Real estate is another great option if you are looking for a temporary visa for Mexico. If you are not interested in purchased real estate, my previous article details obtaining a standard temporary visa Real estate is still relatively cheap, but is quickly changing. Purchasing real estate in Mexico is also not what you might expect. I will go through the details of the visa requirements and the process for purchasing real estate in Mexico.
First the easy part, what are the requirements for the Temporary Visa for Mexico through Real Estate.
Requirements detailed by the San Diego Mexican Consulate:
1. Completed visa application form.
2. Original valid book passport. One photocopy of the data page, last page and any pages that have seals or visas stamped on them.
3. If you are not a United States citizen, you must provide proof of legal entry to the US. The original document and a photocopy must be provided.
4. One recent photo (not American-passport sized, check measurements: at least 32.0 x 26.0 mm and at most 39.0 x 31.0 mm). Forehead uncovered, front view, no glasses, white background, and must be printed on matte or glossy photo quality paper.
5. Original and photocopy of the notarized deed (Escritura Pública otorgada ante Fedatario Público), issued within the previous six months to the date of the visa appointment, proving that the foreign national owns real estate in Mexico, which has a value of upwards of forty-thousand days of the minimum salary valid in Mexico City at the time of application.
6. Non-refundable processing fee.
For real estate there is one additional requirement:
5.f) Real Estate Property in Mexican territory:
Original and a photocopy of the Public Deed signed before a Commissioner of Oaths certifying that the foreigner is the holder of real estate with a value exceeding $5,668,000.00 Mexican pesos or its equivalent of $277,270.23 US Dollars at the current exchange rate.
Overall, nothing new or daunting when compared to the standard temporary visa. However, the process of purchasing real estate in Mexico requires you to obtain a fideicomiso. A fideicomiso is a bank trust, which is long-term and irrevocable. When you receive the fideicomiso, the bank still owns the title of the property, but you have the rights to own and occupy, remodel, sell, give away or leave to your heirs.
The fideicomiso is not a lease, but a renewable trust, after 50 years, the trustee has 10 years to renew the trust for another 50 years.
That’s it! Obviously, this sounds much easier than it really is, filling out the paperwork is one thing, but dealing with Latin American bureaucracy is something else. But once everything is properly filled out and you have purchased your property, you will be on the track for permanent residence, or citizenship is what you are looking for.