their corporation in Mexico. Either way, according to Nick, you can work in Mexico. You just need to get the proper work permit to work legally in Mexico.
Baja California Sur real estate
Many Americans, Canadians, and people from other countries choose to make Los Cabos and other magical towns in Baja California Sur, Mexico, their home or vacation home. Discover how to purchase your dream home in Baja. Make an appointment with the top Real Estate Broker in Baja: Nick Fong, featured on HGTV’s Beachfront Bargain Hunt.
Since 2010, Ronival has been helping clients find the best homes in Cabo and throughout Baja California Sur. And, they’re highly-skilled negotiators that’ll get you the best price. Whether you plan to buy a property or quickly sell your Baja real estate, they’ve got you covered!
If you’d like to take a tour of a property in Cabo or anywhere else in Baja California Sur, just click CONTACT to inquire. Or, call directly at 619-831-2000. Ronival will be happy to answer your questions. You can also schedule a time to show you around this breathtaking location.
Ronival on YouTube
See Nick Fong in action on his Ronival YouTube Channel. Find his videos on the Rovival VLOG, where you can read a short, yet in-depth post. Below is an example of one of Nick Fong’s Ronival videos:
Thank you for reading Making the best decision when deciding to buy your Mexican dream home. Be sure to read other posts about Cabo and Baja California Sur on the Ronival blog. There, learn about the many wonderful aspects of Baja California Sur, Mexico, from blog posts like this.