In Mexico, foreigners can purchase property within the restricted zone, which generally refers to areas within 50 kilometers (about 31 miles) of the coast or 100 kilometers (about 62 miles) of any international border. To purchase property in this zone, foreigners need to establish a trust called a “fideicomiso” through a Mexican bank. The bank acts as a trustee on behalf of the foreign owner but has a fiduciary obligation to protect the owner’s interests.
Some general requirements for foreigners purchasing property in Mexico include:
1.Obtaining a permit from the Mexican Ministry of Foreign Affairs (Secretaría de Relaciones Exteriores) to acquire property in the restricted zone
- Applying for a fideicomiso with a bank authorized to provide trustee services in Mexico.
- Paying the respective fees associated with the property purchase, including closing costs, property taxes, and trust administration fees.
- Conducting an extensive due diligence process to ensure the property has a clear title and there are no encumbrances or disputes.
It is crucial to work with a reliable real estate agent who is experienced in international transactions to guide you through the process and ensure compliance with all legal requirements.
These requirements may vary, so it’s important to consult with a professional who specializes in Mexican real estate law for the most accurate and up-to-date information based on your specific circumstances.
Memo Moringa and Nova are happy to answer any questions. Memo is the land and ranch specialist here at Galvan.
For answers to your specific real estate questions in Mexico. Contact us via Email at Director@GalvanRealEstateandServices.com or call us at +1 52 327 275 0233.
You can reach Memo directly at GalvanRealEstate12@gmail.com