How can I own property in Mexico?
Here are some of the most common beliefs about Real Estate in Mexico:
• As a foreigner you just plain can’t do it
• You own property just like a Mexican national
• You lease the property for 99 years
• You must own it through a partnership with a Mexican national
Confusing? Of course it can be, if you are improperly informed. So what is the answer?
• It’s a little something called a fideicomiso, which in plain English is a Real Estate Trust. The Backstory
•Back in 1917, the Mexican Constitution was amended with a law prohibiting the purchase of real estate in areas within 50 km (31 mi) of a coast or 100 km ( 62 mi) of a national border.
• These areas are known as restricted zones. Anti-foreign sentiment was high in Mexico when the country ceded a large portion of Mexico in the previous century to the US.
• Laws were later changed in the 70’s to allow for sorely needed foreign investment, allowing for property purchases to happen via a trust.
What is a trust?
• The fideicomiso (trust) is a legally binding agreement created for your benefit as a foreign purchaser, between a Mexican bank and the property seller.
• The bank acts on your behalf , “buying” the property for you and has the legal obligation to act in your best interest.
• The bank holds the title, and you pay an annual fee to the bank for their services.
• Before any Mexican bank enters into this contract, it performs extreme due diligence to ensure that all titles are clear and properly documented for your protection and theirs.
You as a purchaser have the rights to enjoy, use, sell, rent, transfer or bequeath the property as you see fit. Just as you might use in the purchase of property in the US and Canada, in Mexico you would employ the services of an attorney and notary to assist in the handling the details locally. Unlike many notaries in the US, a Mexican notary public must be a licensed attorney, and validates all documents.
At Porto Bello Private Residence Club, remember that you own an undivided, deeded interest and the right in perpetuity to occupy your residence. We provide the most hassle-free approach to owning your villa in paradise, so you can have more time to enjoy it out on the golf course, beach, or just plain relaxing in your new Caribbean home. This is the truth about fractional ownership done right.
Own a Vacation Home at the Mexican Caribbean
For more information on becoming an owner at the Porto Bello Private Residence Club, e-mail us: firstname.lastname@example.org, visit: www.experienceportobello.com or call: toll free from USA: 1–855–381–4282 / toll free from Canada: 1–855–744–6801 / Call us direct from any other part of the world: +52 (984) 873–5909
And if you’re already an owner, please share your experiences and photos and videos of your life as a happy owner! No one sells it like you do!
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