Almost 80% of the products in Tijuana are designed for the foreign market and this is largely due to a growing demand among North American and European people seeking housing for their retirement or vacation in Mexico.
If this is your case or you are just looking for a new place to live, this is the guide you need to buy or rent in Tijuana.
The reality is that any person financially stable, foreign or not, is a candidate to acquire real estate.
A first requirement will be to have a good credit to assume that commitment or to have the total amount in which the property is offered, a subject that is discussed in detail in our article about financing options .
But there are also governmental procedures that must be carried out. Like the temporary or permanent residence permit and a Trust, which must be processed in the Secretariat of Foreign Affairs (SRE).
"Foreigners must have the form FM2 or FM3 depending on the residence time they will be here, especially at the time of setting up the trust," says Héctor Reyes, president of the National Chamber of the Development and Housing Promotion Industry (Canadevi) in the Zona Costa.
It refers to a contract that allows foreigners to buy land with and without construction in Mexico, less than 100 kilometers from land borders and 50 from beaches, as is the case of Tijuana.
The acquisition of Mexican lands is regulated by the Political Constitution of the country, and there it is established that only Mexicans by birth or naturalization, and Mexican companies, can acquire ownership of the lands.
However, foreigners can also access this right if they set up an agreement with the Secretariat of Foreign Affairs (SRE).
According to federal laws, a foreigner who wants to buy housing in border and / or coastal cities such as Tijuana, will have to do so through a bank trust.
When this trust is set up, there is a record that the purchase was made through a fiduciary institution and that this will be the registered owner of the property, agreeing that the benefit and use will be exclusive of the foreigner who acquires it.
These contracts can be canceled at any time. For example, if the foreign owner acquires the Mexican nationality or decides to sell the property.
According to the SRE, you must be aware of the following requirements to request a trust:
- 1. Name and nationality
- 2. Name of the credit institution (bank) that will have the title of owner
- 3. Name and nationality of the trustee (s)
- 4. Duration of the trust.
- 5. Use that will be given to the property.
- 6 Description, location, measures, boundaries and total area of the property subject to the trust.
- 7 Distance of the property from the Border or from the Federal Maritime Terrestrial Zone.
- 8 To cover the payment of rights for the amount established in article 25 of the Federal Law of Rights in force, by electronic payment in certified credit institutions.
- 9 The request must be submitted only electronically .
According to the migration expert, Araceli Almaraz, from El Colegio de la Frontera Norte, Tijuana is a melting pot of cultures that is marked by those who come to live here and by the neighborhood with the United States.
"We had an obvious presence of Chinese, Italians, Russians ... All this in the early twentieth century to come to expand their business and of course also Americans. We have a very important American presence, "commented Almaraz for this article.
So, the process may sound extensive but it's simpler and faster than it seems. So much so that more and more foreigners decide to move to Tijuana in order to improve their quality of life.
And undoubtedly, the real estate companies in the region, banks and the SRE, will be the first to assist during this process. Come and start exploring the variety of houses and apartments that are offered in this city. Welcome to Tijuana!