If I Decide to Sell My Property Can Anyone Buy It

 

If you own property in Mexico then you want to make sure that you know exactly what you can and cannot do with it.  One of the biggest things to keep in mind is how to move it around as needed. Are you able to sell it?  If so, how?  And to whom can you sell it?  It’s all below for you so that you know what’s what.  You’ll be happy to learn that there are no nasty surprises.  It’s just all about knowing the proper processes and procedures!

 

Can I sell my property in Mexico?

Yes!  If you’ve bought a property in Mexico then you can sell it.  If you’ve got the property under our own name (assuming you are outside of the restricted areas), then you will be able to sell it just like any other kind of property.  There is a set process to sell it and pass the deed over to that new person that is going to be familiar to anyone who’s done that before.

If the deed is not in your name, the person who holds the deed will need to be involved.  However, this is unlike anything else out there as far as buying or selling!  If you have permission to buy and sell, then you will be able to do so in Mexico.

 

What if a bank trust holds my property?

If you are looking at the idea of selling a piece of property that you purchased through a bank trust in Mexico (like you would have if the property is within the restricted areas), then you are still perfectly able to do it.  Any Mexican citizen can buy it from you via your bank trust and this kind of thing is done regularly, so there is nothing to be concerned about.

 

Can a foreigner buy my property?

Yes, you can sell your property to another foreigner who is interested in it.  This is also done all the time since foreigners often enjoy the same kinds of properties for obvious reasons!  However, this complicates things a little bit.

Firstly, this foreigner will have to be allowed to buy a piece of property in Mexico.  As you may already know, this means that they’ll need a tourist visa to do so.  They do not need to be a temporary resident in Mexico to buy property.

The other thing is that they will need to have a bank trust set up and approved before they can buy property in Mexico within those mentioned restricted areas.  This will need to be established and ready to go before the sale will go through.  However, after this is done, it is simple and straightforward!

 

            Selling your property in Mexico doesn’t need to be challenging or stressful for those who are looking at the idea of moving on for whatever reason.  Property is purchased and sold all the time by Mexicans and non-Mexicans. As long as it is done through proper channels, there is nothing to be concerned about!

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What is a Permanent Resident Visa?

 

For those that wish to solidify their time in Mexico, a permanent resident visa is going to be a great choice.  But what actually is it going to do, and does it differ at all from a temporary resident visa that you already have working for?  Here’s what you should know about this long-term resident choice.

 

What is a permanent resident visa?

            As the same suggests, this visa is intended for when you are looking at the idea of settling down permanently in Mexico.  For example, you are someone who’s done the steps of a tourist visa, a temporary resident visa, and now have decided on settling down as a permanent resident in Mexico itself. 

            To qualify for this, you must meet more or less the same requirements of the temporary resident visa.  However, you will need to have had a temporary resident visa in place, legally, for four years.  This means that you’d have to meet the requirements of that status for the entire four years.

 

What rights will the permanent resident visa give me?

            In most cases, it will feel like a temporary resident visa as far as the actual requirements.  This includes the financial requirements and also the assurance that you are spending only a limited time outside of Mexico.

            Qualifying for this kind of visa means that you will have most of the rights and privileges of a citizen in Mexico, but you will not be able to vote.  Otherwise, this is more or less a temporary visa when you are looking at the idea of qualifying for it.

            The other main difference is that you are going to not have to continuously renew your resident status.  This is a “one and done” solution unless you decide to apply to become a citizen after a set amount of time (which isn’t required).

 

Perks of a permanent residency

            If you are looking at staying permanently in Mexico to live, then this is going to be a wonderful option so that you can enjoy a “permanent” status in Mexico without you having to reapply for it and renew it every so often, as with a temporary resident.  Just keep in mind that there will be some details about how much time that you can spend outside of Mexico per year in order to qualify.

            Many find that having a temporary resident visa is a great choice that leads them logically to seek a permanent solution.  Most who apply for one have no concerns in qualifying, assuming that their situation hasn’t changed from when they renewed their temporary resident visa and that they haven’t violated the restrictions of it.

