Contrary to popular opinion it is actually really easy to purchase a home or property in Mexico. When purchasing a home or property in Mexico your title to the property will have to be held in a Bank Trust for non Mexican Citizens.
A bank trust is the only legally and accepted way for an American or any other non-Mexican citizen to legally own property in Mexico.
The bank trust will cost about $2,000 extra beyond the cost of the property. The annual fees for the bank trust will be about $350.00 each year. The annual fees are minimal when you consider that property taxes in Mexico are generally much lower than in the United states.
If you plan on paying cash for a low cost property in Mexico then you will be able to easier purchase a Mexican property. If you plan on getting a mortgage then you will have to have lived and worked in Mexico for at least one year.
In the past Americans and Non-Mexicans could purchase a property in Mexico as long is it was not part of a "restricted" area. Owning a home on the beach was not possible because of the restrictions. Now an American can easily buy a home in Mexico, even on the beach. If a property you want to purchase is in a restricted area then a simple bank trust will allow you to own property in Mexico anywhere.
The Mexican government is ware of the benefits of allowing non-citizens to purchase property so they set it up to easily allow Americans to purchase Mexican homes and property.
To ease your comfort level in the home buying process you can use an Escrow company that is based in the United States to purchase your home and property in Mexico. There are many American escrow companies that specialize in Mexican property.
When you have a bank trust set up for your property the bank is not allowed to transfer, sell, or do anything related to your property with out your written permission. Contrary to some beliefs, purchasing a home in Mexico and setting up a bank trust is safe, easy, legal, and effective method of owning property in Mexico.
If you decide you want to sell your Mexican property you legally can. You can also arrange to have the Mexican property you buy to be passed onto a beneficiary of your choice in case you die.
When purchasing a home in Mexico you can find many different types of neighborhoods and areas. You can buy a home in a community that is predominately populate by Americans. You can buy upper scale homes or little shacks that are nasty looking. You can purchase a Mexican Condo Unit or you can have a modular home in a remote area with no neighbors around.
Regardless of the type of Mexican
property you purchase you will find the low cost of living and the
friendly Mexicans make for a nice place to not only visit in the
winter time but also to live year round and to raise a family. Image Credit: (Flickr/hmerinomx)