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Old 09-28-2014   #3 (permalink)
Michele
añejo
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Join Date: Apr 2004
Location: Playa del Carmen, QR, MX
Posts: 6,263
Quote:
Originally Posted by katzgar View Post
has the law about foreigners not owning real estate near the coast been changed yet?
All real estate owned by foreigners within the restricted zone is held in a bank trust called a fideicomiso. A fideicomiso is a 50-year perpetually renewable and transferable Bank Trust through which foreigners acquire irrevocable and absolute ownership rights to property in Mexico. This is the legal equivalent for fee-simple ownership and is provided specifically for non-nationals to own coastal and border property. The bank holds the legal title to the property, with all rights and privileges of ownership, including exclusive use and enjoyment, held by the Trust beneficiary—you.

You retain the use and control of the property and make all decisions concerning the property. You have the same "bundle of rights" as owning property with fee simple title. You have the right to use and enjoy, lease, improve, mortgage, sell, inherit and will the property to your heirs.
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