FAQ Guide for Foreign Buyers in the Riviera Maya


real estate lawyer gives consultation to client

Legal Aspects


Q: Can foreigners legally purchase property in the Riviera Maya?
A: Yes, foreigners can purchase property in the Riviera Maya. In coastal areas, this is done through a trust (Fideicomiso) that grants full ownership rights.

Q: Are there restrictions for foreign buyers?

A: Foreigners cannot directly purchase property in the "restricted zone" (50 km from the coast) but can do so through a Fideicomiso (Bank trust).

Q: What documents are required for the purchase?

A: Necessary documents include a valid passport, a residency permit (if applicable), and financial statements.

Financing


Q: What financing options are available for foreign buyers?

A: Foreign buyers have various options, including cash payment, financing through Mexican banks, or direct financing through the developer.. Engel & Völkers can advise you on the best options.


Q: Can I pay in my home currency?
A: Most transactions are conducted in USD or MXN, but some banks offer currency conversion services or even crypto payments.

Q: Are there special financing programs for foreigners?

A: Some Mexican banks offer special programs tailored for foreign buyers entering the Mexican real estate market.

Safety and Quality of Life


Q: How safe is living in the Riviera Maya?

A: The Riviera Maya is a popular region for tourists and expats. As with any location, it is important to be aware of your surroundings and take basic safety precautions.

Q: What healthcare services are available?

A: There are numerous hospitals and excellent clinics with international standards in the region.

Q: What is the social life like for expats?

A: There is a vibrant international expat community with many social and cultural events.

Taxes and Costs


Q: What additional costs should I expect when buying property?

A: In addition to the purchase price, typical costs include notary fees, property acquisition tax, and if required a bank trust. Total costs usually range from 5-10% of the purchase price.

Q: How high are the annual property taxes?

A: Property taxes (Predial) in Mexico are relatively low compared to other countries and are charged annually.

Q: Are there ongoing costs I should be aware of?

A: Yes, these include maintenance fees, condo fees, and insurance. Ask your realtor to give you an overview.

Realtor gives real estate advise to client

Get In Touch

Ines Gehrcken

Engel&Völkers Riviera Maya

Avenida 10 con Calle 14, Local 01  Playa del Carmen,  77710 

Mobile: +52 998 189 8897

Phone: +52 998 189 8897

Ines.Gehrcken@engelvoelkers.com