Frequently asked questions for foreigners buying real estate in MexicoJunio 23 de 2020
Mexico has always been a favorite destination for foreigners from all over the world. The vibrancy of its culture and history, the world-famous Mexican food, and its natural beauty, Mexico has it all.
Is there any mortgages for foreigners looking to purchase real estate in Mexico?
Not so long ago, financial options for foreigners wanting to buy a home in Mexico were scarce: cash or a developer payment plan. Things have been changing, and there are more options for retirees looking for a mortgage to buy a property in Mexico.
Nowadays, Mexican banks have more options for mortgages designed for Americans, Canadians, and Europeans. These mortgages tend to be in dollars, and on a fixed rate for periods up to 15 and 30 years.
If you want to explore some examples of mortgages designed for foreigners look for foreigners mortgage broker such as MEXLEND.
What is a Fideicomiso?
In the past, foreigners couldn't buy properties on the coast or near the border; these were laws whose purpose was national security and sovereignty. Not surprisingly, these were the most sought after areas for foreigners to have their second home.
However, laws were changed so foreigners could own land on the coastal and border areas; this was made possible by the creation of the Fideicomiso.
A fideicomiso is a Bank trust is a legal document in which a bank is the legitimate owner of the property, but the foreigner has the rights and can sell it or inherit it.
Getting a Fideicomiso is a very straightforward process; you will need the following documents:
- Name and nationality of the buyer
- Bank's name.
- Name and nationality of the Buyer
- Length of the contract.
- Description of the property and purpose of the property. E.g., residential, commercial, mixed, etc.
- Description, location, measurements, and area of the property.
- Estimated distance from the coast or the border.
- Payment according to the law.
- Filled application
The same Bank can do the process as the mortgage, and they will send all the documentation to the Secretaria de Relaciones Exteriores (Secretary of foreign affairs) for approval.
The fideicomiso is valid for 50 years, with a renovation option at the end of the period.
Buying a property in Mexico with a bank trust iso is a secure way to become a homeowner in Mexico, the only thing left to do is find your dream property!
Do I need a fideicomiso to buy real estate in Valladolid Yucatán?
Valladolid Yucatan is an area where you can purchase as a foreigner without a bank trust. The process is quite simple as you only need a permit from the international affairs department and you are ready to go!
Can I use an escrow service in Mexico?
Here in Casas in Valladolid we pride ourselves in working to provide the best services. You can get an escrow service to buy your property, and we are the only agency in Valladolid Yucatán offering this service.
Contact us for more information! We are the only certified agents in Valladolid Yucatan, and we have proudly helped many foreigners find their dream home in Mexico.
Casas in Valladolid, we are here to help!