Visa buying property in Cozumel Mexico – what is needed?
When we show real estate on our beautiful island I always get the question: “Do I need a special visa buying property in Mexico?”
Anyone, even someone in Mexico on a Tourist Visa, may buy property in Mexico. The notary will ask you on the day of closing to show your valid visa in Mexico. This can be a tourist visa or any of the tempory/pernanent residents visa.
I do strongly advise you to get a visa after you obtain property in Mexico for several reasons.
I would be happy to explain you why, please contact me for this specific question.
Visa in Cozumel Mexico
Temporary visits to Mexico are allowed for up to 180 days. Multiple entries to the country will provide each entry with the same allowance of up to 180 days per entry.
If you plan to stay longer than 180 days, you can apply for temporary resident (up to 4 years) or permanent resident visa (indefinite time). Under temporary resident visa (allowing stays in the country up to 4 years) or permanent resident visa (allowing stays in the country for indefinite time), work permit can be granted, provided that the required formalities are met.
The paramount formality consists in the acceptance of the obligation to become a registered tax payer in Mexico, and well, to pay taxes. Even if no actual income or profit is gained, by becoming a registered taxpayer you acquire the obligation to file monthly and yearly returns showing zero income.
Temporary or permanent residency under retiree or non-working status will release you of all tax paying obligations, but will restrict you from being able to work, while requiring you to evidence financial capacity to support yourself financially without work/income while in Mexico.
Needless to say, working on a tourist Visa, or on a non-working permanent/temporary resident visa is illegal and suitable for deportation, which seldom happens. In most cases authority reprimands and let go. Repeat violators are the ones put in a plane and deported back home, on perfectly legal grounds, due to re-incidence in violation of immigration law.
Ask a professional specialized in this specific topic
My best advice is to search and find professional consultation with an immigration specialist/laywer.
Ask your Cedral Caribe REALTORS broker, who to work with.
We will be happy to provide you with several options for you to choose among regarding the Visa to best suit your needs, in combination with our professional consultation regarding real estate tax strategic planning for either buying or selling real estate assets in Mexico.
Get professional consult based on your actual needs, and then make an informed decision.
Social media, your cab driver, friend-of-a-friend, dive master, favorite beach waiter, etc. are not among the best places to find out what is best for your particular needs, because good intentions to provide advise does not necessarily equate to accurate advise.
Always ask a professional in every field!
This article written by Ricardo Garcia – Real Estate Broker Federal License 5978642 – Broker State Registration GACR6509I0IBAFS001000105. This article may be copied or re-posted provided that the content is not altered and source is credited appropriately.