Can I own Property in Mexico as a foreigner?
Owning property in a foreign country is a lifetime dream for many. Non-Mexican citizens can buy property in Mexico. There is an legal instrument for foreigners in Mexico called a Bank Trust or fideicomiso.
The fideicomiso is a bank trust in which the bank acts as a trustee by holding the trust deed for the purchaser who is the beneficiary of the trust. The fideicomiso is authorized by the Mexican government through the Ministry of Foreign Affairs. The bank is the legal owner of the real estate, but the beneficiary retains all legal rights of ownership and as a result may sell, rent, and bequeath the fideicomiso or property to whomever they choose or their heirs.
What can the Foreigner Beneficiary expect from the Trust Agreement?
– The beneficiary can occupy the property for the life of the trust.
– Title to the property can be transferred to the foreign beneficiary in the event that he acquires legal capacity to hold such property, or to any legally qualified person he/she may designate.
– The trust can also be heired to your family by naming them as substitute beneficiaries in the event of your death. The property can also be sold to a person legally authorized to own land or to a foreigner via a trust.
– The property may be rented.
– Beneficiaries are allowed to modify their property. Construction, in accordance to local zoning regulations, is permitted at the owner’s expense
For more information about Bank Trusts- take a look at our page http://www.rivieramayamexicorealestate.com/Bank_Trust/page_2033886.html
Or call us today!