Yes…you can own property in Mexico.

In 1994, amendments to the Constitution permitted foreigners to purchase and own real estate in Mexico located within the "restricted zone which is all land within 60 miles of a national border and within 30 miles of the Mexican Coast. This Law permitted ownership through a land trust or "Fideicomiso".

A "Fideicomiso is a Mexican Trust. The way it works is the Mexican Government issues a permit to a Mexican Bank of your choice, allowing the bank to act as purchaser for the property. The bank acts as the "Trustee for the Trust and you are the "Beneficiary of the Trust. The "Beneficiary rights are very similar to Living Wills or Estate Trusts in the U.S.

The law authorizes Mexican banking institutions to act as trustees. A trustee takes instructions only from the beneficiary of the trust (the foreign purchaser). The beneficiary has the right to use, occupy and possess the property, including the right to build on it or otherwise improve it. The beneficiary may also sell the rights and instruct the trustee to transfer title to a qualified owner.

Many people refer to the trust arrangement in Mexico as a lease agreement…this is not true. The home or property that you buy will be put into a trust with you named as the beneficiary of the trust, you are not a lessee. You have all the rights that an owner of property in the U.S. or Canada has, including the right to enjoy, sell, rent or improve the property.
The initial term of the trust is 50 years and can be renewed for fifty year terms indefinitely.