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FAQ's - Frequently Asked Questions
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Buying a Home in Mexico?
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Yes, foreigners can own oceanfront property in Mexico!
Purchasing real estate in Mexico has changed dramatically over the past decade – especially for foreign, or non-Mexican, nationals. Before 1994, buying coastal land in Mexico carried many restrictions. Since then, the federal government of Mexico liberalized ownership provisions in what has been called the “prohibited zone,” granting prospective buyers from outside Mexico’s borders greater legal freedom and ownership rights of the once restricted land, through a bank trust known as a fideicomiso.
The availability of U.S.-style mortgage loans for those purchasing in Mexico has also made buying a first or second home on the beaches of this beautiful country more appealing and easier than ever before.
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What is Fideicomiso?
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| The fideicomiso, or trust, is the means by which foreigners can acquire ownership rights to real estate within the “restricted areas” of Mexico. The fideicomiso allows a Mexican bank to act as a trustee that can act on behalf of the foreign beneficiary in any and all transactions involving the property. However, the beneficiary retains the use and control of the property, makes the investment decisions and has the right to use, mortgage, encumber, improve, lease without limitation, sell without restrictions and pass the property to named heirs. Basically, the beneficiary has the same absolute rights to use, benefit and enjoy the property as if it were in fee simple ownership. |
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Why Buy Here? Why Buy Now?
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| International Living report ranks Mexico as #1 place to retire!
A growing second home market, along with a lower cost of living, reasonably priced beachfront homes compared to U.S. counterparts, climate and culture are all factors contributing to the popularity of the Manzanillo area.
Relaxed property ownership laws, easy access via direct flights and quality healthcare are a few other reasons for the wave of baby boomers heading south of the border and, in particular Mexico, which was ranked as the number-one place to retire by International Living Magazine. And this wave, according to the Migration Policy Institute, is only expected to surge as more boomers enter their retirement years.
Manzanillo is also ranked as the safest city in all of Mexico! A very family-oriented area and strong economic base make Manzanillo an excellent choice to vacation, retire, and own property! Less than 1% crime and less than 1% unemployment means you are much safer here than in most places throughout the U.S. |
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