5 steps to ownership in Mexico
Use these 5 steps to ownership in Mexico of the property near the beach if you are a foreign national. You can find tons of material on how this works online, this is easy to understand. If you want to know more on this topic read The buying process and you can find more information on other websites including Coldwell Banker.
Foreigners can own outright.
1- FIDEICOMISO. The title to the property is held in a Mexican bank trust called a FIDEICOMISO.
2- THE BUYER. Is THE BENEFICIARY of the Trust.
3- THE MEXICAN BANK. Acts as the Trustee.
4- THE BUYER HAS ALL. The Rights of fee simple ownership just as they do in the States or Canada.
5- THE FIDEICOMISO IS RENEWABLE. Every 50 years and can go on Forever.
The cost of this ranges from $500 to $1000 USD to set up. And, you do have to pay your yearly fee of $500 to $1000 USD for maintenance.
This is set up by the notary. However, you can pick the bank or institution you want to use as your bank trust.
That is it. You can own a property in Mexico!
Can a foreigner own property in Mexico?
Yes. With the use of a trust (fideicomiso) from a bank.