Can foreigners buy a house in Tulum, Mexico?
Yes! Buying a home in Tulum or any part of Mexico and be down with an experienced guide,
Real estate, homes, or condos in Mexico can be a wise investment.
The Mexican government allows foreigners to own property in their country.
It is perfectly legal if outside the restricted zones-50 kilometers from the shoreline and 100 km from international borders.
In these areas, foreigners can hold direct deeds with the same rights as Mexican nationals.
But inside these borders, it’s different because there are restrictions on how much land you may own through fideicomisos (bank trust agreements).
Depending on what type of business or residential complex you plan to buy
If it’s a commercial real estate property, then only 1/4 acre would be allowed per person.
It’s Best to Hold Property Title
The Mexican Constitution of 1917 clarified that no foreigner can own property in Mexico’s “restricted zone.”
However, the government saw economic wisdom by allowing foreign investment and establishing trusts for residential real estate transactions.
Since 1973 most foreigners who have bought homes in Mexico have utilized a fideicomiso (trust) which grants them title to their houses while giving up very little control or ownership to a bank.
As the property owner, you are entrusted with the power to make investments, such as controlling what happens with all aspects of landscaping, home design, and redesign.
More FAQS About Mexico Real Estate
Can an American or Canadian own property in Mexico?
It is perfectly legal for an American to own property in Mexico.
Beyond the tedious process of setting up a bank trust (fideicomiso), buying property in Mexico as an American or Canadian is pretty straightforward.
Can you own beachfront property in Mexico?
Absolutely!
Foreigners interested in properties within 50 km of the coast or 100 km from a border will have to purchase the beach property through a trust with a Mexican bank known as a fideicomiso.
It is a reasonably straightforward process and nothing to be scared of.
What is a fideicomiso?
A fideicomiso is a trust that allows foreigners to buy property in Mexico with all the rights of a Mexican citizen.
This is a safe, legal, and prevalent vehicle for foreign real estate ownership in Mexico.
Sell it, rent it, build on it, live on it, or pass it down to your heirs… the choice is yours!
How long does a fideicomiso last?
It lasts for 50 years, and after that, it is renewable by the owner or their heirs.
This means that ownership does not expire as long as it is renewed.
How much does a fideicomiso cost?
Fideicomisos do add some time and cost to the buying process.
The setup costs range from $500 to USD 1,000, and maintenance fees cost around $500 to $ 700 per year.
Can I hire a lawyer to help with the contract?
Your sales contract will be in Spanish, so many buyers like to take the contract to a lawyer (referred to as notaries in Mexico) to review the agreement and give third-party feedback.
If you want to purchase in the Riviera Nayarit, we can refer you to a notary.
Are there mortgages for foreigners in Mexico?
Yes, but it will require a lot of paperwork, months of processing, and high-interest rates.
99% of sales are cash sales due to the costs of mortgages.
Can the Mexican government seize your property?
No. If your property was purchased legally and you are not doing anything illegal on the property, the Mexican government has no legal right to take the property.
For example, if the land is required to build roads or railways.
This same process exists in most countries, including the US and Canada.
