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| *Travel Tips>>>Puerto Vallarta Travel Tips |
How difficult is it to own beach-front property in Mexico (Banderas Bay, near Puerto Vallarta)? |
Travel Info I believe Mexico has laws restricting foreign ownership of land within 100 km of the coasts. True? I know the perfect place (abandoned palapa). How can I find out about the owner and possibility of purchasing the land for a second/retirement home? Travel Tips 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. (100 kilometers along the border or 50 kilometers along the coast) ,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. Find a real estate attorney, they will find the owner. Others What you heard is somewhat true. About a property.well that depends on who you are (Americam, Mexcian , canadian etc...) and how much money you have. About finding the owner.well good luck on that. It may look abandoned but it may not be. lood are very deceiving in Mexico and so are as to who may own it. They will screw you blind, don't do it. |
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