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Comprehensive Guide to Buying Property in Mexico for Foreign Investors

Buying Property in Mexico for EU Citizens:

  • EU citizens can purchase property in Mexico, but there are special rules for areas close to the coast and borders.
  • In these “Restricted Zones” (within 50 km of the coast and 100 km of international borders), you’ll need to use a ‘fideicomiso’ (bank trust) or establish a Mexican corporation for residential properties.

Buying Property for Non-EU Citizens:

  • The process is similar for non-EU citizens, including the use of a ‘fideicomiso’ in Restricted Zones.
  • Outside these zones, direct ownership is possible regardless of your nationality.

Important Steps Before Buying:

  • Check Legal Status: Ensure the property has clear title and no liens.
  • Engage a Lawyer: Consult with a lawyer experienced in Mexican real estate.
  • Initial Agreement: Sign a preliminary agreement and pay a deposit.
  • Due Diligence: Complete thorough checks on the property.
  • Final Contract: Sign the official purchase agreement and complete the transaction.

Extra Costs and Rules:

  • Notary Fees: In Mexico, notary fees are a significant part of property transactions.
  • Acquisition Tax: Pay a one-time tax on property acquisition.
  • Fideicomiso Costs: If buying in a Restricted Zone, factor in the costs of setting up and maintaining a bank trust.
  • Property Taxes: Relatively low annual property taxes are applicable.

After Buying:

  • Title Deeds: Ensure you receive the title deeds to your property.
  • Utilities Setup: Arrange for connection of water, electricity, and other utilities.
  • Annual Taxes and Fees: Be prepared for ongoing costs like property taxes and trust fees.

Residency and Citizenship:

  • Residency: Owning property in Mexico doesn’t automatically grant residency.
  • Options for Residency: Various visas and residency options are available, which can lead to citizenship over time.

Buying Additional Properties:

  • Multiple Properties: There are no restrictions on the number of properties EU citizens can own outside the Restricted Zones.
  • Additional Costs: Be aware of extra taxes and fees for each property.
  • Legal Compliance: Ensure compliance with all regulations, especially in Restricted Zones.