{"id":15940,"date":"2017-12-12T09:00:27","date_gmt":"2017-12-12T14:00:27","guid":{"rendered":"http:\/\/www.escapeartist.com\/?p=15940"},"modified":"2020-09-21T08:20:40","modified_gmt":"2020-09-21T13:20:40","slug":"need-know-residency-mexico","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/need-know-residency-real-estate-mexico\/","title":{"rendered":"What you need to know about residency and real estate in Mexico"},"content":{"rendered":"<h2><strong>What you need to know about residency and real estate in Mexico.<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">It was famously reported that the Canadian Immigration website crashed the night Donald Trump became president. Despite this, very few people followed through on their <\/span><a href=\"http:\/\/nationalpost.com\/news\/politics\/trump-win-produces-only-tiny-bump-in-numbers-of-americans-applying-for-canadian-citizenship\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">promise to move up north<\/span><\/a><span style=\"font-weight: 400;\"> if Trump were elected. In 2016, only nine thousand Americans became Permanent Residents in Canada. Each year the percentage of Americans electing to start a new life and retire in Canada is going down. Americans are actually choosing to retire in a different country down south. \u00a0The most popular second residency in 2017 and 2018 is Mexico. Let&#8217;s discuss residency and\u00a0 Mexican Real Estate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mexico is quickly becoming a haven for American retirees. Americans are taking advantage of Mexico\u2019s low cost of living, devaluation of the Peso, and the cheap and reliable medical care and moving there in droves. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This migration of Americans into Mexico is having an effect on cities close to the US Border. Tijuana has had an influx of American style condominiums being built to accommodate the many residents of San Diego who have chosen to move to TJ for its low rent and proximity to the US. <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If you have a <\/span><a href=\"https:\/\/www.cbp.gov\/travel\/trusted-traveler-programs\/sentri\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">SENTRI card<\/span><\/a><span style=\"font-weight: 400;\"> from the US, you can get across the border in about 15 minutes. If not, the wait can be 45 minutes to 3 hours. <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To put this into reference, a penthouse in Colonia Hipodromo, a very centric and exclusive area in Tijuana, is $800 a month. You couldn\u2019t rent a Studio Apartment in San Diego for that amount. \u00a0There are plenty of apartments in Tijuana at $2,000 to $3,500, but they are much better than you will get in downtown San Diego for that price. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, most Americans aren\u2019t renting, they are buying a property in Mexico. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite their tax structures being fairly similar, Mexico\u2019s property tax is much lower than the United States. The average is roughly 0.13% of the estimated value of the property. Meaning that if you buy a property with an estimated worth of $80,000, you\u2019ll pay approximately $150 a year in property taxes. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Compare this to California where the average is $3,104 a year on a property estimated with a <\/span><a href=\"https:\/\/wallethub.com\/edu\/states-with-the-highest-and-lowest-property-taxes\/11585\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">median home value<\/span><\/a><span style=\"font-weight: 400;\"> of $385,500. Finding a cheap house in Mexico is relatively easy depending on the location, what is not so straightforward is the actual process that an American citizen has to go through buy property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While it is legal for an <a title=\"American to buy property in Mexico\" href=\"http:\/\/www.escapeartist.com\/mexico\/real-estate\/guide-buying-owning-mexico-real-estate\/\" target=\"_blank\" rel=\"noopener noreferrer\">American to buy property in Mexico<\/a>, it is illegal to hold property in your name within the restricted zone. The restricted zone, according to Article 27 of the Mexican Constitution, is all territory within 100 kilometres of any national border and within 50 kilometres of any ocean. In order for Americans to buy property in the restricted zone they must hire a bank to act on their behalf. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The first thing you need to do to purchase property in Mexico is to go to a local <a href=\"http:\/\/www.escapeartist.com\/mexico\/real-estate\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mexico real estate<\/a> agency <\/span><b>and <\/b><span style=\"font-weight: 400;\">find a respected local law firm. The real estate agent will help you find quality properties and the lawyers will guide you through the whole process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you\u2019ve found a house that you like, you need to make an offer. When your offer is accepted, you\u2019ll need to put 10% of the purchase in a cashier\u2019s check in escrow, usually with a Notario Publico in Mexico. The Notario Publico is also in charge of validating the transaction, reviewing the documents, making an appraisal, etc. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is important to select a trustworthy Notario Publico and Mexican Lawyer to help you through this process in order to avoid any setbacks. For example, they need to review title history and ensure that the value of the home is proper. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the documents have been reviewed and your attorney informs you that everything is legal, you will meet with with the notary and the person selling the house to close. After you sign, you will be given a deed and the house will be legally yours. