Guide to buying, selling and renting
Buying a property in another country, or in another state, is daunting: you hear about the fideicomiso, the notary, taxes with strange names, and it is easy to feel that you are about to sign something you do not understand. This guide is here for the opposite. In plain words and with no fine print, we explain how buying, selling and renting work in Puerto Vallarta, Riviera Nayarit and all of Bahía de Banderas: what you pay, who protects you, and the order in which things happen. You do not need to know any law: that is what we are here for, and that is what your notary is for. Read what interests you and keep the rest for when you need it.
Frequently asked questions
Is the fideicomiso safe? Can the bank keep my property?
It is safe, and it is the arrangement used by most foreigners who buy on the Mexican coast. The bank appears only as the holder for safekeeping and is obliged to follow your instructions; it cannot use, rent or sell the property. You are the beneficiary with all the rights, and you can name who it passes to if you are gone.
How long does it take to buy from start to finish?
It depends on each case, but an ordinary purchase usually takes four to eight weeks from acceptance of the offer to signing, a little longer if a fideicomiso must be set up because of the Foreign Affairs permit. We give you a realistic timeline from the outset.
Do I need residency or a visa to buy?
No. You can buy without being a resident. Living in Mexico permanently is a different matter, which does require the corresponding immigration procedure; they are separate topics and we are glad to guide you on both.
Can I buy without traveling, from my own country?
Largely, yes. Many steps are done remotely and, if you cannot be present at the signing, a power of attorney can be granted so that someone you trust or your lawyer signs for you. We look at it according to your case.
In what currency is payment made, and how?
The price may be agreed in pesos or in dollars, but formal payment is made by bank transfer, not in cash, both for security and because the law requires it above a certain amount. This protects both parties and leaves a clean record of the transaction.
What happens to the property when I am gone?
If you bought through a fideicomiso, you named your substitute beneficiaries in the agreement itself, and the property passes to them without probate proceedings in Mexico. If you bought directly, ordinary succession applies; it is advisable to leave a will. We explain the route that applies to you.
An honest note
We wrote this guide so that you arrive informed and at ease, not to replace your notary, your lawyer or your accountant, who are the ones who review your specific case and sign with responsibility. The amounts, rates and caps we mention are a reference for the current year: they change every year and vary from one municipality to another. Before making a decision or signing, confirm the current figure with the appropriate professional. We are glad to accompany you along the way.
What we base this on
So that we are not selling you a pig in a poke, this guide is based on current law. These are the main sources:
- Political Constitution of the United Mexican States, Article 27 (foreign ownership and the restricted zone).
- Foreign Investment Law (Ley de Inversión Extranjera) (fideicomiso in the restricted zone, permit from the Ministry of Foreign Affairs, renewable 50-year term).
- Income Tax Law (Ley del Impuesto sobre la Renta), Article 93 and the chapters on disposal and leasing (ISR and the primary-residence exemption).
- Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin (client identification and the restriction on cash in real estate).
- Civil Codes of Jalisco and Nayarit and their Notary Laws (purchase and sale, leasing and deeds).
- Municipal Finance and Revenue Laws of Jalisco and of the municipality of Bahía de Banderas, Nayarit (acquisition tax and property tax).
- Federal Consumer Protection Law and PROFECO's NOM-247 standard (rights of the real estate consumer).
- Law establishing the registration and accreditation of real estate service providers in the State of Jalisco.
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Still have questions? That is our job
You do not need to know all of this by heart. Tell us what you want to do (buy, sell or rent) and we will tell you, step by step and in your language, what suits you and what comes next. The first conversation costs nothing and commits you to nothing.