In this latest video from Nick Fong, the broker and founder of Ronival Real Estate, the number-one brokerage in Mexico, is excited to share how you, as a foreigner, absolutely can work in Mexico. As he says in his video, he did it, and is still doing it in quite a big way. In fact, Nick eventually became a real Mexican citizen – dual citizenship.
Now the question is this: How do you do it? Watch the video and read on to get the right answer to this. Then, consider your options now that you have more of them at your fingertips.
Working in Mexico as a foreigner
To begin, Nick recommends working with an immigration attorney that will get you the proper work permit. Most of the time, you’ll find that you need to be sponsored by a company. As Nick says in the video, many people are in sales, real estate sales, and other types of business. In Nick’s business, Mexican real estate, you typically get sponsored by the broker you work for, like Nick Fong himself.
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.
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.
Work With Ronival Real Estate
Ronival Real Estate has helped thousands of buyers and sellers across Los Cabos since 2010. If you’re interested in Cabo Real Estate, our team can assist with everything from showings and negotiations to closing and property management. Have questions? Contact us here or call +52 (624) 227 5766.