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OWNING PROPERTY IN MEXICO AS A FOREIGNER
There are certain legal requirements that foreigners must fulfill in order to purchase property in Mexico within 50 km (30 miles) of the ocean. Most importantly, the use of a bank-held trust called a Fideicomiso.
Frondoso Grupo Inmobiliario’s legal team will provide you with advice and can recommend notaries (“notarios”) who specialize in helping Canadian and American citizens with real estate transactions.
A Fideicomiso is a bank trust, through which you may invest in any Mexican property and own it as a beneficiary.
You´ll enjoy all the rights of real estate ownership, while the actual legal title document is held by a Mexican bank as your trustee.
The Fideicomiso system was created by Mexico’s federal government specifically to allow foreign nationals to own property in an otherwise constitutionally prescribed zone within 50 km of the sea.
conditions for ownership
• Fideicomisos are for a 50-year term, with a perpetual option to renew.
• You have the right to live in, lease, sell, improve or encumber your property.
• You may bequeath your real estate holding as an inheritance.
• You may mortgage your property through a guaranty trust set up by a Mexican bank.
• The set up fee for a Fideicomiso is typically about $550 USD, with a $650 annual management fee.
• The Fideicomiso is a long-held, well established legal instrument in Mexico. Approximately 1 million foreign nationals hold fideicomisos throughout the country.
