In this latest video from Nick Fong, he reveals whether foreigners can own real estate in Mexico and how. 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.
How a foreigner can own Mexican real estate
Yes indeed, as a foreigner, you may own real estate in Mexico. Either through a Mexican “trust” called a fideicomiso or through a Mexican corporation, if you are from another country, you can easily purchase property in Mexico.
This is not a lease. It’s a purchase – real ownership that you can build, modify, sell, and pass down to your family through a will. As such, you own it indefinitely, according to Mexican law. There is a “term” of the trust, which is 50 years, and the reason for confusion for many people that use the term “lease.” But, every 50 years, for a reasonable fee, that term is renewed by the owner…you.
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.
Here’s the lowdown…
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.
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.
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 requirements list:
- First, attain a Mexican Tourist Visa (min. requirement) or a Temporary Residency Visa.
- Then, provide your Passport from the country that you come from.
- Lastly, 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 all there is to it!
Creating and using a Mexican corporation
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.
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.