Expat to Mexico – One Million Americans Already HaveSeptember 7th, 2010 by The JetSetter Team | Comments Off on Expat to Mexico – One Million Americans Already Have
economy, and that means owning property.
Here are some answers to the most obvious Mexican real estate questions.
Q: Can foreigners own property in Mexico?
A: Yes. Ownership is guaranteed through a 50 year renewable Mexican Bank Trust. More than one million Americans currently own property in Mexico.
Q: Can an expat buyer get title insurance and escrow on the property?
A: Yes. Several U.S. Companies specialize in Mexican real estate insurance.
Q: Can the Mexican government reclaim the property?
A: No. Foreign owners enjoy the same rights to ownership as a Mexican national, as well as all the benefits of direct ownership.
Q: How much are property taxes?
A: The current property tax rate is .65% of assessed value as long as it is used for residential use.
Add to this that Mexico was named the â€œWorld’s Top Retirement Havenâ€ by International Living in 2007. Not too shabby. When you consider the millions of illegal Mexican immigrants streaming north across the border into the United States, makes one consider there must be a lot of extra space down south. With recent expat focus on countries like Costa Rica and Panama, don’t forget to give good, old Mexico her due.
The Jetsetter Team
Flickr / Christian Frausto Bernal