There are 100 reasons to move to a Luxury property in Tulum. It depends on personal goals, personal taste, financial goals. From my experience, there is an increase in the amount of Canadians and Americans now. Lots of retirees are seeing moving to Mexico as an incredibly viable option. Maybe ten years ago, twenty years ago, it seemed like it would be an extreme change of life.
Many people believed that they would have to sacrifice their quality of life. Today, people realize that Mexico is no longer a 3rd world country. But now there are many advances, making a move to Tulum very easy.
It is now becoming popular to move to Tulum. It‘s a trendy place to be living, unique construction and the type of neighbors, architects, and styles are all luxuries.
There are a lot of luxury homes now available with top quality and unique designs, and it just compounds the attractiveness of Tulum.
For Americans and Canadians to look at this as a viable option versus typical retirement locations such as Florida, Texas, Southern California, going to Quintana Roo is basically fun, another chapter in many people’s life.
And people want change. They want the adventure, making it a fantastic investment and an excellent retiree destination.
Do I need a visa to live in Tulum?
If you are Canadian or American and just visiting as a tourist, all you need is your passport. You don’t need any particular type of visa to start a real estate purchase process. Everyone who intends to move to Mexico for a period longer than six months must have a Resident Visa and a Resident Card, depending on the duration and purpose of their stay. Foreigners who want to settle in Mexico permanently must have aÂ Mexican Permanent Resident Card.
If you’re a property owner in Mexico, getting a visa is easier. When you live there, it makes a lot of sense to start the process to get it.
But, if you visit your private property three, four, five times a year, then you don’t have the pressure. It’s not required. If you do live down there for six months and the cold season again, I think it’s worth estimating further if it’s right for you to go through the process.
However, there are a lot of benefits of having a visa, and being down in Mexico makes it easier to open bank accounts and many other things.
The average price of a luxury property in Tulum
The definition of a luxury property in Tulum is very subjective. You can find some fantastic, unique homes starting from $300,000. You can also find houses for above $1,000,000. There are homes available on the beachfront, although not many in Tulum.
Most of the Tulum beach area properties are basically unavailable for residential use because they are very close to the protected Sian Kahn biosphere. It has a lot of rules of protection on the construction of properties and construction of buildings within the biosphere.
This is very positive because the beaches in Tulum are the number one attraction. It’s good that they have a lot of restrictions and protection from the government on the developments along those beaches.
But whit that said, just out of Tulum, you have beautiful bays like Tankah bay, and you have someÂ there, and again they run from 1 million to 3 million, and you find some gorgeous homes and gorgeous neighborhoods on these bay zones.
And coming back off of the beach, jungle living is now trendy. It’s very popular to see these new homes that really encompass their respect for the jungle and the environment. These luxury homes in Tulum where they don’t take down the trees, they build around them, and trees are within the building, making awesome designs.
Real estate taxes
Property taxes are one of the most significant incentives for international investors to buy real estate in the Tulum zone. Annual property taxes are incredibly inexpensive right now. For every $100,000 you have invested in the property, you will probably pay approximately $150, maybe up to about $180 per year. And so, if you have $1,000,000 property, you would pay$1500 to $1800 for a million-dollar investment in real estate. So, compare those numbers to any state in the US, you’ll know what incredibly amount you are saving.
Now, on the other side of that, acquisition taxes are slightly higher than what most Americans and Canadians are accustomed to. However, that’s a one-time payment. That’s the way the Mexican government has it set up. As you can see in the above numbers savings, they try to collect that money at that initial transaction and then annual payments.
So, if you pay a little more with acquisition taxes, you’ll recover that within two years just from the savings on the property taxes. We’re talking about acquisition tax is complete. We could run from 4% up to seven 7.5%, so the higher the value of the property, the less percentage of acquisition tax. For instance, if you have a billion-dollar property, you will probably pay about 4%, but if you purchase a property of $100,000 property, then you’ll pay about 7.5%. That’s because there are a lot of fixed notes set up with the taxes.