You certainly can own any property in Mexico. Most Condos are owned by the ever increasing community of Americans and Canadians.
Actually Europeans, Americans, Canadias and any other nationality are not only allowed to legally purchase property in Mexico, the Mexican government has made many efforts great to make it safe and simple.
It is a 100% legal and absolutely safe and my job is to guide you through each step.
You will own your piece of paradise in one of two ways:
A Fideicomiso/Banktrust ( e.g. Scotiabank ) or a mexican Corporation
What is a banktrust?
The bank acts as the Trustee, and you and those you designate are the Beneficiaries of the trust. As the beneficiary of the trust, you maintain complete control over it, retaining the use of the property and making all investment decisions. This is not a lease, it is equivalent to a Living Trust in the US. A fideicomiso bestows upon the Beneficiary of the Trust (you) absolute and irrevocable control over the property: to enjoy, lease, improve, mortgage, sell, inherit and will.
Simply stated, your property is placed in a trust that you own to be administered by a Mexican bank on your behalf
Historical Background:
Simple reason for requiring a banktrust is to allow foreigners to buy prime Mexico real estate inside the "restricted zone," and ensure a safe and secure transaction.
The "restricted zone" is any land within 31miles (50 km) of the coastline and 62 miles (100 km) of the borders. The Mexican constitution, when created, was designed to protect their land and prevent the kind of massive land loss they had endured through their history. Rather than amend their constitution, Mexico created and added the fideicomiso to encourage foreign investment in the highly desirable areas, particularly along the coastline. Residential properties outside of the restricted zone can be acquired directly by foreigners without the need for a bank trust, although some buyers opt to use it.
The other way to own real estate in Playa del Carmen, Mexico, is to create a Mexican Corporation (Sociedad Anónima) completely owned by the non-Mexican investors. The Mexican corporation holds title to the property, so the non-Mexicans actually hold title to their property. Such a corporation needs the following:
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100% foreign owned
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Minimum capital requirement of 50,000 Mexican pesos in capital stock (approximately $5,000 USD)
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Minimum of two shareholders and no maximum (administration may be entrusted to the Board of Directors)
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No limit to the life of a corporation
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Free transferability of stock ownership
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Limited liability to shareholders.
The Process of establishing a corporation requires the following elements:
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Name of a Mexican company
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Capital structure of the Mexican company
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Names of the partners or stockholders
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Form of management and names of administrators and representatives of the corporation
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Name of the auditor of the Mexican company
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