What services does MyCasa.mx offer?

At MyCasa.mx, we specialize in assisting U.S. and Canadian citizens in purchasing real estate in Riviera Maya, Mexico. Our services include property search, legal advice, transaction support, and connecting clients with trusted third-party rental administrators. Afterwards we help you get the most of your property with professional design and rental strategies.

Why buy property in Riviera Maya?

Riviera Maya offers a vibrant blend of natural beauty, rich culture, and robust investment opportunities. Properties here are desirable for vacation rentals due to high tourist traffic, making it a profitable investment for those looking to rent out their homes while they are abroad.

What types of properties can I buy?

We offer a wide range of properties including condos, houses, and luxury villas. Whether you are looking for a cozy beachfront condo or a spacious house for potential retirement, we can help find the right property for your needs.

Can I see the properties remotely?

Yes, we provide virtual tours and detailed online listings for all our properties. Our aim is to make your buying experience as seamless as possible, regardless of where you are located.

How does the vacation rental process work?

When you choose to rent out your property, we connect you with reputable third-party rental administrators who handle everything from marketing to maintenance, ensuring your property is well-managed and profitable.

What are the legal considerations for foreigners buying property in Mexico?

Foreigners can safely invest in Mexican real estate through a fideicomiso (bank trust) or by establishing a Mexican corporation, depending on your long-term goals. We provide expert legal guidance to ensure your investment is secure.

What should I consider before buying a property in Mexico?

Consider factors like location, type of property, potential rental income, legal requirements, and your long-term plans in the region. We advise all our clients to think about their future intentions—whether it’s renting out the property, using it as a vacation home, or eventual retirement.

How can I get started with MyCasa.mx?

Simply contact us through our website, and one of our agents will reach out to discuss your real estate needs and how we can assist you in finding your dream property in Riviera Maya.

Are there financing options available for foreigners?

Yes, there are financing options available for foreigners. We can guide you through the different options and help you find the best solution based on your financial circumstances.

Who manages the property when I am not there?

We partner with experienced rental administrators who specialize in managing vacation rentals. They will take care of everything from tenant screening to property maintenance, ensuring your investment is hassle-free.

What makes MyCasa.mx different from other real estate agencies in Riviera Maya?

Unlike other agencies, MyCasa.mx offers Mexico’s first buyer-facing, video-enhanced MLS-like system. This platform showcases over 800 top properties in Riviera Maya through detailed video walkthroughs, drone footage highlighting the location, and audio descriptions covering key details like square footage and HOA fees. Our system provides a comprehensive view of each property in less than three minutes, ensuring you don’t miss out on any spectacular deals.

How does MyCasa.mx help overcome the challenges of no MLS system in Mexico?

Our unique video-enhanced platform allows buyers to explore all available properties in the region, including resales, pre-constructions, and new constructions, which are often overlooked due to the lack of a centralized MLS system. This comprehensive visibility into the market ensures you have access to the best deals and a true sense of each property’s potential.

Tell me more about the MyCasa Real Reality Show.

At MyCasa.mx, we produce the world’s only real reality show about buying real estate in Riviera Maya. Unlike other pre-scripted or post-purchase produced shows, our reality series documents the actual buying experiences of our clients, in real-time. Hosted by Raul Morales, our engaging and humorous CEO, these shows are not just entertaining but also provide valuable insights into the safe and correct procedures for buying property in the area.

How can the MyCasa Real Reality Show benefit potential buyers?

The show offers viewers a firsthand look at the real estate buying process in Riviera Maya. By watching real buyers navigate the market with our guidance, you can learn essential tips and tricks for making informed decisions. It’s a fun, educational way to understand the local real estate market from the comfort of your home.

Understanding Riviera Maya Real Estate Law: Key Concepts

2024-04-22 by My Casa

Riviera Maya Real Estate Law for Secure Property Investments

The allure of the Riviera Maya’s coast is irresistible, yet purchasing property here as a foreigner comes with specific legal considerations. Riviera Maya real estate law mandates the use of a fideicomiso in the restricted zone. This straightforward guide demystifies these regulations, ensuring your real estate investment is secure and compliant.

Mycasa Real Estate's licensed buyer's agents work only with the best attorneys in the Riviera Maya. Picking one online, without knowing their track record, is a recipe for stress and issues down the line. We have vetted the best and work only with the best. Reach out to us to discuss next steps.

Why Invest in Riviera Maya?
Understanding Property Laws for Foreign Buyers
Financial Considerations
Types of Residency for Property Owners
Steps to Purchase Property in Riviera Maya
Other Articles About Relocating to Mexico
What are Clients Saying About Mycasa Real Estate
Frequently Asked Questions

Why Invest in the Riviera Maya?

