If you enjoy spending time in Mexico and are considering buying property there, you’ll be pleased to know that it is possible and legal for non-Mexican citizens to own property in the country.
However, it’s important to note that there are restricted zones where non-nationals cannot own property directly. These zones include areas within 50 km (31 miles) of shorelines and 100 km (62 miles) of international borders. To own property within these restricted zones, you’ll need to utilize a Mexican corporation or a bank trust.
Outside of the restricted zones, you can have the property in your own name as a non-Mexican national. Many properties in Mexico are owned outright by individuals who are not Mexican citizens.
As a property owner, you will have certain rights and responsibilities. You will enjoy property rights similar to those of Mexican nationals, including the right of possession and control over the property. This means you can decide how to use the property, whether to live in it or rent it out, and have control over its maintenance and design.
You will also have the right to privacy and exclusion, allowing you to control access to your property. Additionally, as the property owner, you have the right to transfer the property to others.
However, along with these rights, there are responsibilities that come with property ownership. This includes paying property taxes, complying with local laws and regulations, and meeting other obligations expected of property owners.
In conclusion, owning property in Mexico as a non-Mexican citizen is a great way to enhance your experience and make the most of your time in the country. It is a straightforward and legal process, and property ownership by non-nationals is more common than many people realize.