As a non-resident, you can buy land in Mexico, through a legal structure that complies with Mexican laws.
Foreigners can acquire land and be direct owners of the property with all the rights of a Mexican national outside the Restricted Zone, which extends 50 km inland from the coastline and 100km from the boarder.
Here's a step-by-step guide:
Choose a legal structure: You can opt for a bank trust (Fideicomiso) or a Mexican corporation (Sociedad de Responsabilidad Limitada, or SRL). Both structures allow foreigners to own property in Mexico. Alternatively you can join a community in trust and own the land through the community.
Select a reputable real estate agent: Work with a licensed agent who is familiar with the process and can guide you through the purchase. Sol-Kin Homes can provide you with a list of trusted real estate agents.
Inspect and select the land: Browse through available land projects we have listed on Sol-Kin Homes and inspect the properties to find the one that suits your needs and budget.
Negotiate the purchase: Reach an agreement with the seller on the price and terms of the sale. Ensure that the contract includes a clause stating that the property will be held in the chosen legal structure (Fideicomiso or SRL). With regard to communities, each community offer different terms for membership. Communities can be more challenging to negotiate with but may be open to trade instead of a financial transaction.
Obtain necessary documents: Your real estate agent will help you prepare and obtain the required documents, including:
A notarized deed (Escritura Pública)
A property title (Título de Propiedad)
A bank trust agreement (Contrato de Fideicomiso) or articles of incorporation (Estatutos de la Sociedad) for the chosen legal structure
Register the property: File the necessary documents with the Public Registry of Property (Registro Público de la Propiedad) and obtain a property registration certificate (Certificado de Registro de la Propiedad).
Comply with Mexican tax laws: As a non-resident, you'll need to file annual tax returns (Declaración de la Renta) and pay any applicable taxes on your Mexican property.
It's essential to work with a knowledgeable real estate agent and/or a lawyer to ensure a smooth and compliant transaction. Additionally, consider consulting with an immigration specialist, to navigate any residency or visa requirements related to your property ownership.
