You have two options to acquire a property in Mexico as a foreigner, the first is through a Fideicomiso (Trust) and the second by a Mexican Corporation.Your decision will depend on what you want to do with the property, for example, if the property you buy is for personal use, the best option is to buy through a Fideicomiso, this is less expensive in the long term and can be easier to sell, bank fees may be less compared to the operating and maintenance expenses of a Mexican Corporation. However, if your intention is to establish a business, for example, rent, buy and sell, or obtain another type of income, it would be advisable to open a Mexican Corporation, remember that you must always be assisted by an experienced Mexican lawyer to help to determine which is the type of company that best suits your needs. Do not forget that operating a Mexican Corporation implies having a fiscal responsibility, which is the monthly and annual filing of tax returns and complying with other requirements established by Mexican Law.
2. Frauds-Ejido Land
You must be very cautious when buying a property, currently, there have been many Frauds, one of them is that the sale of Ejido Land to foreigners, you should know that only a Mexican person can legally own Ejido land and Ejido lands cannot be sold to non-ejido members until it becomes private property
3. Buyer's expenses
The buyer of Real Estate in Mexico must pay the Notarial Expenses, acquisition taxes, registration fees and other fees, besides, the seller must pay the fees to the real estate agent.
4. Legal Advice
It is especially important that you have an experienced English-speaking Mexican lawyer to assist you throughout the purchase process, because foreign lawyers cannot practice law in Mexico.
5. Notary Public
The Notary in Mexico is a licensed attorney certified by the government to guarantee the legality of real estate transactions.
if you have any questions regarding the above, please contact our firm for further enquiries.
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