 

            In many cases, those who buy property in Mexico and decide to extend the time down there do end up becoming permanent residents.  While it isn’t the path for every single person, it is a popular one and it is going to be easy to achieve for those that wish to make it so.  The rights and privileges of this visa are also going to be a great advantage.

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What Is A Temporary Resident Visa

 

For those who are seeking to spend more time in Mexico, one of the considerations to think about is the temporary resident visa.  This is a common choice for those who are enjoying their time in the country and wish to make it a bit more long-term and more “day to day” responsibilities.  There are some details to know about this particular visa, which we will discuss below.

 

What is a temporary resident visa?

            At its barest minimum, a temporary resident visa is one that is focused on helping a tourist transform into a temporary resident.  This natural step forward is going to help tourists establish the beginnings of roots in Mexico so that they can dedicate energy and time to spending more time in the country.

            As far as specifics, this is going to focus mostly on the idea that you will be able to support yourself in Mexico, financially speaking.  For some, this means that you’ll need to provide records that speak to your own personal financial situation that meet their requirements.  As far as those requirements, it means that you must have $1, 000 USD coming in per month in some form of financial income.  If you have dependents, this amount will increase by $500 USD per person. 

            If you meet those requirements in earnings, regardless of what legal form they come from (investments, retirement earnings, etc.) you will qualify for a temporary resident visa as far as the finances are concerned.  The rest is straight-forward expectations

 

Is that number firm?

            For those who aren’t in a financially stable place, you may be feeling a little apprehensive.  If you own property in Mexico, that number will be nearly halved.  This is part of why many people will actually consider it as a great idea -- both as far as an investment, and for its actual benefits of enjoying a new home!

            Another way to get around than umber is to show that you have a way of earning income through working with a Mexican company.  If you show that you have commercial roots in Mexico, this will also lower the expectancy for financial expectations. 

 

How does it compare to a permanent resident visa?

            The main difference between this resident visa and a permanent resident visa is that time!  A temporary visa implies that you are looking to go back and forth regularly between your home country and Mexico, within the restrictions of the temporary resident visa.  The permanent resident visa changes those details because it implies that you are looking at settling down permanently (more or less) in Mexico.

 

A temporary resident visa is a common choice for those who wish to be able to settle down in Mexico with more permanency than a tourist would, but perhaps not quite for permanent resident status.  Even if you do wish to become a permanent resident, you will still need to have a temporary resident status first.  As such, it’s a logical choice for most people for all of the right reasons!

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What Is A Tourist Visa?

 

Feeling a little lost in all of the lingo surrounding visas?  Not entirely sure just how you should be preparing for your stay in Mexico?  It’s best to have that straightened away before you pack your bags to ensure that there are no bad surprises waiting for you when you arrive in Mexico to enjoy your time in the country.  Let’s take a detailed look at the most common choice for a visa -- a tourist visa.

 

What actually a tourist visa?

            This is a visa designed for tourists, as the name implies.  This is the first visa that you will receive when you arrive in Mexico.  This allows you to be legally in the country for up to 180 days at a time (approximately 6 months).  This is the visa that visitors use to enjoy their time in the country without working or otherwise earning an income during their stay.

            This is different than a temporary resident visa, which is what many will apply for when they wish to change their status in Mexico and spend more time there.  This will haven a few different requirements for it, and it also will have a few more rights associated with it for those who want them.

 

What does this tourist visa give you?

            A tourist visa seems pretty simple.  It gives you access to staying Mexico for up to 6 months at a time.  This is correct, and it does work that way.  However, there is another perk to this particular kind of visa when you are looking at the idea of why it’s going to be such a great idea: buying property.

            Unlike in other countries, you can legally and easily buy property in Mexico even if you hold a tourist visa.  This means that you do not have to apply, and be accepted for, a temporary resident permit in order to buy property in Mexico.

 

How long can I have/use this visa?

            This is an “easy-going visa” in that it is easy to qualify for and extend.  If you wish to stay on a tourist visa, all you must do is leave the country within the 180-day time period and then re-enter.  Government officials will be able to simply renew it and you’ll be okay to stay in Mexico for another 180 days.

