Anyone, including someone who is visiting Mexico on a tourist visa, may own property in Mexico.
The Mexican government has stated that if you sign a contract, rent a house or condo, buy a house or condo, or lease property, you are no longer a “tourist” and therefore invited to apply for a Temporary Resident Visa.
An important thing to realize is that to be able to buy property in Mexico, one does not need to have a Temporary Resident Visa.
However, having invested and bought a property in Mexico you are then able to apply for a temporary resident visa. And after 4 years you can apply and get a full residency in Mexico.
How to Qualify for Temporary Residency Visa by Investing in Mexico Real Estate
Investors and those who own real estate in Mexico may qualify for a temporary residency visa.
Temporary Residency Visa is designed for people who plan to stay in Mexico for more than 180 days and up to four years.
The temporary resident card will be valid for one year. After that first year, temporary residents can apply for an extension of their temporary resident status for one, two or three years at a time.
To qualify for a temporary residency visa by investing in real estate in Mexico, you will submit the following information:
For Real Estate Owner in Mexico:
- Original and copy of Deed executed before a notary public attesting that you own property in Mexico with a value in excess of $174,000 USD.
For investors in Real Estate in Mexico:
- One must provide documentation of a Mexican entity, executed before a notary public and documentation that the investment amount exceeds $90,000 USD, accompanied by an original and a copy of a contract for the sale of stock or shares, property or rights for the Mexican.
Benefits of Temporary Residency Visa from Investing in Mexico Real Estate
Temporary residency visa holders may open bank accounts, register a car, and avoid paying capital gains tax on the future sale of a Mexican home.
If you are interested in buying a property in Riviera Maya Mexico (Tulum, Playa del Carmen, etc) then you can enjoy the benefit of applying to stay longer in Mexico by having a temporary visa.
If you would like help finding your property in Tulum Mexico then contact our real estate agents in Tulum Mexico today. Click here to contact them now.