There are more than 1000 clients who have put their trust in us, and today, they are enjoying the fruits of their investments. If you still do not know us, you'll probably have several questions regarding our developments and the process of owning a property in the Riviera Maya. For this reason, we have created this guide with the 21 most frequently asked questions.
1. Can a foreigner own a property in Mexico?
Yes, a foreigner can own a property in Mexico. In 1993, the Foreign Investment Law was created to allow foreigners to purchase property in Mexico. As for the Riviera Maya, it is considered to be in the restricted zone in Mexico, which refers to properties that may be part of a real estate transaction within a range of a 100 kilometers from the border and 50 kilometers from the coastline. For a foreigner to purchase real estate in this zone, they can do so only by means of a Fideicomiso (Real Estate Bank Trust). The fideicomiso is a bank trust, granted in a 50-year renewable term, in which the Trustee Bank holds the property in trust for the beneficial use of the purchaser (beneficiary). The fideicomiso is authorized via a permit issued by the Mexican Ministry of Foreign Affairs (Secretaria de Relaciones Exteriores) and in accordance with Article 27 of the Mexican Constitution.
2. Do you need a special Visa to live here?
Not necessarily, as you can live in Mexico with a tourist visa, but with this visa, you will not be permitted to work within Mexico and it only permits that you can be in the country for up to 6 months at a time.
3. Is this timeshare?
This is nothing like a timeshare. We do not sell timeshare, as in timeshare you do not own the property; you just have the right to use that property as a vacation home under a timeshare agreement. Whereas, in Real Estate you do own the property and you have the title of this asset, which can be leased, sold, or transferred together or separately.
4. Why should people trust TAO Mexico?
Besides our 11-years experience in Real Estate, we have delivered more than 1,000 homes to our happy clients.
5. Is there a way to come and see the property?
Yes, of course, you can either come by yourself to the Riviera Maya and schedule a tour with us, our join us on one of our Discovery Weekends. These are no pressure, fun, weekend getaways for like-minded people who are wanting to invest. It is a 3-night, 4-day event in which people can experience the Riviera Maya and see our properties first-hand.
6. Where are the properties from TAO located?
TAO Mexico has several developments in Q. Roo. We have properties in Playa del Carmen, Akumal, and Tulum.
7. What financing options do you have?
The financing options that we offer depend on the project, but we have 3 years at 6% interest rate and 5 years at 6% interest rate.
8. What happens if after making the reservation deposit, I decided not to proceed with the sale?
After being charged your reservation deposit by the finance department, you will have 30 days to have the reimbursement of 100% of your reservation deposit, after which it will not be refundable.
9. Can I open a bank account in México?
Yes, you can open a bank account in Mexico; the bank requires a permanent visa for you to be able to open an account.
10. How much is the property tax in México?
Property tax in Mexico is based on the value of the property. It can be from $170.00 USD a year to $450.00 a year. This range is an estimate based on properties valued at $200,000.00 USD to $520,000.00 USD.
11. How do I prevent double taxation?
Our countries are part of a treaty that was signed to prevent double taxation. Any taxes paid in Mexico can be credited in the US/CANADA and vice versa if the transaction generated any tax in your respective country.
12. Why should I move to Quintana Roo instead of another part of México?
Quintana Roo has the second most popular airport in Mexico, as it offers direct flights from all over the world. Cancun's airport processes the second highest amount of air traffic into the country. Quintana Roo is the state with the highest Per Capita income in all of Mexico, if you will live in Playa you should know that it is a land of opportunities and that in recent years has seen thousands of immigrants from other states and countries arrive. It has a stable market with a future because it is a vantage point that connects Mexico to the world. Quintana Roo offers the most beautiful beaches in the world, with its transparent water and offers public access for all tourists who visit them.
13. Are there any special requirements to bring the vehicle with me?
There is a temporary vehicle import permit that can be obtained online from the Banjercito website or at the Mexican border, which is the official Mexican issuing agency. This permit is valid for any type of vehicle, weighing less than three tons, for up to six months. You can get the permit and insurance easily online 7 to 60 days prior to travel into Mexico.
14. Can I still receive my Social Security payments in Mexico?
Yes, as long as you are eligible for U.S. Social Security payments, you can receive them while living in Mexico. You can choose to have your benefits mailed to you in Mexico, or deposited directly into a bank account or other financial institution, depending on your choice. Once your benefits are deposited, you will be able to access them using an ATM card in Mexico.
15. Do the doctors accept Medicare in Mexico?
No, Medicare coverage is not valid in Mexico, it is only available to US Citizens and permanent legal residents of the USA. As an alternative to Medicare, some foreign residents in Mexico opt to take Mexico’s government-sponsored IMSS health coverage under an insurance program that charges based on age-brackets; typically between $50-$70 USD per month for someone of retirement age.
16. How can I rent my property?
There are several ways in which you can rent out your property. You can list your property in one or several rental platforms such as Airbnb, or leave it to a Property Management Company to manage. We can certainly recommend you some in this area.
17. What are the advantages of having a Property Manager?
A property management service can assist you with:
- Complete management of your property: the rent, cleaning, maintenance payments, etc.
- Cleaning and maintenance
- Rental of your property
18. What are the fees? HOA, taxes, insurance, utilities (monthly/annual)
HOA is paid monthly and the fees vary as they depend on the total size of the unit and including the pro-undivided percentage. A range of HOA fees would be taking $2.00 USD per total m2 of the unit. The recurrent tax to be paid is a property tax that is paid annually (can start around $170.00 USD). The insurance is paid yearly and may vary depending on the project/development. Utilities are paid monthly or every two months. Gas and water bill is approximately $25.00 USD a month. The electricity can start at around $45.00 USD based on low consumption and can go up to $1000.00 USD depending on how much is consumed the payments will vary.
19. What happens if I would like to bring my pets with me?
All of our residential areas are pet-friendly.
20. What is the delivery process, after-delivery, and what guarantees are included?
The delivery process starts 6 months before the project is completed, this is when the delivery department will send a communication to the client to inform them of the delivery date of the project. Once the unit is ready to be delivered, the Delivery Manager will communicate with the client to schedule their date of delivery. The client has a maximum of three months to come and receive their unit. On the day the unit is delivered they will do a punch-list with the property owner, this will state the possible details that need to be done, this punch-list is signed by the property owner and the delivery representative accompanying them, in front of them, and the developer has 30 days to fix the details listed. Once the unit is in perfect condition, the formal closing document will be signed which states that they are taking the physical possession of the unit in satisfactory condition. The post-delivery process grants you a contract of 12 months guarantee, which covers hidden vices and guarantees in the appliances delivered.
21. What happens if I want to make modifications to the structure of my property?
Any modifications to the structure of the unit will need to conform to that which is permitted in the Condominium Regime and the regulations of the Condominium Association. SEND US YOUR QUESTIONS! We are here to help you.