            You can do this as many times as you’d like, as there is no limit on the visa itself as far as renewal time.  This is done by many tourists who enjoy their time in Mexico but have no interest in pursuing a temporary resident visa.

 

            When you are looking at enjoying your time in Mexico, the tourist visa gives you the easiest option as far as qualifying for a visa and having minimal requirements needed in order to keep it active and valid.  For those that are looking at the idea of making the most out of their time in Mexico, this permit offers the most freedom and potential for your time spent in the country.

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How Long Can a Foreigner Reside in Mexico Per Year?

 If you’re interested in spending time in Mexico and having property, then you know that you want to put down some sort of roots.  The only question is, how much time can you spend in Mexico if you continue to be a foreigner?  After all, you don’t wish to become a citizen, but you want to ensure that you are abiding by the rules and restrictions that come with it.  This is what you’ll need to know.

 

Arriving in Mexico

            When you arrive in Mexico at the very beginning, you’ll have applied for, and be given, a tourist visa.  This is granted to you when you arrive across the border.  This is different than those who simply come down to Mexico for a weekend or even a week.  This visa implies that you are looking to stay for quite a while (ie: longer than a vacation).

 

A tourist visa

A tourist visa is what all foreigners receive when they arrive fr an extended period of time in the country.  This allows them to stay up to 180 days (which is just shy of 6 months) in Mexico legally without requiring to work.  If you have this visa, you are able to buy property in Mexico.  This is considered the “first step” to enjoying your time in Mexico!

 

A temporary resident visa

            Once you’ve decided to buy land (and have done so), you can then apply for a temporary resident visa.  This is going to give you the possibility to stay for a year with its application.  This is often a logical step for those who wish to buy land, but it is not required to have it in place before doing so.

 

Long-term living

            If you wish to stay longer, you can apply to extend your temporary resident visa for up to 4 years at a time.  This is the longest time that you will be able to stay uninterrupted in Mexico.  At this point, you will need to look at becoming a permanent resident or you will need to look at returning to your home country and then reapplying for another new temporary resident visa.

 

What if I don’t have a visa?

            You will apply for a visa before arriving in Mexico in the first place.  This will tell you just how long that you can stay in Mexico legally within the year.  The different types of visas are tiered this way intentionally. 

            If you do not have a visa, you will be treated as someone who is on vacation.  A visa will be required if you wish to buy property or land in Mexico, so remember to keep this in mind.

 

            If you are looking at staying in Mexico for an extended period of time within a year, a tourist visa is always a great place to start.  This will give you the most freedom and the least restrictions, especially when it comes to the idea of having to work or not.  This is what makes it such a logical and simple choice.  

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Do I Need a Temporary Resident Visa to Buy Property in Mexico?

 

If you’re seriously looking into the idea of buying property in Mexico and you want to know how to go about it, this is going to tell you all about the status of your time in Mexico and how that is going to connect to the idea of buying some land in this home-away-from-home!  You may find it refreshing compared to other places in the world -- many do!  Let’s take a close look.

 

Can you buy property in Mexico?

            Firstly, yes, you can buy property in Mexico even when you are not a Mexican citizen.  It is considered common practice in Mexico and is easily done when you want to get serious about potentially having that property that you’ve always dreamed of.  A lot of land is sold to tourists, so it isn’t uncommon.

 

Do you need to be on a visa to buy land in Mexico?

            Many believe that they need to already be temporary residents of Mexico to buy land and property, but this is incorrect!  Anyone who has a valid tourist visa for their time in Mexico can legally buy land in Mexico. 

            At this point, they would be considered a temporary resident of Mexico, since you now have an investment in Mexico itself.  At this point, you would apply for a formal temporary resident visa so that you can stay and enjoy your property. 

 

Why are you no longer considered a tourist when you buy the property or a condo?

            Mainly because tourists can’t bring their property back with them as a souvenir.  So, it’s implied that you have an interest in returning to Mexico and spending more time in Mexico legally as a temporary resident.

            Since many will buy land in Mexico as a secondary property, they’ll want to come and go as temporary residents and know that they have a set space to enjoy a great quality of life during their time in Mexico itself.

 

Do I need to keep my temporary resident visa current?

            Just like any other kind of visa, including a tourist’s visa, you will need to have a current visa so that you can enjoy your time in Mexico.  If you have a temporary resident visa, you will need to continue to keep it active during your time here.  You will also need to abide by all of the rules and expectations, of course, just like you would with a tourist visa.

 

What if I have a temporary resident visa -- can I still buy land?

            Of course!  You can definitely buy land in Mexico if you already have a temporary resident visa.  You just do not require one to do so.  If you have one when you choose to go looking at purchasing a property, this is just one step that you can save in the aftermath of settling down.

 

            Buying land in Mexico doesn’t require a temporary resident permit.  You can simply have a current tourist visa to do so.  This makes it much easier than many places, which often do require that you are already a temporary or permanent resident of your chosen spot in order to do so.

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What Are My Rights as a Buyer of Property in Mexico?

 

Owning property as non-Mexican is simple and straightforward in Mexico.  There are many connection points to being a property owner in Mexico, of course.  One of the most commonly asked-about issues is the right as a buyer of property in Mexico.  Let’s take a look at this in detail to understand just how it all works out.

 

Property through a bank trust

            When you buy property within the restricted areas in Mexico, you do so through a bank trust.  While it is confusing to some who are unfamiliar with it, this is considered standard and is done regularly in Mexico.  Owning through a trust means that the property belongs to you via the trust.  So the rights to the property would be a little different compared to if you owned it outright yourself (such as owning property outside of those restricted zones).

 

Your rights when holding property via a bank trust in Mexico

            In this case, the property technically belongs to the bank trustees.  Their name would be on the deed itself. Your rights would then be centered around what you do with it.  Most specifically: the right to sell your home, and establish a beneficiary or heir.

            If you choose to sell your home, you do hold the exclusive right to do so.  While the bank holds the deed to the land, the home on it belongs to you and those with whom you choose to share it.  You are able to sell it at any point if you no longer want it or are using it.  You can choose to rent it out to locals or other travelers, too, if you want to.  Again, you are in charge of it.

            The other main focal point is that you are going to be able to add, take off and change beneficiaries and heirs.  You will also be able to add additional owners (such as a partner or child if you wish).  This gives them the same legal rights as you.  This is common in those who have remarried and have separate families from each other, but still have a joint life together with their Mexican home.

 

What it means in practicality

            Essentially, you’ll still be able to have the same rights as a property owner with a deed.  It’s just done through a third party rather than outright with your own name on the actual paperwork.

            Many fear that this bank trust is going to prevent them from doing what they wish with their new home, but this is not the case.  It’s simply a matter of having everything legal and correct as far as the government is concerned.  This means that you will have all that you want, done legally and formally.  This protects everyone’s best interests -- especially yours!

 

            Your property gives you rights, just like it would with your own name on the deed.  While you won’t be paying property tax, you will be paying the equivalent of that to the bank trust, which would be the one formally paying that tax.

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1) Can the Mexican Government confiscate my land?

 

This is a common question, and there’s no shame to have it.  In fact, it’s one of those questions that many feel afraid to ask because they worry about how it will be received!  Part of being a responsible property owner, however, is to ensure that all of your questions have appropriate answers so that you understand where your rights as a legal property owner.  In a word: no.  But there’s more information waiting below.

 

Can the Government take back my land?

            Most people think that since they aren’t Mexican citizens, they don’t have the same protections on their land.  You will be very relieved to know that this is not the case!  Whether you are holding the land with your name on the legal title, or in one of the restricted zones through a bank trust/corporation, you have the same rights as those who hold property as Mexican citizens.

            Contrary to most people’s fears, the Government isn’t able to simply come and take your land just because you aren’t a native to Mexico and therefore can’t fight them for your land back.  If this were the case, you’d see a lot more vacant land!  In all seriousness, though; you are as protected as you think you are.