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, the Notario Publico will register your ownership at the land registry office. Of course, this is just a basic summary of the whole process, please contact us for a referral if you need help buying property in Mexico.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>Becoming a legal Resident in Mexico<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The steps that an American retiree needs to take in order to become a legal resident of Mexico are much simpler than buying a house. If you\u2019re over 50 and can provide proof that you can maintain and take care of your family and each one of your dependents, you qualify for <a title=\"permanent residency in Mexico\" href=\"http:\/\/www.escapeartist.com\/mexico\/live\/residency-mexico\/\" target=\"_blank\" rel=\"noopener noreferrer\">permanent residency in Mexico<\/a>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is to say, you will need to prove income of at least $1,550 for one person + $520 for each dependent \u00a0for your retirement. If you don\u2019t have a retirement account, you should buy a property with a value of $210,000 or a bank account with an average balance over 8 months of at least $25,000. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You will also have to prove that you are retired. A letter from the US Social Security Office will suffice. Almost all of this process can be completed at a Mexican Consulate in the United States. <\/span><\/p>\n<p><strong>Permanent residency in Mexico is one of the few that doesn\u2019t need yearly renewal as it never expires. It is also relatively easy for the residency to turn into citizenship. For more information on purchasing property in Mexico and becoming a legal resident please <a title=\"contact us HERE\" href=\"https:\/\/www.escapeartist.com\/contact\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact us HERE<\/a>.<\/strong><\/p>\n<p><b>Here is<\/b> <b>probably the most extensive ebook on <\/b><b><i>Everything You Ever Wanted To Know About Eliminating Your Taxes, Protecting Your Assets And Regaining Privacy Over Your Life And Investments<\/i><\/b><b>. It is called<\/b> <b>The<\/b><a href=\"https:\/\/www.escapeartist.store\/product\/ultimate-guide-to-going-offshore\/\"> <b>Ultimate Guide To Going Offshore<\/b><\/a><b>.\u00a0 Visit our bookstore to purchase it today!<\/b><\/p>\n<p><strong>I hope you enjoyed this article: What you need to know about residency and real estate in Mexico <\/strong><\/p>\n<p><strong>Here are a few articles on Mexico that I&#8217;m pretty sure you will enjoy reading:<\/strong><\/p>\n<p><strong><a class=\"in-cell-link\" title=\"Residency Options in Mexico\" href=\"https:\/\/www.escapeartist.com\/blog\/residency-options-in-mexico\" target=\"_blank\" rel=\"noopener noreferrer\">Residency Options in Mexico<\/a><\/strong><\/p>\n<p><strong><a class=\"in-cell-link\" title=\"Best Cities In Mexico For Snowbirds\" href=\"https:\/\/www.escapeartist.com\/blog\/best-cities-in-mexico-for-snowbirds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Cities In Mexico For Snowbirds<\/a><\/strong><\/p>\n<p><strong><a class=\"in-cell-link\" title=\"Everything You Need To Know for a Perfect Trip to Mexico City\" href=\"https:\/\/www.escapeartist.com\/blog\/everything-need-know-perfect-trip-mexico-city\" target=\"_blank\" rel=\"noopener noreferrer\">Everything You Need To Know for a Perfect Trip to Mexico City<\/a><\/strong><\/p>\n<p><strong><a class=\"in-cell-link\" title=\"The Top 6 Reasons to Choose Mexico As Your Home\" href=\"https:\/\/www.escapeartist.com\/blog\/top-6-reasons-to-choose-mexico-as-your-new-home\" target=\"_blank\" rel=\"noopener noreferrer\">The Top 6 Reasons to Choose Mexico As Your Home<\/a><\/strong><\/p>\n<p><strong>If you are planning on residency in Mexico, then I would suggest you take the time and really learn how to speak Spanish. You will find it so helpful when you are living there. Contact my friend Olly Richards and his online course,<a href=\"https:\/\/expatmoneyshow.com\/languages\/\" target=\"_blank\" rel=\"noopener noreferrer\">ICanTeachYouALanguage<\/a>.\u00a0 If you know it&#8217;s just <a href=\"https:\/\/learn.iwillteachyoualanguage.com\/spanish-beginnersfz5inudw?affiliate_id=1764132\" target=\"_blank\" rel=\"noopener noreferrer\">Spanish<\/a>, take a look here.<\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What you need to know about residency and real estate in Mexico. It was famously reported that the Canadian Immigration website crashed the night Donald Trump became president. Despite this, very few people followed through on their promise to move up north if Trump were elected. In 2016, only nine thousand Americans became Permanent Residents [&hellip;]<\/p>\n","protected":false},"author":686,"featured_media":33362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","om_disable_all_campaigns":false,"footnotes":"","_jetpack_memberships_contains_paid_content":false},"categories":[1399],"tags":[1136,258,340,442],"yst_prominent_words":[19214,15185,6938,9960,30655,4614,2406,19213,19212,2100,9257,1878,9957,1887,30654,3199,17628,5072,1804,19217],"acf":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.escapeartist.com\/wp-content\/uploads\/2017\/12\/zacatecas-4798626_1280.jpg","_links":{"self":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts\/15940"}],"collection":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/users\/686"}],"replies":[{"embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/comments?post=15940"}],"version-history":[{"count":14,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts\/15940\/revisions"}],"predecessor-version":[{"id":42105,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts\/15940\/revisions\/42105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/media\/33362"}],"wp:attachment":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/media?parent=15940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/categories?post=15940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/tags?post=15940"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/yst_prominent_words?post=15940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}