How to buy a house in Mexico as a foreigner

If you are a foreigner and had visited Mexico, you surely have considered the idea of living in our beautiful country. So here, we tell you how you can buy a house in Mexico.

Mexico is a country with a rich culture, gastronomy, history and natural beauties, which amazes foreign tourists whenever they visit our country.

After falling in love with one of the many places in Mexico, some foreigners decide to invest in Mexico’s real estate. For this there are some permits, rules and restrictions, all which we will tell you right here below.

Buying a house in Mexico being a foreigner

The first thing you should know are the designated areas for a foreigner to buy a house in Mexico. These are called restricted areas, a strip of 62.13 miles that extends along the land borders, and 31.06 miles along the beaches.

If you are looking to buy a property outside these areas, the only requirement is to make an agreement with the Mexican government, to be considered as a national citizen, so then you can acquire any property you want, outside the designated areas.

This permission is granted by the Dirección General de Asuntos Jurídicos of the Secretaria de Relaciones Exteriores (Ministry of Foreign Affairs). If you cannot make the request, a legal representative can make it for you.

But, if the property of your interest is within a restricted area, you must make the purchase through a fiduciary institution, or a bank trust.

In this way, the institution will have the property title, and you, as a foreigner, will have the rights for it, for 50 years maximum.

Mortgage credit and loans

Foreigners can also have mortgage credits to buy a house, among the general requirements to request it are the following:

• Being over 18 years
• Deliver the FM2 or FM3 immigration form
• Have a minimum period of time of living in the same address
• Be economically active
• Have been working for at least one year
• Proof of income

Extra expenses

There is no additional cost to acquire a property outside the restricted zone. The taxes and deed expenses to buy the home will be the same as those paid by a Mexican citizen.

Although, if the home you want to purchase is within the designated area, you will have to pay additional expenses to establish the trust, payment of the rights for the Foreign Affairs permit, commission for opening and validity.

You may also read: How safe is it to buy a property in Acapulco?

If you want to know two luxury developments, located in the area of greatest added value in Acapulco, surrounded by multiple attractions and very close to the beach, we recommend Altamar Residencial and VidaMar Residencial.