If you are thinking about buying La Paz real estate, there are a few things that you need to know. However, once you know these points, the good news is that you can buy real estate in this beautiful Baja California city safely and with confidence! A good Mexico real estate guide will give you a clear introduction to these issues. For quick reference, five key points you should know about are:
Mexico’s Restricted Zone - Due to now obsolete issues, Mexico’s 1917 constitution prohibited non-Mexican citizens from owning property within 30 miles of the coast or about 60 miles of the border. This includes the entire Baja California peninsula, including La Paz. However, a few decades back, Mexico’s government began realizing that they could boost foreign investment by allowing foreigners to own in these areas specifically. Instead of changing the constitution, which would be a very difficult and complicated process, the government implemented a special Bank Trust by which non-Mexicans can hold property in these areas with full ownership rights and privileges. This Bank Trust actually offers some benefits for foreigners buying Mexico condos for sale over and above straight ownership since it offers automatic inheritance vehicles.
Property Legal Status – While most buyers are aware of checking liens, etc. from back home, few are aware that there is a special kind of communal land ownership that only allows for transferal of usage rights rather than real sales. Since the government is now trying to privatize most of this land, experienced buyers already very familiar with Mexico might consider taking on such a task, but new buyers will do best to stick to titled, privately owned land.
Agents and Licensing – Your agent will be your most important resource. For this reason it is important to find an agent who is a member of AMPI (the Mexican professional real estate association) and has official training and qualifications. There are no official requirements, which makes it that much more important for you to check.
Mexico’s Residency Policies – When you enter Mexico, you will be given a visa that allows you to stay for 6 months. While some Americans and Canadians simply take a drive up to the border every half year to exit and re-enter with a new visa (they are very easy to obtain) others prefer to start the permanent residency process which should be started within 3 months of arriving.
None of these points is a “problem;” knowing about them, you will be able to prepare to buy real estate and enjoy a relaxing life in La Paz.
TOPMexicoRealEstate.com; Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely