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05
jul
How to buy a property in Mexico if you are a foreigner
Posted on jueves 05 de julio de 2018

During the last decade, Mexico has gained popularity and is becoming increasingly attractive to foreigners. This has been proven since every year there is an increase in Foreign Direct Investment. Although an option is the rent, sometimes it is such a taste that the purchase of a home of its own becomes necessary.

 

Surely many have asked the question of whether a foreigner can acquire property in Mexico, since the Political Constitution of the United Mexican States says that only Mexicans born in the country or naturalized or societies accredited as Mexicans may own private property in National territory. However, the Mexican State may grant this right to foreigners under certain specific conditions.

 

In order for a foreigner to acquire a good in national territory, he must sign an agreement in which he waives the possibility of invoking the protection of the government to his property. Another condition is that the property must be outside "restricted areas", that is to say to 100 kilometers along the terrestrial borders and to 50 kilometers of the beaches, otherwise the acquisition will only proceed by means of a banking trust, which certifies that the bank that owns the land title and the foreigner will maintain the rights in the field during a period not greater than 50 years.

 

It should be noted that the only way to acquire a property is as indicated by the Secretary of Foreign Relations.

 

Here are some details to consider for a successful investment.

 

Permission. Foreigners must first apply for a permit to acquire real estate in Mexico, which is personally requested by the Secretary of Foreign Affairs to the General Directorate of Legal Affairs in Mexico, Federal District. This process can also be done through a legal representative with power of attorney.

 

Request. This must be filled out specifically with a machine or computer, and present along with its annexes in original and two copies, with the data of the applicant (name, surname, nationality, immigration document no., Immigration status, address for notifications) of a person authorized to receive the record, just as it must be signed by the applicant and accredit their status of stay. You must also include the details of the property, description, location of the property and purchase permit. All with the autograph signature of the applicant or, failing that, the representative.

 

Extra accreditations. If it is done by means of a legal representative, a power of attorney or special power of attorney must be attached to conclude the agreement. If the foreigner is the one who performs the process, it must prove its legal existence through the presentation of documents from the country of origin and translated by an expert translator.

 

Mortgage credits for foreigners. It is mandatory that the purchase is made through a financial institution, which offers benefits such as fixed interest rates, insurance, fixed monthly payments and even the opportunity for cofinancing if the interested party works in the country and is listed for INFONAVIT or the FOVISSSTE.

 

With these tips, any foreigner who wants to get a piece of beauty from this country, can make their dreams come true.