Fideicomisos: buying real estate in the Riviera Maya as a non-citizen
Unlocking Real Estate Opportunities in Mexico's Restricted Zones: A Guide to Using Fideicomisos as a Non-Citizen Buyer.
Mexico is a country with beautiful beaches, a rich cultural heritage, and a vibrant real estate market. However, non-citizens face certain restrictions when it comes to purchasing real estate in Mexico's restricted zones, which are areas located within 50 kilometers of the coastline and 100 kilometers of the country's borders. Fortunately, non-citizens can use a fideicomiso to purchase property in these restricted zones.
A fideicomiso is a real estate trust that allows non-citizens to hold the property title in Mexico's restricted zones. This trust is established between the non-citizen buyer and a Mexican bank acting as the trustee. The trustee holds legal title to the property, while the non-citizen buyer is the beneficiary of the trust and has all the rights and privileges of ownership.
The Mexican government authorizes the fideicomiso arrangement, which is a safe and legal way for non-citizens to own property in Mexico's restricted zones. The trust agreement can be established for up to 50 years and can be renewed for an additional 50-year period. During this time, the non-citizen beneficiary can use, sell, or transfer the property as they see fit.
The process of setting up a fideicomiso is straightforward. The non-citizen buyer must first choose a Mexican bank to act as the trustee. The buyer then provides the bank with the necessary documentation, including a deed to the property, a permit to acquire property in the restricted zone, and proof of payment of the required fees and taxes. Once the bank has completed the necessary paperwork and established the trust, the non-citizen buyer is free to use and enjoy the property as they wish.
It's important to note that the fideicomiso arrangement involves some additional costs, including annual and trust administration fees. However, these costs are typically modest and are outweighed by the benefits of owning property in Mexico's restricted zones.
In conclusion, a fideicomiso is an excellent option for non-citizens who want to purchase real estate in Mexico's restricted zones. With a fideicomiso, non-citizens can enjoy all the benefits of property ownership in Mexico while complying with Mexican law. By working with a reputable Mexican bank and following the necessary steps, non-citizens can own property in this beautiful country and enjoy its unique culture, stunning beaches, and warm hospitality.
Aarón is a born and raised "chilango". After finishing his university studies, what started as a social service trip became his new home and where he started a family in Playa del Carmen. He enjoys the delicious food and culture of the Yucatan peninsula with his wife, daughter, and son. As a professional, he has made a career as a specialist in social networks and electronic media, helping the companies he has worked for to efficiently achieve all their objectives in the medium.