I recently visited Mexico, and being so impressed with the people, culture and lifestyle of the country, ended up purchasing property, as a foreigner, in Mexico. I was impressed with the professionalism of the Mexico Real Estate Agents, lawyers and banks, which were involved in the process of my purchase, and found that my original hesitations and fears about purchasing such a large asset in a country I was not completely familiar with quickly disappeared.
I had done a bit of research into some of the tourism and retirement areas that are gaining popularity with foreigners and decided that these areas would be my main focus to research and purchase. I found that in some areas property prices were increasing yearly by anywhere between 15 and 20%, and that these figures looked confident to continue on this similar trend for some time.
The Mexican government now allow foreigners to buy property in Mexico (within a restricted zone of 50km from the coastline and 100km from any boarder) via a bank trust, or “fideicomiso”. Although this may sound a bit daunting at first, it is actually a very good way of ensuring that what you think you are purchasing is actually what you really receive. The purchase remains within very tight legal boundaries giving you a real advantage that you are assured of getting what you pay for.
The fideicomiso is where the bank holds the trust deed of the property on behalf of the purchaser, however the property is not considered part of the bank's asset is not able to be subjected to or attached for any bank obligation. You as the owner have the legal right to substitute any beneficiary who receive all the rights to the property should the owner die, and the process of passing the property on to an heir or beneficiary is very simple and straightforward as all that is required is a death certificate and the beneficiaries identification.
The average trust is for 50 years, and the bank easily renews this by simply giving instructions to do so. The trust may also be transferred should you wish to sell the property on to a new owner. I found that, using a reputable Mexican bank the fees for setting up the trust were relatively small (as these fees to vary from bank to bank) and the process went very smoothly. When completing the purchasing transaction, this process was carried out by a legal Notary, someone appointed by the Mexican government who have the required authorisation to follow through this process. I found that on average the costs for the entire process is between 5-7% of the property's sale price.
I would highly recommend investing in property in Mexico. I have been so impressed with the experience that I had in the purchasing of my property, and the subsequent enjoyment of using that property, that I would recommend any foreign investor, weather for a retirement home, an investment, or a holiday home to definitely give Mexico's property market a serious thought when next buying Mexico Beachfront Real Estate.
Author: Jason Keiller
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