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If you plan to buy a property in Cabo San Lucas, Mexico in the near future, there are a number of things to consider, such as applying for residency, buying in a restricted zone or if there are any pitfalls of buying property in Mexico. This blog outlines what you will need to know as an American citizen when purchasing your first property in the beautiful Baja California Sur.
Determining If The Purchase Is Outside Of A Restricted Zone
Can you buy property in Cabo San Lucas if you are a United States citizen? The short answer is yes, but you must check the laws on purchasing property in Mexico first. Mexican law prevents citizens of foreign countries from owning property within 100 kilometres of the country’s borders with other countries. The same law also prevents land ownership within 50 kilometres of the ocean. The ocean borders would also apply to the Caribbean Sea and the Gulf of Mexico.
A potential purchaser should ensure that the purchase does not place them in proximity to a restricted zone. If it does, they will be required to apply to the Bureau of Land Management (BLM) for an easement through the land, should they wish to buy it. This should be discussed with an attorney or realtor in Los Cabos prior to making the purchase, so the buyer is aware of what will be expected of them should they wish to purchase within a restricted zone.
Assessing Residency Requirements
Residency requirements in Cabo San Lucas are regulated by the Ministry of Foreign Affairs of Mexico. The formal name for this type of visa is “Temporary Resident Visa”, which can be extended to a “Permanent Resident Visa”. When you become a permanent resident of Mexico, you will receive a Permanent Identification Card or CURP card. This card gives you lifelong rights to live, work, study and own property in Mexico under the same terms as citizens.
If you’re looking to buy property in Cabo San Lucas, or anywhere in Mexico for that matter, you will need to apply for a “residente permanente visa”. The steps to apply can be found below:
Contact a Mexico embassy
Direct contact with the Mexican Embassy is encouraged because it allows you to ask questions of the staff who are trained to help you.
Complete Mexico Application Form
The selection of which application form to fill out depends on where you live, your marital status, and the purpose of your visit.
Collect Required Documents for Your Visa
Documents are provided by Mexican consulates and must be printed and assembled in the right order before submitting.
Submit the application and pay the visa fee
Finally, you are ready to submit your application. When doing so, you need to pay the visa fee which will be determined by the consulate. Usually, it is between $90 – $120. The fee can be paid by credit card or cash in exact change.
Wait for the visa to be processed
Once the paperwork has been recorded by Mexican authorities, after 90 to 180 days (depending on the location of your property in Mexico), you will receive your permanent visa (commonly known as “FMM”). It is at this time you can move freely about Mexico and also purchase real estate.
Pick up your passport, head off to Mexico, and find your perfect piece of paradise!
There are numerous reasons to want to own property in Mexico. Whatever your reasons for wanting to move to Mexico, there are ways of achieving your dream.
Meeting Proof Of Funds Standards
There are two main methods to get residency in Mexico, you can apply for residency based on your economic solvency or your social integration. It is important to note that you will not be automatically granted permanent residence simply because you have a temporary resident visa, a temporary resident visa gives you a lawful entry into Mexico and allows you to stay in the country for a certain period of time, but it does not give you permanent legal status.
In order to demonstrate economic solvency, you need to show evidence of a monthly income or a cash savings or investment fund balance. In some cases, you can also provide evidence of an officially assessed value of a home you own in Mexico, your capital investment in Mexico, or both.
What Are The Types Of Property Available?
Cabo San Lucas real estate has something for everybody, there are many different types of Los Cabos properties available. Cabo has beautiful beachfront condos, amazing luxury homes for sale right on the water, and off-the-grid property in the mountains or other rural settings.
There are some amazing properties that are perfect for everyone from first time home buyers to retirees. To get you started on your Cabo real estate adventure here are some of the best properties available for sale right now in Cabo San Lucas available through the Oceanside Real Estate company.
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