Mexican regulations regarding immigration change from time-to-time as with most countries, therefore it is advisable to find out the pertinent information before applying for your resident visa. Many independent agents assist aspiring residents with the procedure that may involve a few trips to the local immigration office before getting your desired resident card. For up-to-date information and regulations, visit your local Mexican consulate or the official National Immigration Institute (INM) website where you will find the requirements to apply for or upgrade your immigration status. There are several types of immigration statuses and associated visas for foreign visitors to Mexico: Tourist Visa When you arrive in Mexico by land or air, the customs officer will stamp your passport with a 180-day Tourist Visa. This visa allows you to vacation in the country but does not give you permission to perform any profitable activities during your stay. Temporary Resident Visa If you wish to live here full-time, the next step on the immigration ladder is the Temporary Resident Visa, which allows you to stay for a whole year before applying for renewal. Property owners are advised to obtain this Temporary Visa, which does not place restrictions on foreign travel. A work permit can be added as part of the Temporary Visa allowances, giving you the legal right to work. Permanent Resident Visa After four years of successfully renewing your Temporary Resident status, you may apply for a Permanent Resident Visa. The Permanent Visa gives you the total freedom to live and work in Mexico and enjoy every right Mexican citizen do except for the right to participate in elections. To keep your resident status, you must inform the INM of any address and work changes within 90-days of their occurrence.

Obviously, it is difficult to give an exact amount, since closing costs are based on each individual property and have to be calculated specifically for the property being purchased. Basically, you can expect to pay approximately 4% to 6% of the value of the property in closing cost fees. Remember, these closing cost fees are over and above the actual purchase price. To avoid surprises, make sure that your real estate expert provides you with an estimate of the approximate closing costs for you prior to making an offer.

Well, this really depends on who is selling the property. If a Mexican national is selling a property to a foreigner, then normally there are approximately four people directly involved in the transaction. The parties would be the purchaser, the seller, the public notary and the bank. If a purchaser is acquiring a property from another foreigner, in the coastal region of Mexico, then there would be approximately 5 people involved; the public notary, the seller, the buyer, the seller’s bank and the purchaser’s bank, if the purchaser is establishing a new bank trust with a different bank. NOTE: It is important to note that the real estate brokerage, or agent, plays a very important role in the real estate purchasing process in Mexico. A good agent, or broker, essentially orchestrates the whole process and is the main supplier and communicator of all the required information to all the parties involved in each transaction.

A new bank trust is normally for a period of 50 years and can be renewed for a further period of 50 years.

The answer is a resounding, yes! The means, by which foreigners can acquire real estate, is through a Mexican bank trust, technically known in Spanish as a Fideicomiso. Individuals or foreign companies, in their own right, as well as foreigners that own stock in a Mexican corporation, can all acquire properties through different methods depending on their location. In the interior of Mexico, through direct title and through a bank trust in the coastal areas, including beachfront properties.

A bank trust or what is locally referred to as a Fideicomiso, is the agreement or contract which is contained within the Title deed whereby the bank, known as the trustee (Fiduciario), holds the title for the buyer (Fideicomisario) who, in turn, has all the beneficial rights of use and enjoyment of the property.

Yes. If you decide to do so, you will be taking over the existing trust that is in place. It would be wise to check how many years are remaining in the existing trust, since it may be better to establish a new 50-year Bank trust instead.

Regulations regarding the use of foreign plated vehicles in Mexico should be carefully followed. For additional information on this subject, we suggest you checkout the website for the Foreign Affairs Department of Mexico or meet with a legal adviser.

The process is very simple. On receiving an accepted offer for your property, you will instruct your trust bank via a letter of instructions informing them that you are selling your property. Once the title and all the paperwork has been completed by the Public Notary you will sign the deed in the presence of the Notary and the other parties involved. On signing the deed, the net funds, after taxes and expenses, will then be wired to your specific account. This is obviously a very simple explanation. There is a lot of work involved in completing a transaction but most of this is usually coordinated by your real estate professional. Your real estate professional will guide you through each step of the process.

In Los Cabos, the purchaser pays the closing costs. The purchaser is responsible for paying the Notary`s fees and expenses as well as the transfer (purchase tax), escrow fee and all closing costs related to the sale. The Seller is responsible for paying the Mexican Capital gains tax (Impuesto Sobre la Renta), if it applies, as well as the real estate fees. The seller also needs to be up to date with all his trust bank fees, property taxes and other payments related to the property, up to and including, the closing date.