FULL Ownership in Mexico
Buying and fully Owning Property 100% in Mexico is NOT such a daunting task if done correctly and all the correct & legal procedures are followed.
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Full Title Ownership for Expats and Foreigners in Mexico is achieved by protecting your assets in a Fideicomiso Bank Trust or LLC Company.
Choose Your Location
First thing you need to decide is where on the Riviera Maya you want to live. Cancun, Puerto Morelos, Playa Del Carmen and Tulum are all uniquely different and offer various benefits. Some areas are within walking distance to all amenities, some will require a car.
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Playa Del Carmen is very popular for example because you can live in town, you can walk to all the resteraunts on 5th Ave or to any of the Beach Clubs.
Choose Your Design
Once you know where, you need to decide what style of home will best suit your needs both now and at least 10 years into the future. A Studio is a great starting point but you may need a 1 or 2 Bedroom Condo if you require some privacy especially if longterm.
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More luxurious options include Swim-Up units which are very popualr or 2 and 3 Bedroom Penthouse with privavte jacuzzi.
Full Time Living
The purpose of your investment plays a big part in the decision making. If you are buying for retirement or long term vcations, you will need at least a 2 Bedroom Condo so that you have space for your valuables and possesions and lifestyle comfort.
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You will also need to think about the design of your kitchen and include an oven or dishwasher ( both are not standard) and even a washing machine.
Rental Program
If you are buying more as an Investment Property this can change the whole decision making factor. There is a lot of competition in the Rental Market and you need to be aware of many key points in order to be successful and have an advantage over competitors.
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Buying a low cost property may lose that advantage if it is not in a desirable area or too far from amenities and the usual vacation necessities of a beach or bar.
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Property Management
Good Property Management will literally mean the difference between operating in the positive Black as opposed to operating in the negative Red. Correct nightly rate, location, amenities and good advertising will all come into play.
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Advertsing on the right platforms for vacation rental and competitive rates are key to success AND an understanding of fees and taxes can make or break.
Legal Aspect
Buying property in Mexico should go hand-in-hand with getting the correct legal resident status. You do not want to be visiting as a Tourist, you will need a Temporary Resident Visa as a minimum and even Permanent if retiring full time.
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The Mexican Resident card is becoming more strict for qualification and now a Permanent Resident applicant for example must have a minimum of USD$250,000.
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XMEX PROPERTIES & XMEX INVESTMENTS