Citizens of the USA, Canada, UK, EU countries, and most Commonwealth & South American countries can stay on vacation in Mexico for 6 months on a tourist visa which is automatically given on arrival.
Visitors wanting to stay longer than 6 months can apply for an extension.
Individuals who are retired from work, financially independent and a person of good character can apply for Mexico permanent residence.
Individuals who have permanent residency and have resided in Mexico for 5 years or more are eligible to apply for citizenship by naturalization.
Mexico permits dual citizenship.
Mexico permits foreigners to acquire property in Mexico, as long as it is located outside of the so-called 'Restricted Zones', which include any land within 100 kilometres of foreign borders or within 50 kilometres of the sea.
Foreigners can enter into a special partnership with a Mexican bank, which gets to hold the title to the property in renewable 50-year trusts.
Or Foreigners can purchase real estate by establishing a Mexican corporation.
Search for your perfect property.
Make an offer to purchase the property with the Real Estate Agent.
Engage a lawyer to perform a title search and land survey.
After signing the Agreement for Sale, pay a 10% deposit.
On settlement pay all taxes and fees.
Pay the balance of the purchase amount.
Please seek the advice of a local lawyer. Legal fees depend on the complexity of the transaction and the amount of work performed.
Property taxes in Mexico are very low. The taxes are calculated on the location and size of your property.
A person selling a property pays 2% to 4% transfer tax.
Your principal place of residence is exempt from capital gains tax.
Investment properties located in Mexico are subject to capital gains tax. The standard rate is 25% of the gain on the sale.
Mexico imposes no inheritance or gift tax.
Mexico imposes tax on worldwide income and is not a tax haven.
Income Tax rates for residents are progressive ranging from 0% to 35%, and based on total income.