Can a foreigner legally own property in Mexico?
Yes. A foreigner can legally own property in Mexico by securing a
permit to purchase from the Ministry of Foreign Affairs (Secretaria
de Relaciones Exteriores).
Outside the restricted zones, titles are held fee simple. Within
the restricted zone which includes 50kms from the coast or 100kms
from a foreign border, titles are held by foreigners in a bank trust
(fideicomiso) or via the establishment of a Mexican Corporation.
These are all things we can help with.
Do I need a trust?
No. Alamos is outside the restricted zones and titles
are held fee simple
Do I need an FM-3 to buy property in Mexico?
No. Anyone, even someone in Mexico on a tourist visa
(FMT), may buy property. In order to acquire property,
it is not necessary to possess an FM3.
Is it possible for a foreigner to legally work in Mexico?
Yes. There is a certain 'bureaucratic' process, but it is generally not
a problem. The first step is to meet the requirements to acquire a
Visa to Work or an 'FM3'.
Is there financing for foreigners in Mexico?
In Mexico, historically as well as today, when buying real estate, the
transactions are cash operations. Mexican Banks have only recently
started to offer mortgages for property acquisitions to Mexican
nationals at affordable rates. Recently major Mexican financial
institutions have begun to offer mortgage financing to Foreign
Purchasers in specific markets (NOT Alamos) where properties are
held in Bank Trusts.
When buying or selling a property in Mexico, who pays the closing costs?
It is common practice that the buyer pays the transfer of acquisition
tax and all other closing costs, including the Notary's fees and
expenses, while the seller pays his capital gains tax and the real
estate broker's commission.
Can the Mexican government confiscate my land?
Foreigners often worry about their land being expropriated by the
Mexican government. Under the North American Free Trade
Agreement, NAFTA, Mexico may not directly, or indirectly,
expropriate property except for a public purpose.
This is the same as "Eminent Domain" in the U.S. Where it is
necessary to expropriate land, swift and fair market compensation
must be paid, together with accrued interest.
Is good medical care available?
There is an Urgent Care Clinic for immediate attention and
Doctors, who speak English who will still make a home visit. For
more critical care, there is a good private hospital in Navojoa which
is 36 miles to the west.
What if I am not fluent in Spanish, how will I get by?
Alamos is a very forgiving community where a smile goes a long
way. So just practicing what little Spanish one has is always the
best strategy. The locals are familiar with North Americans and do
try to speak a little English so communications between the two
communities is fun. There is also a foreign community of about 300
property owners, who get together for Conversational Spanish
Classes.
