Guide to Buying Property in Caribbean Mexico – as Canadian

The real estate market in Caribbean Mexico is very attractive. Vacationing and retiring in one of the most beautiful tourist spots. Many choose Riviera Maya with its sandy beaches, blue ocean, and easy lifestyle. Opportunities to invest and buy your own properties are good. Many of the locations in Riviera Maya offer exciting opportunities accessible to Canadians.

Like every other market, the Caribbean Mexican real estate market has its peculiarities. When you understand the market and its complexities you will yourself save time and stress.

As a Canadian, we suggest using a trustworthy real estate agent and advisor to help you navigate the market.

To find and buy your property in a foreign land, can feel difficult. With this basic information, you will feel more comfortable and confident.

Is it easy to buy property in Caribbean Mexico as a Canadian?

The short answer is yes. Ownership of Mexican properties such as in the Caribbean Mexico, for Canadians is through the Mexican constitution. In the 1917 constitution, Canadians and other foreigners could not own Mexican property. 

However, in 1973, a new constitution allowed Canadians to own property only in the non-restricted zone in Mexico. 

But, in 1993 new constitutional amendment created a new system called Fideicomiso. This system allows Canadians the right to buy properties in the “restricted zone” and have ownership rights just like a Mexican national.

The restricted zone is within 100 kilometers of the international borders. Also within 50 kilometres of Mexico coastline at high tide.

Do I Need To Be a Mexican Citizen to Own Property as a Canadian?

If you’re not a Mexican citizen and want to own property in Mexico as a Canadian, you don’t need to be a Mexican citizen.

You do not have to be a citizen of Mexico in order to buy property in Mexico. Like all other real estate transactions in Mexico, those involving properties held in a fideicomiso are governed by federal law.

Dual citizenship in both Canada and Mexico is a advantage as a property buyer and investor. The process is simpler, as a fideicomiso is not needed. With Canada-Mexican dual citizens have the same rights as Mexican citizens to property ownership.

What is a Fideicomiso? How does it work for Canadians?

Through the Fideicomiso system, as a Canadian, you can buy a Mexican property in the Caribbean. A bank acts as the trustee. The bank is the legal owner while you are the beneficiary of the trust. You as the beneficiary retain all legal rights of ownership. 

As a result, you can sell, rent, and transfer your property to anyone. You can even pass it down to your children. The trust is for 50 years. You renew for another set of 50 years. You have another 10 years after those 50 years to renew the trust. 

Note: You will incur some bank charges on an annual basis. The fee is based on the value of the property you acquired and tends to be very little.

Can I Purchase a Mexican property without a Fideicomiso as a Canadian? Is there another way?

There is another way for a Canadian to buy property in Mexico. This process is different from the fideicomiso system. This process is through a Mexican corporation.

This option is often used by Canadian investors who buy a large number of properties. Mexican corporations can own properties. With full rights of ownership in restricted areas. Mexican corporations cannot own single-family residences.

So if you are looking to invest in real estate here, we advise you to understand which to use by consulting with our real estate agents. Click here to connect with them now.

Do I need a Realtor to buy my Property in Caribbean Mexico as a Canadian?

Acquiring your property in Mexico is not so different from the process in Canada. A real estate agent helps you find your property and negotiate on your behalf. It’s much easier this way.

Another process is to visit the foreign secretary’s office to get a permit to buy your property. The permit contains a clause that denies you from consulting a foreign jurisdiction on your property.

The most important thing in this process is to involve a reliable and trustworthy lawyer. They will help you review and verify the land deed before paying for the property. The process of getting a property registered may last anywhere between 48 to 108 days.

Caribe Luxury homes have a trustable lawyer for you. We can also recommend you highly reputable lawyers who have many years of experience too.

What are the costs involved in buying Property in Caribbean Mexico as a Canadian?

Aside from your agreed price for the property with the seller, you will incur extra costs.

Expect to incur costs like Notary costs. The notary ensures legal procedures. They ensure proper documents are present. Very important.

Other costs are the acquisition tax, title insurance, and registration fees.

And if you own a property and you’re thinking of selling, agent fees and the relevant taxes are what you need to settle.

To save yourself time and hassle. We can help you. We make sure you get a great deal on your property. We make sure you get your dream property legally within Mexican law. 

Because it’s important you seek experienced professionals to guide you.

Our experienced real estate company helps you all the way. Helping you find your investment property and luxury home with ease. We want you to feel at home and safe with your New Caribbean Mexican property. We are friendly and always open to chatting with you.

Click here to contact us today or call +52 984 119 9173 or email: info@caribeluxuryhomes.com

Do you want to view and browse property for sale in Caribbean Mexico? Click to browse below:

Click here to Explore Dream Caribbean Properties for Sale in Riviera Maya Mexico.

Click here to Explore Stunning Properties for Sale in Playa del Carmen Mexico.

Click here to view beautiful properties for Sale in Tulum Mexico.