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!