Owning property in Mexico

Is it true as I’ve been told that non Mexicans cannot own land in Mexico?
Seems like if this is so Mexico just has to change that simple law and folks with money would flock to there to live. Maybe even semi retire.
That would bring US money folks there to run small buisnesses which would solve Mexico’s biggest problems. Except for corruption.

No, it’s not true. Foreigners can own land in Mexico; they just can’t own land in the restricted zone (basically, on the water). Here is a good primer about it: Mexonline.com guide to Buying Property in Mexico - Real Estate

I have entertained the idea of buying a hotel in Mexico at some point, so I did a little bit of research on it. There’s a lot of financial and legal red tape, but I get the impression that it is done fairly often and there are banks/companies out there that are available to help people out with this.

From here.

So it is no problem for foreign ownership in non-border/non-coastal Mexico. However, you must have a real estate trust (fideicomiso) to hold land in these restricted zones.

It is my understanding the fideicomiso’s are becoming increasingly routine in Baja California which is almost entirely a restricted zone.

On preview: what Necros said.

Foreigners can own property, as has been noted and they have been doing so for a while. A good number of areas in Mexico have retiree homes from US ex-pats.

If you are considering buying property in Mexico, it is best to do it through reliable channels (lawyers, real estate, etc) lest you get caught in a bad property with bad land titles in a disputed area. Which would be a similar advice here in the US.

Your instincts are correct - there are thriving retirement communities in Mexico, primarily Canadians and Americans, some of whom live there year-round and others who go only to escape the winters. Google Chapala and Ajijic and you’ll see what an active expat community lives in those locations.

Yeah, but those aren’t in the border/sea exclusion zones and anyone can own property there without a fideicomiso.

Better check your insurance coverage before you go there to retire. You may not be covered and even if you are you may not like the level of care that you recieve there.