Buying real estate in Mexico using cryptocurrency and withdrawing money to a Mexican account. Ways and methods
Due to the increasing number of people increasingly trusting and preferring to store their savings in digital currencies, due to difficulties in withdrawing their assets abroad, recently people have been very often asking questions about the procedure for purchasing real estate, especially in Cancun and Tulum, for cryptocurrency .
Individual realtors and agencies have already begun to promote their services for the sale of objects for Bitcoin or Ethereum, as well as for stable coins, but upon closer acquaintance with the scheme, it becomes clear that these are not direct contracts, but a complex intricacy between the client, the developer, funds and firms – intermediaries.
What is the real situation with the real estate market in Mexico on the Riviera Maya for those who want to buy a house or apartment for cryptocurrency.
Option one: purchase through an investment fund in Dubai
A purchase through a crypto fund in the United Arab Emirates occurs by transferring funds from one’s own crypto wallet to the fund’s wallet, then the received funds are converted into fiat (let’s call it freely convertible currency) money, a contract is concluded between the real estate developer and the fund for the purchase of real estate in the interests of the client, with By indicating your name or the names of those who will own the property jointly with the main buyer, money from the fund account is credited to the account of the developer or property owner chosen by you or the agent.
After all these manipulations, you take possession and receive the selected property at your disposal.
PROS:
If you have cryptocurrency in your wallet, the operation is very fast and safe;
Money enters Mexico from the “white” offshore zone, which raises a minimum of questions;
The contract specifies all parties to the transaction and the property is registered in the name of the buyer or his authorized representatives.
MINUSES:
High transaction cost. If it is necessary to withdraw the country’s currency, with all conversions into cryptocurrency, the cost can reach ten to fifteen percent, excluding conversion to the dollar;
There is no single “window” for work and you will have to deal with a lot of people and intermediaries who will have to trust your money and at each stage there will be losses in the form of commissions and rewards;
Not every developer or property owner will agree to receive payment from third parties, so you will need to choose those who are ready to work according to this scheme, and this is an additional expense.
Option two: purchasing through a company in El Salvador
After El Salvador adopted Bitcoin as a full-fledged means of payment, this country has received increased attention from investors, holders of large portfolios, developers of new projects on the blockchain, and people simply interested in this topic.
At the moment, it is possible in the country to open a company or investment fund that will have a completely official crypto account, into which it is quite officially possible to accept bitcoins and convert them into dollars, which have also been the official currency of El Salvador since 2001.
As of today (05/02/2022), this scheme is still being refined and is not completely transparent.
In an ideal situation, bitcoins are transferred to the company’s account, they are converted into dollars, and dollars, using a scheme approximately similar to the “Dubai” one, are transferred to Mexico to the account of the seller of real estate or other property, in the interests of the client.
But in reality, everything is still crude and works slowly, since not all laws have been adopted, not everything is regulated by the government, and there are a small number of funds with experience in this market.
We keep our finger on the pulse, are constantly in touch with our partners in El Salvador and are always trying different options
PROS:
Also, if you have cryptocurrency in your wallet, the operation is very fast and safe;
Money comes to Mexico from a friendly country, because Mexico is confidently moving towards the complete legalization of the crypto market;
The contract also specifies all parties to the transaction and the property is registered in the name of the buyer or his authorized representatives.
The cost of the entire operation is much lower than through funds in Dubai
All bills will be adopted in the near future and this will be one of the most interesting and inexpensive options for investing in real estate not only in Mexico, but also in any other country
MINUSES:
Of course, losses from conversion, the size depends on what currency and in what form your funds are in;
There is also no single “window” for work, but fewer people are involved;
The procedure is not fully regulated by local legislation. Still in testing condition and promises to be available soon.
Payment is accepted only in Bitcoin, and this currency has high volatility, which can lead to both losses and profits.
Option three, the simplest: purchase with cash or official loan
Suppose you have a certain amount of rubles, hryvnia, euros, dollars or other currencies that you would be happy to invest, but they lie dead weight, for objective reasons.
In this case, we can arrange a meeting with our specialist who will help organize the transfer of money to Mexico in a matter of hours, and a Mexican company operating in the real estate market since 2016 will purchase the property in your name, in your best interests.
If the money is in the account, then the process is approximately the same, but the money will go through the account of our partners in your or a friendly country. But any process is individual and requires a careful approach.
PROS:
Completely clear and transparent procedure;
Small losses during transactions. If the funds are in dollars, then the cost will increase by no more than five percent;
MINUSES:
Swift transfers can only be from certain banks;
Long process of crediting to a Mexican account;
Limits on amounts up to one hundred thousand dollars per transaction
Summary
You won’t be able to officially buy, or rather pay directly to the developer’s wallet or account, but we have simplified the procedure as much as possible and made it completely legal.
With any transaction you cannot do without losses, the only question is how to minimize these losses and arrange everything correctly.
Under our control, the transaction is carried out safely and its execution is fully guaranteed by our own funds.
When applying for a loan, we sign a document on the issuance of the loan and a document on its repayment on both sides, so after the operation no one owes anyone, and the investor takes ownership of the object or receives the necessary amount in Mexico for operations at his own discretion.
When you contact us, we will advise on all questions regarding the purchase of real estate in Mexico, withdrawal of funds, documentary support and security of the transaction.
If you have any questions, write or call
igor@caribbeanclub.pro
telegram: @realcaribbeanestate
+52 998 268 6594