LLMI. Jessica Hernández
Business -Consulting -Investment
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If you are a foreigner and you want to invest in a property in Oaxaca, here is important information for you about the documents you should present for the purchase-sale process.
Foreigners have the right to acquire a property in Mexico no matter if they have or not the Mexican residence.
For real estate transactions with foreigners, in Mexico, there exists a restricted zone which is a strip of 100 km along the land borders and 50 km along the beaches. However, a lot of people do not know that as foreigners it is possible to acquire a property in Mexican territory inside the restricted zone. This can be done through a trust or the constitution of a Mexican enterprise. The Mexican system allows people from other countries buy a property and gives them great protection.
To acquire real estate in restricted zones, foreigners must acquire the property through the constitution of a bank trust formalized with a Mexican Banking Institution. As a buyer, you will be designated as the primary beneficiary.
Another option to buy properties in the restricted zone is by constituting a Mexican company. The enterprise should be property of foreigners and should be administrated by them. It needs to be constituted under the Mexican law, even if its stockholders, members and offices are foreigners. This Mexican company can buy properties in a direct way in the restricted zone.
Well, this is talking about the restricted zone, however, when it is not the case the situation changes. For those who want to acquire a property which is not restricted zone what is mainly necessary is a document issued by the Secretary of Foreign Affairs, which is the Waiver Agreement for the Acquisition of Properties out of the Restricted Zone. Which was already explained in the article Acquisition of Properties in Mexico by Foreigners.
If you are thinking in acquiring a property in Oaxaca, contact us, our specialized team will guide you in the process. SilMéxico is a consulting in real estate which offers integral services; enterprises constitution, trusts, in addition, we count with a legal, accountable and construction area for those who look for developing in Oaxaca.