Mexican law restricts direct foreign ownership of land within roughly 50 km of the coastline and 100 km of a border — this includes all of the Riviera Maya. Foreigners buy coastal property indirectly, through a bank trust rather than direct title.
A fideicomiso is a renewable, typically 50-year bank trust: a Mexican bank holds legal title on your behalf while you retain full beneficial rights to use, rent, renovate, sell, or pass on the property. An annual trustee fee applies to the bank for administering the trust.
Buyers should budget for several closing-cost line items in addition to the purchase price, including a one-time acquisition tax (ISAI, commonly in the 2%–5% range of the purchase price), notary and registration fees, and the initial fideicomiso setup fee if applicable. Ask your attorney and notary for an itemized closing statement before signing.
In Mexico, a notary public (notario público) is a highly qualified legal official who verifies the transaction, calculates and collects applicable taxes, and formally records the deed or trust. Ask your attorney to walk you through the specific notary process for your purchase.
Annual property tax (predial) in Mexico is generally low relative to the U.S. — commonly in the range of 0.05%–1.2% of cadastral (assessed) value, though rates vary by municipality. Confirm current rates with the local tax office.
Much of the process — attorney review, escrow setup, and document exchange — can be coordinated remotely with local representation, though certain notarization steps may require in-person signing or a power of attorney arranged through your attorney.