I am buying real estate in Mexico. I’m also American. What should I do and how do I do it?
The first thing I would know about are the restricted zones. Foreigners are not entitled to an outright purchase of land. Even when going through legal guides established through fideicomiso, you can run into dishonest professionals that create future problems. Although you may find great tips online, find a reliable real estate source in Mexico for up-to-date information. Similarly, you should check out car insurance for Mexico. Financial ratings are important to consider if you want reliable Mexican car insurance in Mexico.
Learn more about car insurance for Mexico by visiting our website
Why are land purchases restricted?
From 1917 to 1973, only Mexican nationals could buy ejido land. However, an amendment in 1973 permitted the purchase of real estate by foreigners. There are a few exceptions. You can’t hold land within 50 kilometers of a coastline or within 100 kilometers of the international border. You also technically don’t own the property. Rather, your bank holds the property and leases it back to you for 50 years at a time. It is wise for you to follow current information and guidelines through reputable real estate resources.
Travel Guide Tip: Coverage is now mandatory, so pick up Mexico car insurance before taking off!
Why is car insurance for Mexico so important?
As you probably know, Mexican car insurance is required across the border. Sometimes folks offer incorrect tips about skipping this coverage, but you can’t rely on off-hand information. As a foreigner, you need to have Mexican car insurance that is designed for foreign-plated vehicles.
I drive a rugged 2019 Mini Cooper S, therefore I’m going to need full coverage.
You can learn more about Mexican real estate and Mexican insurance here.