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
To link these documents with the steps in the process itself for the purpose of clarity, you will partake in two stages of application, and some of the documents will be needed in the first one, while the remaining pieces will be submitted during stage two. Please find below a breakdown of each stage:
1. Mexican Consular interview in your home country
2. Travel to Mexico for final interview and Exchange (Canje) at the Institute of National Migrations (This is where your passport and visa copies will be useful as well as proof of address and identification photographs)
The process takes around 3 months making it one of the faster options, however, the benefits do not end there. As well as being a quick option, you are also permitted dual nationality should you wish to eventually apply for Mexican citizenship. This is key as many investors are looking to have a route to naturalisation through their investment, and this is possible in Mexico as after living consistently in the Latin American nation for four years, i.e., the initial year of your temporary residency as well as the three further years it can be renewed for, you are able to apply for permanent residency. One further year of permanent residency opens the door to citizenship, an attractive prospect in a rapidly developing economy within numerous global markets!
So, if you are interested in finding out more, get in touch with us today! At Creimerman, we are a team of global citizens, working with each client and providing a tailor-made service in order to help make their cross-border ventures a success, and we would love you to be the next.