Puerto Vallarta is one of Mexico's most popular tourist destinations, and it's no wonder.
The city offers a combination of beautiful beaches, a vibrant nightlife and a rich and diverse culture. In addition, housing prices in Puerto Vallarta are relatively affordable, making it an attractive destination for foreign buyers.If you are thinking of buying a home in Puerto Vallarta, but you are not a Mexican resident, there are a few things you should know. In this blog we tell you everything you need to know to make the purchase, from the necessary paperwork to the financing options.
Can a foreigner buy real estate in Mexico?
Restrictions for foreigners
Foreigners may purchase property in Mexico, but there are some restrictions. For example, foreigners cannot buy property in areas considered strategic, such as coastal areas.Article 27 of the Constitution states that any property within the country's 100 kilometer border strip cannot be purchased directly by a foreigner, and the same goes for real estate within the 50 kilometer beach strip.
But don't worry, to acquire property in these areas, a foreigner can create a trust in which he or she is the trustee and the bank is the fiduciary. The bank is responsible for administering the trust, which is established for a term of 50 years, with the possibility of renewal for another equal period.
Foreigners may purchase property in Mexico, but there are some restrictions.
Foreigners may acquire property without the need of a trust,
as long as they comply with certain requirements, such as:
- :Temporary or permanent residence permit in Mexico, issued by the National Immigration Institute.
- Federal Taxpayers Registry (RFC) before the Tax Administration Service (SAT) in order to be able to pay the corresponding taxes in Mexico.
What are the financing options?
In Mexico, foreigners can access the same types of financing for the purchase of a home as Mexicans. However, it is important to keep in mind that the financing requirements may vary depending on the financial institution.
Some financing options for the purchase of a house in Puerto Vallarta as a foreigner are:
Bank mortgages: Bank mortgages are the most common financing option for buying a home in Mexico.
Personal loans.
Personal loans may be an option if you do not meet the requirements for a bank mortgage.
Mutual funds.
Mutual funds may be an option if you are looking for a long-term investment.
Gova: a reliable option to buy a house in Puerto Vallarta.
Grupo Gova is a real estate developer based in Puerto Vallarta. We have extensive experience in the construction of high quality homes. We offer a variety of housing options for foreigners, including houses, condominiums and more.
If you are interested in buying a home in Puerto Vallarta, we are your choice. We have a team of professionals that will help you with the entire buying process, from finding the perfect property to obtaining financing.
If you wish to use your credit to buy a house in Puerto Vallarta, we have the following developments available for you.
Our specialized agents are ready to help you, you can contact them by clicking here or by the following medioscontacto@govacasa.mx For calls: (322) 308 03 35
We are waiting for you!
