Investor · Huntington beach, CA · Member since 2014 · 99 posts · 17 votes
Hey all,
Recently got dual-citizenship (US citizen, obtained Mexican citizenship) and am planning on buying a home in Mexico as part-time STR. There's lots of information on there buying property as a foreigner through a trust, but I also have an option to buy directly as a citizen. Has anyone does this? Anyone have any experience buying property in Mexico as dual citizenship? I'm interested in learning more about the dis/advantages between buying it as a foreigner and buying it directly as someone who earns a US income.
Buying as a citizen or as a foreigner doesn't mean anything. You buy either in your own name or through a fideicomiso (or a Mexican corporation). The only benefit you'd get from a fideicomiso is asset protection so you have to decide if it's worth the cost. Just to be clear for other readers, if a non-citizen wants to buy in the forbidden/registered zone, they cannot buy in their own name so they have to use the fideicomiso (or a Mexican corporation).
Buying as a citizen or as a foreigner doesn't mean anything. You buy either in your own name or through a fideicomiso (or a Mexican corporation). The only benefit you'd get from a fideicomiso is asset protection so you have to decide if it's worth the cost. Just to be clear for other readers, if a non-citizen wants to buy in the forbidden/registered zone, they cannot buy in their own name so they have to use the fideicomiso (or a Mexican corporation).
Specialist · Signal Hill, CA · Member since 2019 · 31 posts · 7 votes
2y
@Mike Lambert I appreciated your insight as i am in the same situation. Wondering if you have any rough estimates of to how much a fideicomiso cost... Thank you!
It depends on the value of the property but for the typical basic property it’d be something like say $2,000 set-up fee and say $550 yearly maintenance fee.