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| *Travel Tips>>>General - Mexico Travel Tips |
Moving to Mazatlan Mexico? |
Travel Info I have traveled the world and fell in love with Mazatlan. Would like to move there and purchase a condo. anyone with tips or what i need to know to be an americian living in Mexico? Travel Tips The Mexican government encourages foreign investment in Mexico. To this end, they passed in the early 70鈥檚, a law that allows foreigners to 鈥渙wn鈥?real estate in the Restricted Zone by using the Fedeicomiso. This law was amended in 1993 to make it more liberal and to comply with the provisions of the North American Free Trade Agreement (NAFTA). Any foreigner or Mexican National can form a Fideicomiso (the equivalent to an American beneficial trust) through a Mexican bank in order to purchase real estate anywhere in Mexico, including the Restricted Zone (aka; beach property) . To do so, the buyer requests a Mexican bank of his/her choice to act as a trustee on his/her behalf. The bank obtains the permit from the Ministry of Foreign Affairs to acquire the chosen property in trust. The Fideicomiso can be established for a maximum term of 50 years and can be automatically renewed for successive 50 year periods. During these periods you have the right to transfer the title to any other party, including a member of your family. The bank then holds the property in trust on behalf of the owner for the exclusive use of the buyer/beneficiary who has all the benefits of a direct owner, including the possibility of leasing or transferring his/her rights to the property to a third party or to a pre-appointed heir. The trustee is responsible to the buyer beneficiary to ensure precise fulfillment of the trust, according to Mexican Law, assuming full technical, legal and administrative supervision in order to protect the interests of the buyer/beneficiary. Fideicomisos are not held by the trustee as an asset of the bank. For practical purposes, even in unrestricted zones many foreigners prefer to hold their property under a Fideicomiso Others From what I was told, if you are a foreigner looking for beach front property, the title cannot be owned by you but by the banks. Mazatlan is growing really fast. A lot of golf condos & golf courses coming up. Its a peaceful enough place but you still have to be careful. A lot of foreigners and Mexicans who are making money in the US are buying properties in Mazatlan. Here is a link to "Relaciones Exteriores" where you can get your legal documentation. I've met American citizens who have bought a house in Mexico before. http://www.sre.gob.mx/tramites.htm... Mexico is beautiful, good luck. Buy a Property in Lomas. you will not regret it. |
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