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According to Article 27 of the Political Constitution of the United Mexican States, foreigners can purchase privately-owned properties in the same way as any Mexican citizen. It's simply necessary to have a valid passport, a certificate of legal stay in the country, and all other required documents stipulated for the purchase of a property.
What limitations do foreigners have when buying properties in Mexico?
The limitations that foreigners face when buying property in Mexico do not pertain to taxes, as they are required to meet the same tax obligations as locals. However, there are restrictions concerning the type of properties they can acquire. Foreigners cannot have direct ownership of properties in the so-called restricted zones. These restricted zones include real estate, plots, or ejidal land within 100 kilometers of the borders and 50 kilometers along the coastlines.
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What are the requirements for buying property in Mexico as a foreigner?
In addition to having a valid passport, a certificate of legal stay in Mexico, and establishing a trust (fideicomiso), another essential requirement for foreigners wishing to purchase property within the restricted zone is to obtain an acquisition permit from the Secretariat of Foreign Affairs (SRE). Specifically, this should be directed to the General Directorate of Legal Affairs in Mexico.
The information in the application includes name, last name, nationality, immigration document number, immigration status, address, and details of an authorized person to receive the certificate. This documentation must be signed by the buyer, establish their immigration status, and submit the original application along with two copies to the relevant authorities. If documents from the country of origin need to be translated, this process should be carried out by a certified translator.
Regarding the information to be provided about the property, the following sections are typically included: Description and location of the property, purchase permit, the method of purchase, dimensions, the signature of the applicant or representative, and any additional credentials.
As for the best region to buy a house or apartment in Mexico, the state of Quintana Roo has much to offer. Tulum has become one of the favorite destinations for tourists, as evidenced by its numerous nominations for the World Travel Awards. It has also become a hotspot for investors due to the high returns on properties, especially in terms of rental income.
Using similar reasoning, we can also find various luxury amenities in Playa del Carmen, another highly sought-after location in the Riviera Maya. In 2022, the state of Quintana Roo led the increase in property value across Mexico with a growth of more than 12% compared to the previous year. These statistics are enticing for investors to consider developments in Tulum, apartments, and the pre-sale market. However, the rental market is also proving to be highly prolific based on the data we have for this year.