 

Are there expectations?

            There are exceptions to this, yes.  However, there are also exceptions to this in other places, including some American states.  We call this “public reason” under the North American Free Trade Agreement (NAFTA). 

            This means that the Government can issue a formal notice to the landowner, calling it condemned.  This word gives many bad images, but in this situation, it means that it is being taken for public use.  When this happens, the Government must compensate the property owner in an amount that is fair for the repossession of the land.  This is done using a “fair market price” plus interest that would have accumulated after the fact.  This number is verified by a neutral party to ensure that both interests are protected. 

            It sounds intimidating when you see it like that but remember: this exists in places other than Mexico and it can happen as much to a native Mexican as it can to a foreigner.  This is not a practice that is done to single out foreign landowners.  As well, you are compensated for your land, so you aren’t just tossed out and expected to simply walk away empty-handed.

 

Should I be concerned?

            No.  While this exception does exist, it isn’t one that is used very often.  It is often seen as a last resort and only in a situation where it’s absolutely necessary (such as it being a dangerous piece of property, on the protected area that is grandfathered in, etc.  This is not an uncommon occurrence because the Mexican Government understands that foreigners want to own property and enjoy their time in Mexico -- not feel like they need to watch over their property every second.  It also works in the best interest of the Mexican government, since it brings revenue and property tax, amongst other things, to them from well-intentioned foreigners.

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Can I purchase property within the restricted zone under a Mexican corporation entity?

 

Non-Mexicans are capable of purchasing property in Mexico with worry about its legality.  There are restricted zones, which include 50 km (31 miles) from waterfronts/shorelines and also 100 km (62 miles) from international borders.  You can own property by the water or within that distance to the border, however, if you do so under a bank trust or Mexican corporation entity.

 

What is the difference between a bank trust and a Mexican corporation entity?

            This often leads people to believe that they have two perfectly equal avenues when searching for a way to own property within those restricted areas.  In reality, there are some important differences in choosing between them.

            Going with a bank trust gives you more control over how many people can own the property and who you can bequeath it to when something happens.  It offers control over the property’s ownership as effortlessly as possible.  However, this is intended for personal use only, with no corporate or business use at all.

            If you are going to be using your Mexican property for any kind of business/income use, however, you will need to own the property through a Mexican corporation or company instead of through a bank trust.  This helps it become registered properly and also will adjust the expectations of the owner, too.

 

How to distinguish personal from business use

            The reason that this separation is here is to make sure that it’s zoned and taxed properly, and also to make sure that both sides know what their responsibilities are.  Sorting out which way you want to use it is going to be important.

            For example, personal use would be to enjoy it as a vacation home, a spot where you work from home (ex: remote work), and live with loved ones during your time there.  As you can see, you can still work from home, but it would need to be remote work.  The reason that remote earning is personal is that the location itself doesn’t matter.  Essentially, you could work as easily from a train station or a beach and it would make no difference.  However, this means that you can’t claim any kind of “business use of home” expenses, either.

            If you are looking to use your Mexican property for any kind of income that involves that property, this is where the Mexican corporation would need to be your choice.  For example, if you wanted to offer your services to local customers, or sell products to local clientelle.  Even logistics businesses where it’s just shipping and receiving things.  All of these would be business use.

 

Is it easy to own property under a Mexican corporation?

            Yes, it is easy to own land this way.  This is standard procedure in Mexico and it’s legal, safe, and designed for people to navigate through easily.  While there will be a bit of extra paperwork to fill out, simply because it is registering you as using the property for business purposes (which have unique conditions and procedures), it is still easy and simple enough to do.

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Can I own property near or in front of the ocean?

 

If you’ve done some research, you’ve learned that you can legally own land in Mexico as a non-national, unless it’s within 50 km (31 miles) from the shoreline.  Anyone who’s been to many Mexican destinations knows that some of the best property is within that 50 km (31-mile) radius, however.  So, what do you want to do if you want to own property near, or in front of, the ocean?  Take a look.

