Foreign citizens can buy property in Mexico.
If the property is not in a restricted area it can be directly carried abroad. In case the property is in restricted area there are two ways: by TRUST or through a MEXICAN CORPORATION. The restricted area encompasses properties that lie within a 100-kilometer band along the borders and 50 km. On the beaches.
Why Property Trust?
The trust agreement was established by the Mexican government as a means to protect foreigners who own property in Mexico. Through the trust there is an automatic authorized review of the transaction to make sure it is legal. Before the agreement is signed by the buyer, the bank must corroborate the information of the seller and all that guarantees the protection to the foreign owner, such as: real possession, insurance and the right to withhold
Property until the debt is paid.
How does the trust work?
The bank, in this case the trustee, retains the deeds for the buyer, who in this case is the beneficiary. The property is not part of the assets of the bank and can not be subject to the right to retain property that has not been paid or attached to the obligations of the bank. While the bank is the technical owner of the property, it has statutory obligations to abide by the instructions of the beneficiary concerning the property.
What rights does the beneficiary have with respect to the property?
The beneficiary has all property rights and can sell, lease, mortgage, transfer as an inheritance or make any other legal act he wishes with the property. The beneficiary may transfer or assign beneficial interests to any person and save the proceeds from the sale of the property, subject to applicable tax laws and expenses incurred by the sale. The property held under the trust can be transferred to the heirs without the inheritance implying any tax. This is done by naming them as substitute beneficiaries in case of death.
What is the duration of the trust?
The trusts are granted in periods that extend to 50 years. Trusts are renewable at any time with simple request.
How much does the trustee fee cost?
The costs for establishing a trust vary from bank to bank, but approximately part of $ 1,500 for the facility and $ 300 to $ 500 per year for administration. These fees are paid directly to the bank holding the trust. Lemmus Real Estate works with total adherence to Mexican Laws and our qualified staff will take care of your interests and will offer you in each of its services the highest degree of reliability and professionalism.
A qualified and competent real estate agent will help you make the best decisions when buying or selling a property. The real estate agent provides a lot of value to the owner in many ways.
Lemmus Inver Mexico Real Estate Certified Real Estate Agent Registration Number: PMT100310FC5MR005000018
Mexico is one of the most competitive countries for productive investment at the international level due to its macroeconomic and political stability, low inflation, size and strength of its domestic market and economic growth rate. Mexico is an open economy that, through its network of free trade agreements, guarantees access to international markets. It also offers competitive costs and a strategic geographic position. And it has young and highly qualified human capital.
Mexico has great variety and beauty in its tourist destinations and that represents an excellent opportunity to invest in real estate. In addition, investing in real estate is the safest way for investors to protect their capital.
Of the 32 states that make up the Mexican Republic, Quintana Roo is the state of the country with the greatest potential for investment in residential real estate developments. The economy of Quintana Roo contributes 1.53% of the national economy and the GDP per capita of the Quintana Roo is located in approx. 133,000 pesos per year, which puts them 20% above the national average.
Cancun, the paradise of the Mexican southeast, just 50 years after its existence as a tourist destination, has developed at a dizzying pace, becoming a city in the full extent of the word, currently offering its residents a wide range of services To lead a life of first level, from the most indispensable as:
It also offers, in its character as a tourist destination, a series of added values that make it much more attractive:
All of the above, together with a very pleasant tropical climate all year round have positioned Cancun and the Riviera Maya as one of the most demanded destinations, both for vacations, to invest and / or live in.
Speaking of real estate matters strictly, the added value of properties in these resorts has attracted the attention of major internationally renowned development companies, settling to build stunning luxury residential complexes facing the sea, the lagoon or the golf course, surrounded by Lush vegetation and spectacular sea views. Also sophisticated condominiums in residential areas of the city, applying in all cases the best technology, materials, finishes and surrounded by the best landscapes, services and the biggest of the securities.
Today you can make it yours and live it forever.