How to Buy and Title Property in Quintana Roo as a Foreign National

As a foreign national seeking to acquire property in Mexico, the process can appear daunting, particularly in the popular tourist destination of Quintana Roo. It is possible for international buyers, to successfully purchase and acquire title to real estate in Mexico with the correct counsel and planning.

Notably, Mexican law prohibits foreign ownership of land within a certain distance of the country's borders and coastlines. This restricted region is known as the "restricted zone." The restricted zone in Quintana Roo extends 31 miles from the coast and 62 miles from the United States border. Foreign nationals can therefore only acquire property within the restricted zone by establishing a trust, often known as a "fideicomiso."

Once you have discovered the property you wish to acquire, it is essential to have an attorney or notary properly examine and verify the title. This stage is essential for verifying that the property is free of liens and encumbrances and that its history, including earlier transactions, zoning, and environmental concerns, has been thoroughly researched.

After verifying the title, the next step is to finalize the deal and transfer the title to the buyer. This is accomplished by a public notary executing a public deed. The notary is responsible for validating the parties' identity, ensuring that the conditions of the transaction correspond with Mexican law, and registering the transfer of ownership with the proper government agency.

As a foreign national, you must also obtain a "RFC" tax identification number for tax purposes. This number must be presented to the notary when the public deed is executed. It is vital to remember that as a foreign national, any rental income earned by the property may be liable to Mexican income tax.

Foreign buyers must also familiarize themselves with Mexican real estate rules and regulations, such as those pertaining to property taxes, zoning, and the environment.

In conclusion, buying real estate in Quintana Roo as a foreign national can be a complex procedure, but it is possible to effectively navigate the process and secure your property investment in Mexico with the right assistance and preparation. As a foreign national, it is essential to know that you must purchase property in Mexico through a trust. If you are considering purchasing real estate in Quintana Roo, you should get the counsel of an experienced real estate attorney to verify that the transaction is conducted in accordance with Mexican law.