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Mexico's restricted zone covers the area 100 kilometers (62 miles) from the US border and 50 kilometers (31 miles) along the coast. Under the Mexican Constitution, Foreigners are not allowed to register deeds to land in their own names within the Restricted Zone. However, this does not prevent you from owning property within the Restricted Zone. In fact, the Mexican Goverment encourages Foreign Investment in Mexico. A law was established in the early 1970's allowing foreigners to "own" real state in the Restricted Zone through the use of a Fideicomiso or a Bank Trust Deed. In 1993, the law was amended to liberalize it and to comply with the provisions of the North American Free Trade Agreement (NAFTA). Under current law, Fideicomiso are valid for 50 years and they are automatically renewable for another 50 years. It is possible to switch banks and take out a new trust for a new 50-year term without selling the property. As a purchaser of a Fideicomiso, you have the right to sell your property. The new owner then has the option of assuming your existing trust or taking out a new 50-year Trust. The purchaser of a Fideicomiso is responsible for paying all Property Taxes, Utilities and any other assessments made against the property. Purchasers must also pay the bank's annual fee for holding the deed in Trust. This fee will vary among banks, so it is wise to do some comparison shopping. To further protect the purchasers of Fideicomisos, strict prohibitions have been placed on the banks. The bank cannot claim any ownership rights to a Fideicomiso. The deed of Trust is not considered part of the bank's assets. Should a bank fail or close, the Fideicomiso would be transferred to another bank and would not be subject to to bank creditor claims. In addition, the government has stated it has no intention to ever acquire property held under a Fideicomiso In addition, under Mexican Law, a Foreigner wishing to won a property in the Country must first obtain a permit from the Secretary of State, because the government views Fideicomiso as a form of ownership, you must apply for and be granted a permit to purchase a Fideicomiso. Our Sales Representatives will be happy to answer any questions you may have regardeing the ownership of property in the restricted zone and the laws regarding Fideicomisos. For
more information call SALES OFFICE: From USA: 011 52(622) 227-02-51 and
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About "Bahia Esmeralda" - Buying Real Estate in Mexico
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ABOUT "BAHIA ESMERALDA" - History | Lifestyle in San Carlos | Buying Real Estate in Mexico | OUR HOMES - Site Plan - Models and Floor Plans - Features | Directions | Contact Us |
