Can,Legally,Own,Beachfront,Pro business, insurance Can I Legally Own Beachfront Property in Mexico?
Date:2021-01-12 Can,Legally,Own,Beachfront,Pro business
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The answer is yes! You can absolutely own beachfront property in Mexicothrough a bank trust! Some may befamiliar with what a bank trust is while others may seem lost about theprocess. I should mention that having a goodreal estate agent can be a sincere asset to you to educate you and help you tounderstand every aspect of owningreal estate in Mexico.Letsstart with why you need to obtain a bank trust!By law there is a designated restrictedzone for foreign buyers. The restrictedzone is any area of land that is 30 miles away from the coastline or 60 milesfrom any international border. This is alaw that was put into constitution many years ago but after Mexico started tosee the demand and high interest from foreign buyers they had to come up with away to allow someone to own property without breaking the constitution. This is how the bank trust came into play!Whatis a bank trust?Since the Mexican law does not allow anyforeigner to hold the title to property in the restricted zone the buyer can goobtain a bank trust in which the bank will hold the title with you being listedas the main beneficiary. This sometimes can sound scary to peoplebut in reality you have full rights and ownership to the property. The bank cannot take your property for anyreason neither can they make changes or dictate how you can handle it. Theyhave no rights to the property! Theyjust simply hold the title! You, as themain beneficiary, have every right to do what you please with your home just asif you were holding the title yourself! Whatdo I need to do to set up and maintain the trust?You will need to review all thisinformation with the bank and your real estate agent in Mexicobut quite simply you will need to pay your set up fee and then a yearly fee tomaintain the trust. This will allow youto own your home free and clear!GoodNews for the future?There are new laws that are currentlyunder review which may soon allow foreigners to directly hold the title. Wedont know exactly when this will take effect but we are hopeful that this willbe good news for buyers in the future.Additionally, even when the law getspassed you will still have the option to consider getting a bank trustanyways. It is still expected thathaving a bank trust can give you some added benefits. For more information on bank trusts andhow to buy safely in Mexico click here! .
The TOP Mexico Real Estate Network; Mexicos LeadingNetwork of Specialists for Finding and Purchasing Mexican Properties Safely!
Can,Legally,Own,Beachfront,Pro
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