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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