On a $480,000 USD Tulum condo, our modeled receipt below comes to $40,952 USD in fees, taxes and FX losses, about 8.5% on top of the price. Here are the line items behind it.
The full receipt
| Line | Amount (USD) | Notes |
|---|---|---|
| Acquisition tax (ISAI) | $19,200 USD | 4% of price; Tulum municipal rate |
| Notario fees | $7,200 USD | ~1.5% of price; assumed quote |
| Fideicomiso setup | $2,500 USD | One-time bank trust setup; assumed quote, varies by bank |
| SRE permit | $1,202 USD | MXN 22,245.12 federal permit and review fee, at an assumed 18.5 MXN per USD |
| Public registry fee | $2,400 USD | ~0.5% of price |
| Title search and due diligence | $1,200 USD | Independent legal review |
| Survey and appraisal | $900 USD | Required by most banks |
| Currency conversion spread | $5,400 USD | ~1.1% on a $480K wire |
| Bank wire fees | $150 USD | $50 outgoing, $100 incoming |
| Closing services | $800 USD | Escrow / coordination |
| Total | $40,952 USD | 8.5% of purchase price |
That’s the closing column. The ISAI rate is set in Tulum’s municipal tax law[Ley de Hacienda del Municipio de Tulum, Art. 50 (4% acquisition-tax rate), last reformed POE 10 December 2025, 2025-12] and the SRE permit fee in the Ley Federal de Derechos;[Ley Federal de Derechos, Art. 25, fracciones III and V(a), amounts updated by Resolución Miscelánea Fiscal DOF 28-12-2025, 2025-12] the other lines are modeled estimates. It does not include annual carry: the fideicomiso annual trustee fee (set by the bank), property tax (predial, roughly $300 USD to $1,200 USD/year depending on assessed value), HOA fees if applicable ($150 USD to $500 USD/month for condos), or insurance ($800 USD to $2,400 USD/year for hurricane-zone coverage).[SHCP / SAT, Predial y contribuciones inmobiliarias, 2026-04]
What moves the number up
A few line items move the most. Acquisition tax (ISAI) is set by the municipality: 4% in Tulum and Playa del Carmen, 3% plus a 10% surcharge on the tax in Cancún, 2% in Bahía de Banderas, and about 6% under the progressive tables in Querétaro and Mexico City on a USD 400,000 purchase.[Ley de Hacienda del Municipio de Solidaridad, Art. 23 Quinquies (4% acquisition-tax rate), reformed POE 10 December 2025, 2025-12][Ley de Hacienda del Municipio de Benito Juárez, Art. 27 (3% acquisition-tax rate), last reformed POE 10 December 2025, 2025-12] Get two notario quotes. The currency spread on a forex broker (Wise, OFX) versus a US bank wire is often the largest single saving, because banks routinely take 2.5-3.5% on a $400,000 USD+ wire while specialist forex brokers take 0.3-0.5%.[Banco de México, Sistema de Información Económica, 2026-04]
The fideicomiso setup line ($2,500 USD) is an assumed quote: setup and annual trustee fees vary by bank and region, so get both in writing.[BBVA México, Fideicomiso de Zona Restringida (trust fees quoted by region through an advisor), 2026-09] The SRE permit is fixed by federal law (MXN 21,648.83 for the SRE permit plus a MXN 596.29 application review fee in 2026), and the public registry fee is relatively fixed. Survey and appraisal can be skipped on cash purchases and many buyers do, but the $900 USD is cheap insurance against survey discrepancies that show up later as boundary disputes.
What’s not on the receipt
Travel costs to inspect, broker side-payments (illegal but they happen, refuse them), and the cost of your time on the ground for closing. Most buyers underestimate the trip-cost line by about half. Two trips to Mexico for closing is the realistic minimum; three is common. Title insurance is optional in Mexico and runs roughly 0.5-0.7% of price if you choose to add it. Condo HOA reserves and special assessments aren’t itemized in your closing statement but can hit in year one.
Hidden cost: ISR at exit
When you sell, Mexican income tax (ISR) on the gain is 25% of gross sale price or 35% of net gain, whichever you choose.[SAT, Impuesto sobre la Renta - Enajenación de bienes inmuebles, 2026-04] Residency status, a primary-home exemption (up to ~700,000 UDIs), and proper invoicing of improvements all change the math, so factor exit cost into the entry-day model.
The currency spread is the under-discussed cost
On a $480,000 USD wire from a US bank, the spread between the bank’s quoted FX rate and the Banxico mid-market rate is typically 2.5-3.5%. That’s $12,000 USD to $17,000 USD you don’t see itemized; it’s baked into the conversion. A specialist forex broker brings that spread down to 0.3-0.5%, saving $10,000 USD to $15,000 USD on a single transaction.[Banco de México, Tipo de cambio, 2026-04]
The mechanics: open a forex broker account before you’re ready to close. Fund in USD via ACH. Convert at the broker’s mid-market-plus-fee rate. Wire pesos directly to the notario’s escrow account. Two-day settlement, fully traceable, half the spread.
The honest 2026 number
For a $480,000 USD Tulum condo, budget about 8.5% in closing costs ($40,952 USD on the receipt above), with the currency spread being the single biggest variable. Cash buyers using a forex broker at a 0.3-0.5% spread land closer to 7.7-7.9%; bank-wire buyers at a 2.5-3.5% spread land closer to 9.9-10.9%.
Next steps
If you’re modeling a specific deal, start with the Mexico fideicomiso guide for the trust mechanics and the closing costs breakdown for ISAI by municipality. The /newsletter drops a fresh municipal-rate refresh each quarter. Country overview lives at /mexico/.