Mexico 101: As a US citizen, can I own property in Mexico?
By Anita Kaltenbaugh – Phoenix Mexico Traveler Examiner
After working and living in Puerto Penasco, Sonora, Mexico the most frequently asked question besides “Do you speak Spanish?” is “Can you own your home in Mexico?”
The answer to that question is ” Yes, you can own your own home in Mexico even as a US citizen”.
Disbelieving faces will stammer, “Well, you don’t really own it, you lease it right?” No, you really own it you own it in a form of a trust called “Fideicomiso” or Trust (equivalent to an American beneficial Trust) . A US citizen or any foreigner or Mexican citizen can purchase property through a Mexican Bank in order to purchase Real Estate anywhere in Mexico, including the restricted zone. The restricted zone is a zone of 100 kilometers along the border or 50 kilometers along the coast.
The “Fideicomiso” or Trust is the manner in which one will purchase property in Mexico. The permit is obtained through the Minister of Foreign Affairs to acquire the chosen property in trust which is held by the designated bank. “Oh so the bank owns it?” Well, your mortgage is owned by a bank in the US, so understand the process before making quick judgments.
How does one know how to work with this type of property? How do you make sure it is purchased safely and correctly? Just like the majority of the United States, most contact broker’s and realtors. Work with a licensed, registered real estate broker, notario (a type of attorney who will assist you with the purchase of your property), lawyer if necessary and obtain title insurance.
Millions of Americans own property in Mexico, but as with anything else do your research, know the facts and work with an experienced licensed, registered Realtor. Check out Realtors who are associated with AMPI, in Puerto Penasco, Sonora Mexico. it is a professional association affiliated with National Association of Realtors( NAR)
