In this latest episode of Nick Fong’s Q and A, Nick answers the question about whether foreigners can own real estate in Mexico. He’s the founder and broker of Ronival Real Estate in Baja California Sur, Mexico. Therefore, if you’re from the United States, Canada, tor any other country, pay close attention to this informative video.
When you have interest in seeing your real estate options throughout Mexico, especially in one of the great cities within Baja California Sur like Todos Santos or Cabo San Lucas, Nick provides the answer for you. Now, read on to discover just how to own real estate in Mexico if you’re a foreigner.
Is it possible for a foreigner to own Mexican real estate?
Yes, as a foreigner, owning real estate in Mexico is legal and simple. Either through a Mexican corporation or through a Mexican “trust” called a fideicomiso, if you are a foreigner to Mexico, you may purchase Mexican real estate.
When you watch the video, see how Nick explains that this is not a lease, which is a misconception. It’s a purchase – real ownership that you can build, modify, sell, and pass down to your beneficiaries. That means, you actually own it indefinitely.
As you’ll see, there’s a “term” of the trust, which is exactly 50 years. That’s also the reason for confusion for many people that use the term “lease.” Each and every 50 years, for a reasonable fee, that you or your beneficiary may renew the trust, as you’ll see below.
Fideicomiso: Mexican bank trust
As mentioned, And, a Mexican bank trust is good for 50 years. And, it is renewable thereafter by you or your heirs.
The average cost is about $2000 USD to set up, and about $500 USD per year to maintain. The cost does NOT vary based on the amount of the purchase of your Baja Sur real estate.
Article 27 of the Mexican Constitution requires that foreigners purchasing residential property in the restricted zone must obtain property rights through a Mexican bank trust, known as a fideicomiso. This zone is 50km (31 miles) from the coastlines and 100km (62 miles) from the border.
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.
That’s it!
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.
This is the rundown…
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.
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 Can foreigners own real estate in Mexico?. 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.