Buying Property in Puerto Vallarta as a Canadian or American

The short version: yes, Canadians and Americans can buy in Puerto Vallarta, usually through a bank trust called a fideicomiso. Budget about 5 to 8% on top of the price for closing costs, and know that most agents here are paid by the seller. I'm Alex Schmidt, and I help buyers from the US and Canada through every step, including what happens after closing.

Who your agent actually works for

This is the question most buyers don't think to ask. In Mexico, the seller pays the commission, usually around 6%, split between the listing agent and the buyer's agent. When you buy a presale, the friendly person in the sales office works for the developer. None of that is wrong, but it's worth knowing whose interests are in the room.

When you work with me, I'm on your side of the table. My job is to help you avoid the wrong building as much as find the right one: checking the HOA's finances and rental rules, getting a realistic picture of ongoing costs, and telling you plainly when a property doesn't fit what you want.

The buying process, from search to rental

1. A first conversation. What you want to own, why, your budget, and whether you plan to live in it, rent it, or both. This shapes everything else.
2. Neighborhoods and properties. Resale and presale options in the areas that fit your plans, from the Romantic Zone and Versalles to Marina Vallarta and Nuevo Nayarit. I can tour properties with you in person or by video call.
3. Due diligence before you offer. HOA rules on rentals and pets, reserve funds, maintenance fees, permits for past work, and a realistic estimate of what the property costs to own each year.
4. Offer and promissory agreement. Once terms are agreed, a written agreement sets the price, deposit and timeline. Deposits normally go into escrow, not directly to the seller.
5. Notary, tax ID and fideicomiso. The notary (notario público) verifies title, calculates taxes and handles the transfer. You'll get a Mexican tax ID (RFC), and the bank trust and foreign affairs permit are set up. The notary represents the transaction, not you, so some buyers also hire their own attorney.
6. Closing and keys. You sign at the notary's office, or through a power of attorney if you can't be in Puerto Vallarta. Most resale purchases close in 30 to 60 days.
7. Setting up ownership. Utilities, property tax (predial), insurance and the HOA account moved into your name.
8. Renting or looking after it while you're away. If you'd like, VPG can manage the property, rent it out, or simply check on it while you're home. You'll be working with the same person who helped you buy it. See property management.

Can Canadians and Americans own property here?

Yes. Mexico's constitution reserves land within 50 km of the coast for Mexican owners, and Puerto Vallarta sits inside that zone. Foreign buyers own through a fideicomiso: a Mexican bank holds title as trustee, and you're the beneficiary with the right to live in, rent, renovate, mortgage, sell or leave the property to your heirs. The trust runs for 50 years and can be renewed.

You don't need Mexican residency, and you can buy on a tourist entry. You'll need a valid passport, and you'll get a Mexican tax ID (RFC) during the process. The fideicomiso is a long-established, normal structure here, and most foreign-owned homes in the bay are held this way.

What closing costs to expect

Plan on roughly 5 to 8% of the purchase price, paid on top of the price. Because some costs are fixed, lower-priced properties tend to land toward the higher end of that range. The notary gives you an exact written estimate before closing.

After closing, the main ongoing costs are the annual fideicomiso fee (about US$500 to 1,000), property tax, HOA dues, insurance and maintenance. For more detail, see Buying Property in Puerto Vallarta: Costs Beyond the Purchase Price.

Buying with rental income in mind

Many buyers plan to use their place for part of the year and rent it the rest. That can work well, but the building matters more than the unit. Some condo associations limit short-term rentals, set minimum stays or require on-site check-in, and those rules decide what's actually possible.

Because I also manage rentals in the Romantic Zone, I look at a property the way a guest and a manager would: layout, noise, A/C, Wi-Fi, how check-in works, and what similar units really earn. I won't promise rental income, but I'll give you an honest picture before you buy, not after.

Common questions

Do I need Mexican residency or a Mexican bank account to buy?

No residency is needed. Funds are usually wired to an escrow account or the notary, so a Mexican bank account isn't required to close.

Can I finance a purchase in Puerto Vallarta?

Most foreign buyers pay cash. Some use cross-border lenders or financing at home, which usually means a larger down payment and a longer timeline. It's worth sorting out before you make an offer.

Is a presale a good idea?

It can be, if the developer has a track record and the contract protects your payments. Presales carry more risk than resale, so this is where having someone on your side matters most.

Do I need to be in Puerto Vallarta to close?

No. Many buyers sign through a power of attorney arranged with the notary. I can be your eyes on the ground for walkthroughs and key handover.

For questions about owning, renting and maintaining a property once you have it, see the Property Ownership FAQ.

Figures as of October 2026, based on typical Puerto Vallarta transactions. Every purchase is different, and the notary confirms exact amounts.

General information notice: This guide is general information, not legal, tax or financial advice. Legal, tax, financing, ownership and closing requirements vary by transaction. Confirm details with a notary, attorney or accountant.