Discover Luxury Real Estate at Its Finest With Nest Seekers Mexico

Whether you're visiting popular destinations or secluded local towns, crime can happen. However, many popular locations for buying property in Mexico, such as Mexico City, Los Cabos, Valle Del Bravo, and Riviera Maya, are considered safe for both locals and tourists alike, and by taking reasonable precautions and being mindful of local customs and laws, people can enjoy a safe and enjoyable experience living in or investing in Mexican property.

No, you do not need to be a Mexican resident to retire or invest in Mexico.

Foreigners are welcome to purchase property and invest in various industries in Mexico, and many retirees from all over the world choose to retire in Mexico every year. However, it is important to research and understand the visa requirements and tax implications of living or investing in Mexico as a foreigner. Nest Seekers Mexico can provide guidance and resources to help make the process as smooth and seamless as possible.

Moving to Mexico involves some planning and paperwork. Mexico’s laws permit foreigners to reside, work, and immigrate. However, not everyone needs or wants to be an official resident of Mexico, even if you spend extensive time in the country.

When it comes to applying for residency, applications for temporary or permanent resident visas are reviewed and processed by the Mexican Consult located in your state or the one nearest you, in order to request a meeting please consult: http://consulmex.sre.gob.mx/leamington/index.php/non-mexicans/visas/114-permanent-resident-visa

Once you have scheduled an appointment with the Mexican Consulate, be prepared to bring with you:

• Your Passport and a copy
• Proof of Your Address and a copy

During your appointment, the consulate office will require additional documentation and information and may apply on a case-to-case basis.

Once the procedure has concluded with the Mexican Consulate, a visa will be delivered. This visa shall later be taken to the immigration office in the city where you will reside in Mexico where they will exchange the visa for the Permanent or Resident visa you originally required, this process usually takes less than 2 months.

Being a permanent resident in Mexico has many benefits, such as:

• Tax deductions
• Private medical insurance (your same company, simply cheaper)
• Drive your U.S. registered car and forget road tax forever
• Save time upon arrival to the International Airport, avoid those long tourist migration lines

And much much more...

Yes! Using an IRA account to purchase property in Mexico is possible. Depending on the circumstance, as a buyer, you will be requested to form a legal entity that will receive funds to acquire the property. It’s important to clarify that the foreign legal entity will conduct business in Mexico, and the incorporation documents of such entity will need to be formalized by:

1. Being notarized
2. Apostilled with the Secretary of State’s office
3. Translated into Spanish through an official translator

Now, if the foreign legal entity is acquiring within 50km from the coastline or 100km from the Mexican border, the title will be in the form of a trust (Fideicomiso), formalized with a Mexican banking institution. The term of the trust is 50 years, renewable for the same period over and over. Having the property in a trust does not represent a legal disadvantage or risk, the buyer (individual or legal entity) has ownership rights to use, enjoy, and dispose of the property.

In addition, the trust will appoint the buyer (individuals or a legal entity) as principal beneficiaries who at the same time appoint substitute beneficiaries for the event of death, this avoids costly and complicated probate procedures.

Once you are a homeowner, you will be responsible for paying all utility bills, which can include water, electricity, gas, property taxes, and homeowner’s association fees, among others.

Regarding Property Taxes, the amount to be paid on an annual basis is very low. This is because the property taxes calculated by the Municipality or County are based on the assessed value of the property and not the commercial value. For example, a property that on average has a cost of USD$280,000.000 would pay around USD$350.00 per year.

Depending on the location, the municipality or county provides certain incentives to homeowners. For example, if the property taxes are paid in advance in the month of December that covers all following year, a discount of 20 to 25% is granted.

Yes! It is possible to obtain a loan for property in Mexico, although the process can be different from what you might be familiar with in your home country. Many Mexican banks and financial institutions offer mortgage loans to foreigners, and some international banks also provide financing options for Mexican real estate. It is important to work with a trusted real estate agent, like Nest Seekers Mexico, who can help guide you through the process and connect you with reputable lenders that specialize in Mexican real estate financing.

In Mexico, like in other countries, you are required to pay Capital Gain Tax if you incur a profit due to selling property. In the past, the full exception of taxes independent of the amount of the profit was allowed through certain rules. However, the law changed. Currently, through certain deductions, you can lower the capital gain tax on occasions in which such deductions are sufficient to lower the tax to zero.