Thinking of Buying Property in Riviera Maya?
What is a fideicomiso? We’re glad you asked! Read our Riviera Maya buyers’ FAQ and learn about buying property in paradise!
The Riviera Maya is one of the most stunning geographical locations in all of Mexico. Stretching 80 miles along turquoise water and powder-soft sand, the area boasts plentiful outdoor activities as well as fine dining, shopping and entertainment destinations.
It's no wonder many people from around the world choose to buy a vacation home here. But as exciting as buying can be in Riviera Maya, it can also be confusing. To help you on your buying journey, here are some answers to questions we hear the most from our clients:
Q: What is a fideicomiso?
A: In a nutshell, the fideicomiso is a long-term irrevocable bank trust that is created in order for foreign buyers to be compliant with Article 27 of the Mexican Constitution. The fideicomiso is held by a Mexican bank that cedes ownership rights to foreign buyers, who would otherwise not be able to purchase real estate in popular yet restricted zones.
Q: How long does it take to complete a fideicomiso?
A: In our experience, the entire process of requesting and receiving this permit takes, on average, 5 or 6 weeks.
Q: Do I need to be a resident to buy property in Mexico?
A: No, you don’t! We have helped countless clients from the United States and other countries buy their dream vacation homes here in Mexico.
Q: Can I also purchase property through a Mexican corporation?
A: Yes. If you are looking to invest in and/or do business in Mexico, you may do so through the incorporation of a Mexican Company.
Q: What should I do before I purchase property?
A: We recommend you speak with a real estate lawyer who will help you with insured escrow services, title deeds, and other services. We can absolutely connect you with bilingual lawyers who can help you navigate the legalities.
Q: What is the role of the notary public in Mexico?
A: When you are in the process of buying real estate in Mexico, the Notario Publico will authenticate all of your legal documents. Any real estate transactions not recorded in the Public registry by a notary are considered invalid.
Ready to Get Started?
We have helped countless people buy their dream property in Mexico. We are so good at what we do that we’ve been featured 7 times on House Hunters International on HGTV.
If you’d like to work with an agency that is outgoing, charismatic and passionate about helping people meet their financial and lifestyle goals, get in touch with us! |