What is a "Fideicomiso"?
In the more popular areas of Mexico, such as the Riviera Nayarit, foreigners may acquire property with irrevocable and absolute ownership rights through a 50-year renewable and transferable bank trust called a "Fideicomiso." This trust is used to hold deeded property and is provided specifically for non-nationals seeking to purchase property in the restricted zones of Mexico (within 50 kilometers of the coast or 100 kilometers from its borders). Sanctioned by the Mexican government, provided for by the Mexican Constitution and secured by the Central Bank of Mexico, the Fideicomiso offers complete financial protection and a means to enjoy property ownership in Mexico. For more information, click here.
Do I need a real estate agent to purchase property in Mexico?
Transfers of real estate in Mexico are accomplished through a "notario publico"– an attorney who has a responsibility to make certain every transfer of property ownership is completed and legal. While real estate agents are ofttimes an integral part of property transactions, buyers generally benefit even more from having an attorney licensed in Mexico involved in the process.
How much are property taxes in Mexico?
One of the advantages of owning property in Mexico is the very low rate of taxation. While subject to change, typical property taxes (known as "prediales" in Mexico) tend to be just 10% of what Californians pay.