The Riviera Maya is a dream destination for many, and its real estate market is thriving for good reason:

Stunning Natural Beauty: Turquoise waters, white-sand beaches, and lush jungles.
Strong Tourism: High demand for vacation rentals and second homes.
Appreciating Property Values: Significant growth potential for investors.
Convenience: Proximity to international airports and vibrant cultural attractions.

Understanding Property Laws for Foreign Buyers

In Mexico, foreign buyers can legally own property, including in the Riviera Maya. However, there are specific rules for properties within the Restricted Zone:

Restricted Zone: This includes land within 50 kilometers (about 32 miles) of the coastline or 100 kilometers (about 64 miles) of an international border.
Fideicomiso (Bank Trust): Foreigners can own property in the Restricted Zone by establishing a fideicomiso. This trust grants the buyer full ownership rights while the bank acts as the trustee.

Key Points:

The fideicomiso is valid for 50 years and can be renewed.
Owners retain full control, including the right to sell, rent, or pass the property to heirs.

Financial Considerations

Owning property in Riviera Maya comes with costs beyond the purchase price. Here are the main financial aspects to consider:

Acquisition Tax: A 3% tax on the assessed property value.
Annual Property Tax (Predial): Typically less than 0.1% of the property's assessed value.
Closing Costs: These include notary fees, registration fees, and legal expenses, ranging from 4-7% of the purchase price.
HOA Fees: If buying in a gated community or condo, expect monthly fees for maintenance.

To secure financing, options include Mexican bank loans, seller financing, or leveraging equity from properties in your home country.

Steps to Purchase Property in the Riviera Maya

Hire Professionals: Work with a reputable real estate agent and lawyer.
Research Properties: Identify options that match your budget and goals.
Make an Offer: Negotiate terms with the seller.
Due Diligence: Ensure the property has a clean title and no encumbrances.
Set Up a Fideicomiso (if applicable): Establish the bank trust for ownership.
Close the Deal: Sign the deed with a notary and pay associated fees.
Register Ownership: Officially register the property with the Public Registry.

Types of Residency for Property Owners

Owning property doesn’t automatically grant residency in Mexico, but it can help in applying for a visa. There are two main types of residency:

Temporary Resident Visa

Valid for 1 year and renewable for up to 4 years.
Requires proof of economic solvency or property ownership.
Ideal for those planning seasonal or short-term stays.

Permanent Resident Visa

Allows indefinite residence with no renewal required.
Available after 4 consecutive years of temporary residency.
Requires notifying the local immigration office of any address or employment changes.

Obtaining a Mexican residency offers a range of advantages for those seeking a new lifestyle, business opportunities, or simply a change of scenery. Whether you're looking to invest in a tropical paradise, enjoy lower living costs, or explore the vibrant culture, Mexico provides a welcoming environment for expats.

By becoming a Mexican resident, you are allowed to open bank accounts, create corporations, and, if you own property and you're planning in selling it, you may apply for capital gain tax reductions or even exemptions in some cases.

Lic. Jesus Estrada
LOES ATTORNEYS, Playa Del Carmen

Summary

Owning property in Riviera Maya is more than an investment; it’s a lifestyle. By understanding the legal and financial landscape and following the right steps, you can enjoy the beauty and culture of this tropical paradise from your own home. Ready to make your dream a reality? Contact us and let's get started

What Are Clients Saying About Mycasa Real Estate?

"We have been beyond pleased...we felt in good hands the entire process." Jodi Ribar. Google Review

"...and within 5 minutes, she called me." Leanne Knox. Google Review

"He is incredibly knowledgeable about the area, knows all the details about the property..." Claudia Ruiz. Google Review

"She listened to every single detail of what I was looking for in a property..." Kendra Mangana-Adams. Google Review

Ready to book a trip and shop for your dream home, plan your trip with Google Travel

Frequently Asked Questions

Can Americans own property in Playa del Carmen?

Yes, Americans can own property in Playa del Carmen through a Mexican bank trust called a Fideicomiso, which grants them the same rights of ownership as Mexican citizens.

What is the restricted zone in Mexico for buying property?

The Restricted Zone in Mexico for buying property refers to land that is more than 66 feet away from the mean high tide line, up to 32 miles away from the ocean, and up to 64 miles from international borders. This prime land is highly sought after by international buyers.

Can foreigners purchase property in Riviera Maya?

Absolutely! Foreigners can purchase property in Riviera Maya, either directly or through a fideicomiso (bank trust). It's a straightforward process that allows for investment opportunities in this beautiful region.

What is a fideicomiso?

A fideicomiso is a bank trust that enables foreigners to own property in restricted zones of Mexico while allowing them full ownership rights and management control over the property.

What are the taxes and fees associated with purchasing property in Riviera Maya?

When purchasing property in Riviera Maya, you will need to pay a 2% acquisition tax on the assessed value and an annual property tax called predial, which varies depending on the property's size and location. These are the main taxes and fees associated with property purchase in the area.

Updated 12/12/24

Tags :