 

How to own property near or in front of the ocean

            If you want to own property where you are practically right on the beach, it absolutely is possible.  You would need to do it through a bank trust from a Mexican bank, or have a company based in Mexico be the actual name of the deed, however.  If you want to own property with the deed in your own name, it will need to be outside of this restricted zone.

            In 1973 and 1993, legislation was passed that specifically made this possible and this is still in place today so that foreigners can easily hold property in Mexico within those otherwise restricted areas.

 

Is it safe to own property near or in front of the ocean?

            If you’re familiar only with the concept of shell companies and laundering money, then you’d understandably be concerned about this idea of it being held in a trust instead of direct your name!  However, that’s just “good TV’.

            In Mexico, it’s extremely common -- and therefore safe -- to have a trust or a company hold the property deed title within this restricted area along the coastline.  You can find many, many people who have done it without concerns or frustrations, and it’s so common that many people don’t even think twice about it!

            You’ll find a lot of banks will offer it easily, too, since it’s so common and done specifically to make sure that foreigners have access to this popular (and pricey) property.

 

What does it mean to own property through a trust?

            There aren’t many differences when it comes to this particular part of owning property in Mexico, specifically because it’s designed to have your best interests in mind.  One of the main differences is that you can have more than one owner of the proepty.  You can share it between 2 people and then each person can have different beneficiaries who will take over the property if something were to happen to person #1, then person #2 would have the sole ownership.  This s great for those that want to split ownership between two people that may or may not be married, business partners, good friends, etc.  It isn’t complicated with red tape.

            It can be then given to heirs that are stipulated in the wills of both owners, too.  The beneficiaries can be related or they may not be related.  It’s all about offering as much control as possible with as little legal red tape as possible.

 

Ownership is possible in restricted areas

            Essentially, you can have ownership of waterfront property, it’ll just be done through the use of a trust that is located in Mexico and verified by banks and government industries.  Iy is safe, legal, and exceptionally common!

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Can I own property in Mexico?

If you enjoy spending time in Mexico, you're undoubtedly thinking about buying property there. Do you want to know what it's all about and how you can make it work for you? Here's all you need to know about owning property in Mexico as a non-Mexican citizen.

 

Can I own property in Mexico?

            First and foremost, the core question of whether not you can own property in Mexico if you are not a citizen.  The answer is yes.  You can easily and legally own property in Mexico even if you aren’t a Mexican citizen. 

            That being said, there are restricted zones where non-nationals can’t own property without some sort of Mexican company’s involvement.  These include zones that that are within 50 km (31 miles) from shorelines and 100 km (62 miles) from international borders. 

If you are interested in buying property within these zones, you will need to have a Mexican corporation or a bank trust to do so.

           

Can I have the property in my own name in Mexico?

            Yes, you can have a property in your own name in Mexico even if you are not a national of Mexico itself.  Again, this is common and legal.  In fact, many properties are owned outright by people who aren’t Mexican nationals.

            This would be, similar to above, outside those restricted zones where you would need a brank trust or similar that is based in Mexico.  Inside those zones, it would be in the name of the company or trust rather than your own name.

 

Will I have rights and responsibilities as a Mexican national?

            One of the reasons why many people opt to put their name on the title for property in Mexico is that it grants you the property rights of Mexican nationals.  For example, property owners will have the right of possession of the property as well as the right of control over the property itself.  This means that they can possess the property how they choose (renting it out versus living it themselves) and have control over how it’s used (including painting and what they physically have in their home, etc.)

            Other rights include privacy/exclusion (meaning that you would have the right to tell people to get off your property) and the right to give the property to whoever you wish since your name is on the deed.

            That being said, there are also responsibilities that come with being a property owner in Mexico.  These include paying property taxes, abiding by the laws as far as activities and possessions, and other common expectations.

 

The bottom line

            If you are enjoying your time in Mexico and want to make it as safe and profitable as possible in terms of living, then buying property in Mexico is a terrific way to help you make the most of it. It is simple, completely legal, and far more prevalent than many people know!

 

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