Can anyone buy property in Mexico on a tourist visa?

Anyone, including someone who is visiting Mexico on a tourist visa, may own property in Mexico.

The Mexican government has stated that if you sign a contract, rent a house or condo, buy a house or condo, or lease property, you are no longer a “tourist” and therefore invited to apply for a Temporary Resident Visa.

An important thing to realize is that to be able to buy property in Mexico, one does not need to have a Temporary Resident Visa.

However, having invested and bought a property in Mexico you are then able to apply for a temporary resident visa. And after 4 years you can apply and get a full residency in Mexico.

Temporary Resident Visa

• Monthly Income Requirement: Around $2,500 – $3,000 USD in monthly income from pensions, investments, or other sources.
• Savings Requirement: Alternatively, you can show a minimum balance of $43,000 – $50,000 USD in savings over the past 12 months.
• Property Ownership: Some consulates may consider property ownership as part of the economic solvency requirement, particularly if the property is valued at $250,000 USD or more.

This is subject to change, so it’s best to consult with a representative of immigration in Mexico.

Permanent Resident Visa

• Monthly Income Requirement: Approximately $4,000 – $5,000 USD in monthly income.
• Savings Requirement: Alternatively, you can show a minimum balance of $180,000 – $200,000 USD in savings over the past 12 months.
• Property Ownership: Owning property valued at around $300,000 USD or more can support your application, but it’s essential to verify specific requirements with the consulate.

This is subject to change, so it’s best to consult with a representative of immigration in Mexico.

How to Qualify for Temporary Residency Visa by Investing in Mexico Real Estate

Investors and those who own real estate in Mexico may qualify for a temporary residency visa.

Temporary Residency Visa is designed for people who plan to stay in Mexico for more than 180 days and up to four years.

The temporary resident card will be valid for one year. After that first year, temporary residents can apply for an extension of their temporary resident status for one, two or three years at a time.

To qualify for a temporary residency visa by investing in real estate in Mexico, you will submit the following information:

For Real Estate Owners in Mexico:

• Original and copy of Deed executed before a notary public attesting that you own property in Mexico with a value over USD 300,000. Consult with a representative to know if this value has changed.

Benefits of Temporary Residency Visa from Investing in Mexico Real Estate

Temporary residency visa holders may open bank accounts, register a car, and avoid paying capital gains tax on the future sale of a Mexican home.

If you are interested in buying a property in Riviera Maya Mexico (Tulum, Playa del Carmen, etc) then you can enjoy the benefit of applying to stay longer in Mexico by having a temporary visa.

If you want clarification on understanding more about owning property and becoming a resident through ownership, we recommend seeking an immigration consultant. Due to the changes of law that happen regularly, it’s best to consult with a professional who works in immigration in Mexico for foreigners. 

If you would like help finding your property in Tulum Mexico then contact our real estate agents in Riviera Maya Mexico today. Click here to contact them now.