In accordance with article 27, section I of the Political Constitution of the United Mexican States, foreigners are prevented from acquiring direct ownership of lands and waters in a strip of one hundred kilometers along the borders and fifty on the beaches. , only the use and exploitation of immovable property located within this restricted zone is allowed, through the constitution of a trust, in accordance with the Second Title of the Foreign Investment Law.
The permits granted by the Ministry of Foreign Affairs to set up trusts are intended to allow the use and exploitation of real estate located in a restricted area in favor of foreigners (natural or legal persons) or to Mexican companies with an admission clause for foreigners. as long as the property is destined for residential purposes, for a maximum period of 50 years. The trust agreement must be recorded in a public deed.
As of April 2, 2012, and in accordance with the "AGREEMENT establishing the mechanism by which the fiduciary delegates of the credit institutions must submit the applications to obtain from the Ministry of Foreign Affairs the permits for the establishment of trusts that allow foreigners to use and use real estate located in a restricted area ", published in the Official Gazette of the Federation on March 16, 2012, the fiduciary delegates of the credit institutions interested in serving as fiduciaries in The contracts to set up trusts in a restricted area may only request the permission referred to in article 11 of the Foreign Investment Law, using the Advanced Electronic Signature (FIEL) certificate issued by the Tax Administration Service (SAT), The Permits Directorate Article 27 of the General Directorate of Matters Legal, as well as receive the resolution that proceeds by the same means.
WHAT IS A FM3 VISA AND HOW DO I GET IT?
An FM3 visa is a permit to live a year in Mexico. It is easy to obtain and you can request it at a Mexican Consulate or here in Merida. The process will take several weeks and does not affect your American residency or any other. If you start the process in Mérida, you will need to have a valid passport, the small temporary visa card that you receive when you enter Mexico, a copy of your bank account statement or a proof of address with your name and address, and three months of state of bank accounts that prove that you have enough money to be able to live in Mexico without working (can be investments of savings or regular income from a job or retirement benefits - about $ 1000 dollars per person per month). If you are buying or have bought a house, then it may be less, since you have a roof over your head.
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