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Can Canadians Own Property in Mexico - featured image

Can Canadians Own Property in Mexico in 2024?

Can Canadians own property in Mexico? Yes, and it might be easier than you think!

RivieraMayaCozy.com has helped many Canadians find their perfect homes on the beautiful Riviera Maya coastline. I’ve worked in this beautiful area for many years, so I can say for sure that buying a home in Mexico is an easy process that will lead to a full, sun-kissed life.

Imagine having your own little paradise just a short distance from the beautiful beaches of Playa del Carmen or Tulum. You could wake up to the sound of the waves and eat fresh tropical fruits for breakfast. Over the years, I’ve had the chance to work with many Canadian clients, each with their own unique needs and goals. The Riviera Maya has something for everyone, from young families looking for something new to adults looking for a quiet place to stay by the beach.

This book will walk you through the steps, answer common questions, and give you expert tips to make sure your home purchase goes as easily as possible. 

Without further ado, let’s start.

Can a Canadian Own Property in Mexico?

Short answer: Yes, Canadians can own property in Mexico, including in the Riviera Maya. In the Restricted Zone (within 50 km of the coastline), foreigners use a Fideicomiso (bank trust) to hold the title. Alternatively, setting up a Mexican corporation allows for property ownership anywhere in Mexico. Both methods are legal and secure, offering full control over your property.

Now, let’s dive into details.

Restricted Zone

A part of Mexico called the “Restricted Zone” is between 50 kilometers (about 31 miles) of the coast and 100 kilometers (about 62 miles) of the borders. No one, not even Canadians, can own land directly in this zone. Even so, you can still enjoy your little piece of paradise by properly getting around this rule.

Fideicomiso (Bank Trust)

One of the most common ways to own land in the Restricted Zone is through a Fideicomiso, which is short for “bank trust.” This is how it works:

  • As the buyer from outside of Mexico, you are the beneficiary, and the bank acts as the agent. You have the full right to use, rent, sell, or give the property to your children.
  • Value and Renewal: The Fideicomiso can be renewed indefinitely and is good for fifty years. This means that you can live on your home for a very long time.
  • Freedom and command: You have full command over the land even though the bank owns the title. You can sell it, rent it out, or make changes to it if you decide to move on.

Mexican Corporation

Forming a Mexican corporation is another way to buy property, especially if you want to buy more than one home or industrial property. Briefly:

You can own 100% of a Mexican company even if you are not from Mexico. This group can buy land anywhere in Mexico, even in the Restricted Zone.

Uses: This method may be especially useful for people who want to start a business, invest in rental homes, or do other business-related activities.

Legal and Tax Considerations: Forming a corporation takes more paperwork and following Mexican business rules, but it gives you a lot of freedom and may give you tax breaks.

A Complete Guide to Buying a Property as a Canadian

Now that you know the basics, let’s go over the normal steps for getting a home in Mexico.

Find your dream home

First, look into the Riviera Maya real estate market, which is really taking off. Every taste and income can find a place to hide in the jungle or on the beach. Our team at RivieraMayaCozy.com can help you sort through the postings, set up viewings, and narrow down your choices.

Make an offer

When you find the perfect house, make an offer on it. This is usually done with a Promissory Agreement, which spells out the price, the payment plan, and any other terms of the deal.

Possible financing

There are ways to get financing, even though most people pay cash. You can get a mortgage in Mexico from banks and a few other lenders. Our experienced agents can put you in touch with reputable lenders and help you figure out what your options are.

Setting up the company or fideicomiso

If your land is in the Restricted Zone, you need to set up a Mexican corporation, also known as a Fideicomiso. Your real estate agent and a trustworthy notary (Notario Público) will help you with the formal paperwork and make sure that everything is in line with Mexican law.

Closing the deal

Closing means signing the last document (Escritura Pública) in front of a notary. They will check to see that all fees and taxes are paid and that there are no liens on the land title. After you sign the papers and pay the money, you’ll own the title or trust property.

Enjoy your new home

All of a sudden, you own a beautiful home in the Riviera Maya. Soon, you’ll be able to enjoy the benefits of having property in this beautiful part of the world, whether you want to move in right away, rent it out, or keep it as a vacation home.

