Frequently Asked Questions

Absolutely, yes! Mexican law allows foreigners to acquire property in the Riviera Maya. However, since this region is within a “restricted zone” (50 km from the coast), the most common and secure way for international buyers is through a bank trust (fideicomiso).

A bank trust is a legal contract where a Mexican bank acts as the legal owner of the property, while you (the foreign buyer) are the primary beneficiary (fideicomisario) of the trust. This grants you all the rights to use, enjoy, sell, rent, build on, and inherit the property, exactly as if you were the direct owner. It’s a secure and well-established structure for foreign property ownership in Mexico.

Bank trusts have an initial duration of 50 years and are fully renewable for equal periods indefinitely. This means your investment is protected long-term and can be inherited by your beneficiaries.

Generally, there’s a one-time initial cost to establish the trust (approximately $2,000 – $3,000 USD) and an annual maintenance fee (around $500 – $800 USD), which vary slightly among banks.

Besides the property purchase price, you’ll need to consider closing costs, which typically range between 5% and 7% of the property’s value. These include:

• Property Acquisition Tax (ISABI): A state tax that varies from 2% to 5% in Quintana Roo.

• Notary Public Fees: Proportional to the property’s value.

• Registration Fees: To register the property under your name in the Public Registry of Property.

• Trust costs (if applicable).

• Appraisal: An estimate of the property’s market value.

Yes, it’s absolutely fundamental! In Mexico, the Notary Public is a key figure in any real estate transaction. They are a licensed attorney who acts as an impartial public official, responsible for:

• Verifying the legality of the property and its titles.

• Preparing the public deed of sale.

• Collecting and paying the corresponding taxes.

• Registering the property under your name in the Public Registry of Property.

The Notary is your guarantee that the transaction is carried out legally and securely.

While the notary protects the interests of both parties, many foreign buyers choose to hire an independent attorney for their own specific legal advice.

The typical process unfolds as follows:

1. Offer and Promise to Purchase Agreement: Once you find your ideal property, an offer is submitted. Once accepted, a Promise to Purchase Agreement (or Sale Agreement) is signed, outlining the terms, price, and payment schedule. An initial deposit is usually made.

2. Due Diligence (Property Investigation): The Notary Public and, if you hire one, your attorney, will conduct a thorough investigation to ensure the property has no liens, debts, or legal issues. Certificates of no encumbrance are requested, and documentation is verified.

3. Trust Establishment (for foreigners): The process begins with a bank to establish your bank trust, requesting permission from the Ministry of Foreign Affairs (Secretaría de Relaciones Exteriores).

4. Final Payments: Payments are made according to the agreed-upon schedule.

5. Signing of the Public Deed: You (or your legal representative), the seller, and the Notary Public meet to sign the Public Deed of Sale. The final payment is made at this time.

6. Property Registration: The Notary registers the Public Deed under your name in the Public Registry of Property.

No, you don’t need to be a resident to buy property. You can start the process as a tourist. However, to streamline certain banking and tax procedures, having a temporary or permanent resident visa can be beneficial. Our team can advise you on this point.

The main annual taxes are:

• Property Tax (Impuesto Predial): This is a relatively low municipal property tax in Mexico, calculated based on the property’s cadastral value.

• Maintenance Fees (HOA/Condo Fees): If you buy in a condominium or development, you’ll pay a monthly fee for the maintenance of common areas, security, amenities, etc.

The Riviera Maya has proven to be a strong and constantly growing real estate market, driven by tourism and foreign investment. By following the established legal process (especially with a trustworthy Notary Public and, if desired, an independent attorney), and working with a professional and recognized real estate agency, your investment will be secure and protected.

It is super important to find a trusted real estate advisor to support and guide you through this process. A good advisor will not only help you find the ideal property but also give you peace of mind that all steps are being handled correctly. At Move2Mexico, we have experts who deeply understand the local market and regulations for foreign buyers. Our commitment is to guide you every step of the way for a successful and smooth purchase.