Guide to Foreigners Buying Mexico Real Estate in Restricted Zones and with Mexican Corporations
For Americans, Canadians, and other foreigners looking at investing in foreign real estate, a logical place to look is Mexico. It is geographically close and the cost for foreigners buying real estate in Mexico is, in general, much less than equivalent real estate would cost in the US, Canada, or Europe. Not to mention, Mexico is a popular destination for tourists from both of these countries including a wide range of Europeans, meaning that real estate purchased in Mexico as a rental or investment property has a good probability of making respectable returns. In addition, if one were looking at buying real estate in Mexico as a vacation property or even a permanent residence, there are benefits there as well. The cost of living is significantly lower in Mexico than in the United States, Canada, and Europe.
If you’re interested in buying real estate in Mexico, there are a few things you should know such as using a Trust to purchase in Mexico’s restricted zones and the use of Mexican corporations to buy Mexican real estate. International real estate always involves a few extra steps and specifications that aren’t present when purchasing real estate domestically. Mexico is no different. Knowing the specifics of buying real estate in Mexico will help any foreigners when going about the process of buying real estate in this country.
Foreigners Buying Real Estate in Mexico Using Trusts in Mexico Restricted Zones
Foreigners are allowed to own real estate in Mexico, however, there are exceptions. Restricted zones are set up where foreigners cannot own property in the traditional way. These restricted zones are 60 miles from any of Mexico’s national borders and 30 miles from its coastlines.
The Trustee Bank is the Mexican bank authorized to act as Trustee. The Trustee Bank must be a Mexican registered financial institution with an established trust department. As a buyer, you have the right to select….