Owning Property in Riviera Maya – A Look at Top Destinations

The Riviera Maya region is a true gem of the Yucatán Peninsula. It has many beautiful places, and each one has its special charm.

Let’s look at some of the best places to live in Mexico for Canadians.

Playa del Carmen

Playa del Carmen is known for its beautiful beaches, high-end shops, and lively nightlife. It is a colorful and multicultural city. It’s popular with expats because it has both modern conveniences and real Mexican culture.

Useful resource: Playa del Carmen properties

There are both condos on the beach that are very fancy and apartments in the busy central area of Playa del Carmen that are more budget-friendly. This real estate market is very active, so there are many opportunities to buy and rent out homes to make money.

Tulum

Tulum is famous for its beautiful beaches, historic Mayan sites, and eco-friendly vibe. People there want to live a more laid-back and open life.

Useful resource: Tulum properties

There are many types of real estate in Tulum, from beautiful beach homes and eco-friendly developments to modern condos with all the comforts of home. The community is appealing to owners who want a piece of paradise and a link to nature because it cares about sustainability and natural beauty.

Cancún

Cancun is one of the most popular places to visit in Mexico. It has great casinos, beautiful beaches, and lively nightlife. It’s a great choice for Canadians who want a second home close to a variety of fun things to do.

Useful resource: Cancun properties

Cancun has a lot of different types of real estate, from high-rise condos with views of the ocean to gated neighborhoods with private beach access. The strong tourism industry also provides good chances for rental income.

Puerto Morelos

Puerto Morelos is a small fishing village between Cancun and Playa del Carmen. People who want the conveniences of nearby towns without giving up a calmer, more relaxed atmosphere will love it.

Useful resource: Puerto Morelos properties

Modern condos and waterfront homes are both equally easy to find in the town. Canadians who want to buy property find Puerto Morelos to be a peaceful and attractive place to live because it has beautiful beaches, coral reefs, and friendly community.

Bacalar

The beautiful blue waters around Bacalar have given it the name “Lagoon of Seven Colors.” This secret gem is perfect for people who want peace and natural beauty.

Useful resource: Bacalar properties

Bacalar real estate includes luxury houses, eco-friendly homes, and villas by the lake. The area is less developed than other parts of the Riviera Maya, but it is a peaceful place where life moves at a slower pace. Anyone who wants to live a quieter life away from the noise should consider Bacalar.

Mahahual

Mahahual is a small, charming village that is known for its beautiful beaches and the coral island Banco Chinchorro, which is right next door. Some people who like to dive, swim, or fish will really like it.

Useful resource: Mahahual properties

Mahahual real estate includes beach homes, oceanfront condos, and land for building. This new area is becoming more popular with both tourists and expats because it is less crowded but still relatively close to all the lively spots of the region.

Akumal

Akumal, whose name means “Place of the Turtles” in Mayan, is made up of beautiful bays where sea turtles live. People who like water sports and the outdoors will love it there.

Useful resource: Akumal properties

Some of the homes for sale in Akumal are beachfront houses, cute condos, and private homes surrounded by lush jungle. Many people who want to get away from it all in the Riviera Maya like Akumal because of its peaceful surroundings and stunning natural beauty.

Cozumel

Cozumel is a beautiful island just off the coast of Playa del Carmen. It is famous for its clear, sparkling water and great places to dive. The island has everything you need at home and a laid-back way of life. There are luxurious houses, cute island homes, and condos on the water to choose from in Cozumel.

Useful resource: Cozumel properties

People from Canada who want to live on an island will find the island’s lively people, rich culture, and beautiful scenery appealing.

Puerto Aventuras

There are neighborhoods with homes, a golf course, and a marina in the gated town of Puerto Aventuras. It’s perfect for people who like things to be fancy and want to live a busy life.

Useful resource: Puerto Aventuras properties

There are golf course homes, marina-front condos, and expensive castles on the market here. With so many shops, restaurants, and fun things to do, Puerto Aventuras is a safe and family-friendly place.

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