Every time there are more foreigners who want to acquire properties in Mexico, either to live or to invest. Well, if you are foreigner and your intention is to buy real estate in the country, here is important information you must know and take into account.
Fraction I of the Article 27 of the Mexican Constitution stipulates that only Mexican people, either by birth or naturalization and the Mexican societies, will be able to acquire de dominion of lands and get the license for the exploration and exploitation of mines and waters in Mexican territory. However, the State will be able to grant foreigners the same right as long as they agree in the Ministry of Foreign Affairs (Secretaría de Relaciones Exteriores) by considering themselves as Mexican Nationals and in waiving to appeal the protection of the Government of their country of origin, under the sentence, in case of breaking the covenant, all rights to such property shall be reverted to the Nation.
A foreign individual or company may directly own land in Mexico except in what is described by Article 27 of the Mexican Constitution as the “restricted zone.” A zone within one hundred kilometers (sixty-one miles) of the international border and fifty kilometers (thirty-one miles) of the seacoast.
Foreign individuals or companies and Mexican companies 100% owned by foreigners may purchase of real estate for residential purposes within this “restricted zone” has to be through a trust fund for fifty years. In this kind of trust fund the bank will retain the property title but the foreigner is the beneficiary and may use and enjoy such premises and may sell or even inherit the rights to it. However, all operations regarding the property must be notified and approved by the bank.
In this order of ideas, the nationals of those countries with which Mexico does not maintain diplomatic relations and who intend to acquire real estate outside the restricted zone, must present to the Ministry of Foreign Affairs a document in which they agree to the provisions of section I of article 27 of the Constitution to acquire real estate outside the restricted zone and obtain the corresponding permit from this agency, in accordance with the first paragraph of article 10-A of the Foreign Investment Law.In case of doubt if the property is inside or outside the restricted area, the SRE must consult the National Institute of Statistics and Geography (INEGI).
The acquisition may be done personally or through an agent with representation (power of attorney valid according to Mexican laws).
Fuente: Secretaría de Relaciones Exteriores, Convenio de renuncia para la adquisición de bienes inmuebles fuera de zona restringida. De https://sre.gob.mx/convenio-de-renuncia-para-la-adquisicion-de-bienes-inmuebles-fuera-de-zona-restringida.
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