Thinking of Buying Property in Puerto Vallarta, Eh? Here’s What Canadians Need to Know!
- William Hutt
- Jan 4
- 2 min read
Thinking of Buying Property in Puerto Vallarta, Eh? Here’s What Canadians Need to Know! 🇨🇦☀️🏖️
Are you a Canadian dreaming of owning your slice of paradise in Puerto Vallarta? As a seasoned realtor who has worked with many Canadians, here’s the ultimate guide to making your dream a reality:
1. Canadians CAN Own Property in MexicoYes, even within the restricted zone (100km from the border or 50km from the coast), foreigners—including Canadians—can own property. Most opt for a fideicomiso (bank trust) or a Mexican corporation if buying multiple properties.
2. No Snow? No Problem! Seasonal Ownership is EasyMany Canadians use their PV property as a winter getaway. You can own, enjoy the sunshine for a few months, and even rent it out the rest of the year for some passive income.
3. Financing Options are LimitedIn Mexico, most property purchases are cash transactions. However, some developers offer pre-construction payment plans, and private financing options are available. If you need a mortgage, securing it through a Canadian bank before transferring funds is often the way to go.
4. Currency Conversion MattersKeep an eye on the exchange rate! Working with a reputable currency exchange service can help you save money compared to standard bank rates.
5. Closing Costs and TaxesBuying a property in Puerto Vallarta involves closing costs (approx. 5-7% of the purchase price), which include notary fees, registration, and transfer taxes. Property taxes (Predial) here are refreshingly low compared to Canada.
6. Legal Representation and AMPI RealtorsAlways work with a qualified AMPI-certified realtor (like me!) who understands the nuances of Mexican real estate. A good notary is also essential—they ensure the transaction is legal and registered.
7. HOA and Maintenance FeesIf you’re buying in a condo development, check the monthly HOA fees and what they include. Many Canadians love developments with amenities like pools, gyms, and 24/7 security.
8. The Fideicomiso ExplainedIf the property is within the restricted zone, your bank trust (fideicomiso) allows you to hold the title and transfer or sell it like any other property. Trusts are renewable every 50 years.
9. Life is Affordable Here!Beyond the cost of buying, living in PV is a fraction of what it costs up north. Utilities, dining, and healthcare are all affordable, making it an ideal spot for snowbirds and retirees.
10. Choose the Right NeighborhoodWhether you want the vibrant energy of the Romantic Zone, a quiet escape in Conchas Chinas, or a family-friendly vibe in Nuevo Vallarta, there’s a perfect spot for everyone. I can help you navigate the options!
11. Stay Tax-CompliantIf you rent out your property, you’ll need an RFC (tax ID) and must report your rental income to the Mexican tax authorities. I can connect you with great accountants who specialize in this.
Ready to Make the Move?Puerto Vallarta has something for everyone, whether you’re looking for a luxurious beachfront condo, a hillside villa with sweeping views, or a quaint home in a walkable neighborhood. Let’s chat about how I can help you navigate the process and find your perfect PV property!
Shoot me a message, and let’s start your adventure! 🇲🇽✨
Will Hutt
Coldwell Banker La Costa
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