Mexico: How you can obtain residency in return for real estate investment
Today we will be following on with the theme of residency by investment in Latin America, and with yesterday’s article centring on business investment, today we will be taking a slightly different approach. It is important to note that while residency by investment is accessible, it is not necessarily the right choice for every potential expat, making the information we are sharing today an important foundation for the research phase of relocation. With this established, we can continue with our theme for today, specifically, real estate investment in Mexico, from the requirements and steps to the benefits associated with such a process. This is interesting as within relocation, the purchase of real estate is key, and so a process such as this allows for the investment to double-up as your new home, making your move more stress-free.
Although we have mentioned this in other articles on our blog, context remains a key part of the background to any large, cross-border investment. So, a residency is an official permission granted to someone with a different nationality, allowing them to live in a different country for a specified period of time, in this case, in Mexico. Residency is either temporary or permanent, the difference between the two being that the former is a short period of time and the latter is valid permanently, meaning you are able to stay for an indefinite period for you to be able to apply for citizenship after the requisite period should you wish. Schemes such as this have been around for a couple of decades and are increasingly popular amongst expat communities, making the following information all the more important.
The Mexican program is for temporary residency, and here are the requirements for any potential investor:
· Investment in real estate of a value equivalent to at least 2,804,000 Mexican Pesos (roughly US$141,000)
· Public deed with signature from the Commissioner of Oaths to prove the above investment
· Passport copy and photo
· Bank statement
· Proof of address
· Payment of visa fee
· Completed application form