Readings > OBTAINING TEMPORARY MEXICAN RESIDENCE BY ACQUIRING PROPERTY IN MEXICO

Mexico is a country characterised by its openness to the migration of people from abroad, as well as its attractiveness as a tourist, relocation, and investment destination. For this reason, the different regulations applicable in Mexico regarding migration establish different mechanisms and procedures to facilitate and regulate the presence of foreigners in Mexican territory. In this order of ideas, Mexico’s migration law, in particular in Article 40, provides the following ways to obtain visas for foreigners:

Foreigners who intend to enter the country must present one of the following types of visas, validly issued, and in force:

1. Visitor’s visa without permission to carry out remunerated activities;
2. Visitor’s visa with permission to carry out remunerated activities, with the purpose of staying for an uninterrupted period of no more than 180 days, counted from the date of entry and to carry out remunerated activities;
3. Visitor’s visa to carry out adoption proceedings, which authorises the foreigner linked to an adoption process in the United Mexican States;
4. Temporary residence visa, which authorises the foreigner to stay for a period not exceeding four years;
5. Temporary resident student visa; or
6. Permanent residence visa, which authorises the foreigner to stay indefinitely.

For the purposes of this article, we will focus only on the temporary residency visa, and, in particular, on the possibility of obtaining a temporary residency visa by acquiring real estate. The migration law provides for a specific mechanism to obtain a resident visa for owners of real estate in the national territory, with the intention of guaranteeing to a greater degree the legal security of foreigners during their stay in the country. This temporary residency visa allows the foreigner to legally remain in Mexico for a period exceeding 180 days and not exceeding 4 years. The requirements to obtain this type of temporary residency are as follows:

• Present original and copy of the passport of the interested individual;
• Submit the application form duly completed;
• Submit a colour photograph (passport size) on a white background with the face visible and without glasses;
• In the case of a person with a nationality other than Spanish, a document proving the stay in the country (visa and/or resident card) must also be submitted.
• Proof of having acquired real estate in Mexico, with the original and copy of the public deed granted before a notary public, and proof that such real estate has a value that exceeds the value of 40,000 days of the general minimum wage in force in Mexico City (at the time of writing, approximately MXN 7,554,602, or USD 440,885, or EUR 405,750).
• In addition to the presentation of the application, a consular interview will be conducted with the interested party.

After submitting the application, the migration authority will have a period of 10 business days to respond to the interested party. The temporary residency visa for the acquisition of real estate is an interesting alternative for any foreigner seeking to invest or solidify their stay in Mexico through the purchase of real estate. Knowing and understanding these processes is important for any foreigner looking to learn about or invest in Mexico.

https://ggi.turtl.co/story/ggi-fyi-tep-pg-news-no-12-autumn-2023/page/10/1