The A, B, C to buy a property in Mexico if you are a foreigner

México has become an attractive country for foreigners, both to visit and to invest in the real estate sector.

In case you are a foreigner and you are interested in acquiring a property in Mexico, you should know that belonging to another nationality will not be an impediment to do so, as long as you meet some requirements, which will allow you to acquire real estate in Mexico.

You should know that to buy a house in Mexico as a foreigner, there is a restriction in the zones. These areas are called a 'restricted zone' and are a strip of 100 kilometers along the land borders, or 50 kilometers along the beaches, in which case, it is a mandatory requirement that the acquisition is through a bank trust, with a maximum duration of 50 years.

WHAT DO FOREIGNERS BUY?

In the residential case, visitors come to spend a few days off, especially to beach destinations. They are people close to their retirement or already retired, who have the time and savings to acquire a property in the country.

Another type of foreign investment that is growing is in the industrial sector, now more properties of this type are demanded than corporate ones, especially in Tijuana and Ciudad Juárez, Guanajuato, San Luis Potosí, Querétaro, and Aguascalientes; due to the aeronautical and car manufacturing boom.

Foreign Direct Investment in Mexico grew in 2017, and represented $ 29.695 million, according to the Ministry of the Economy. Two sectors in recovery are construction, with 10.3% -six percentage points more than last year- and real estate services, and rental, which reached 1.4%, but in 2016 it had been 1.1 percent.

And although much of this is derived from companies that expand their operations in the country, there are also unit investments.

PERMISSIONS NEEDED

It is necessary to obtain prior permission to acquire the property, which must be granted by the Mexican government. To request it, you must go to the Ministry of Foreign Relations (SER) in the General Directorate of Legal Affairs, in Mexico.

If it is not possible for you to request in person, you can also carry out the procedure through an authorized legal representative, by a power of attorney.

APPLICATION

This must be filled out by typewriter or computer, and submitted together with its annexes, in original and two copies, with the applicant's data: name, surname, nationality, immigration document number, immigration status, address (for notifications), and the data of an authorized person, to receive the certificate. It must also be signed by the applicant, and prove their condition of staying.

MORTGAGE CREDIT FOR FOREIGNERS

There are different financing options to buy a house in Mexico, being a foreigner, even if you are living in the country. Mortgage loans for foreigners can also grant you different benefits, such as insurance, rates, and fixed monthly payments.

There are also financial instruments that the foreign person can use to facilitate the payment of the property, so it is necessary to verify legal and regular income:

• Deliver the FM2 or FM3 immigration form.

• Have at least a specific number of months living in Mexico, which varies depending on the bank.

• Be economically active.

• Be over 18 years of age.

• Have a minimum work seniority of 1 year.

These vouchers are the most common in any banking institution, and the applicant can benefit from fixed interest rates, insurance, fixed monthly payments; and even the opportunity for co-financing.

This is enough so that anyone who sees the beauty and potential of the country, can find a place to move in Mexico, whether they are looking for the best residential areas, or a space to do business.

We can assist you to get a mortage credit in México, contact us for more information.

Remember that Mexico awaits you with open arms. If you are looking for a trusty real estate agency in Mérida, Playa Del Carmen or Tulum, we are ready to assist you.