Frequently Asked Questions
Can I purchase property in Mexico without being a Mexican citizen?
Yes, you can! However, within 30 miles of the coast, you can not place the property directly in your name. You can either open a bank trust in your name to hold the property (known as a Fideicomiso) or open a Mexican corporation and purchase the property through your corporation (we only recommend this when investing in multiple properties). A Fideicomiso is completely secure and you have complete control over it. It works very similar to a Living Trust in the USA.
What types of financing are available?
For foreign investors purchasing in Mexico, it is primarily a cash market. There are some companies now offering financing to American and Canadian investors with a good credit rating. There is also the options of getting a personal loan directly from your bank, a HELOC, or pulling from a self-directed 401K; all of those options we can assist you with the process if needed. And finally, there is the option of purchasing a pre-construction project. Most developers will ask for as little as 30% up front, and the remainder stretched out over the construction period, or to paid as a lump sum once construction is finished.
How much are the yearly costs associated with owning in Mexico?
The yearly costs associated with owning in Mexico are the property tax (roughly equal to 0.1% of the value of the property) and the cost of the Fideicomiso which averages between $500 and $600 per year.
Is it difficult to retire in Mexico?
This area of Mexico has become an ideal place for retirees. There is a large and growing community of Americans and Canadians who are attracted by the beauty of the area, the warm winters and the tranquility, and decide to move to this paradise. The Cancun and Tulum airports offer direct flights to the most important cities in the United States, Canada and Europe. Obtaining a retirement immigration status is a matter of a few days and around $500usd if you hire a lawyer to do the paperwork. It is cheaper if you do it yourself, however we recommend using an experienced lawyer or law firm to facilitate the process. We can introduce you to some different ones that can assist you with this.