Can I own property in Mexico?
YES! Americans can now own property in Mexico through a bank trust. When land is purchased in the restricted zone (100 km from the border or 50 km from the beach) the Mexican government issues a permit to a bank of your choice. The bank acts as the trustee, and the purchaser acts as a beneficiary. Once the trust is complete you have the right to use, enjoy, lease, improve, mortgage, sell, profit, inherit and will the property.
How much of a down payment do I need?
We offer dollar based loans that require as little as 20% down.
How long does it take for my loan to close?
If the paperwork is completed in a timely fashion, it takes about 60 to 90 days for the process to be completed.
Can the Mexican government seize my property?
The Mexican government has never taken land from someone that had proper title and legal ownership.
Is the interest on the loan tax deductible?
Because IRS regulations do not specify that the property must be located in the United States, many tax attorneys consider interest on a Mexico loan to be tax deductible. However, we advise all customers to consult their individual tax advisor before coming to any conclusions.
What is the difference between a Notary in the US and a Notary in Mexico?
A notary in the US and a Notary in Mexico are very different. In Mexico a notary or notario is a high ranking attorney and is appointed by the State Governor for life. A notario is responsible for doing title searches just like a title insurance company would do in the US. They are also responsible for collecting government taxes during a property sale.
What is Ejido land?
In the 1930's the Mexican government distributed large land holdings in the form of cooperatives farms called Ejido's. Ejido members could work the land, live on the land and profit from the land but they did not own the land nor could they sell the land. In 1992 the Ejido owners were allowed to remove the property from the National Agrarian Registry and placed in the public land registry. The allowed the Ejido to parcel and sell their communal properties.
What are my closing costs?
Closing costs in Mexico usually total between 6% and 9% depending on loan size. About 3.5% of your closing costs are finance-related with the rest being attributed to Mexico transfer of real estate.
YES! Americans can now own property in Mexico through a bank trust. When land is purchased in the restricted zone (100 km from the border or 50 km from the beach) the Mexican government issues a permit to a bank of your choice. The bank acts as the trustee, and the purchaser acts as a beneficiary. Once the trust is complete you have the right to use, enjoy, lease, improve, mortgage, sell, profit, inherit and will the property.
How much of a down payment do I need?
We offer dollar based loans that require as little as 20% down.
How long does it take for my loan to close?
If the paperwork is completed in a timely fashion, it takes about 60 to 90 days for the process to be completed.
Can the Mexican government seize my property?
The Mexican government has never taken land from someone that had proper title and legal ownership.
Is the interest on the loan tax deductible?
Because IRS regulations do not specify that the property must be located in the United States, many tax attorneys consider interest on a Mexico loan to be tax deductible. However, we advise all customers to consult their individual tax advisor before coming to any conclusions.
What is the difference between a Notary in the US and a Notary in Mexico?
A notary in the US and a Notary in Mexico are very different. In Mexico a notary or notario is a high ranking attorney and is appointed by the State Governor for life. A notario is responsible for doing title searches just like a title insurance company would do in the US. They are also responsible for collecting government taxes during a property sale.
What is Ejido land?
In the 1930's the Mexican government distributed large land holdings in the form of cooperatives farms called Ejido's. Ejido members could work the land, live on the land and profit from the land but they did not own the land nor could they sell the land. In 1992 the Ejido owners were allowed to remove the property from the National Agrarian Registry and placed in the public land registry. The allowed the Ejido to parcel and sell their communal properties.
What are my closing costs?
Closing costs in Mexico usually total between 6% and 9% depending on loan size. About 3.5% of your closing costs are finance-related with the rest being attributed to Mexico transfer of real estate.