Buying Property in Mexico
Investing in Los Cabos is becoming commonplace amongst foreigners, creating some of the highest growth in property value of anywhere in North America. Los Cabos has an ideal climate, appealing array of activities, easy accessibility throughout North America, and great commercial infrastructure. All of this combined with luxurious hotels, resorts, and gated real estate communities, it makes it easy to understand why up to 70 people are moving here a day.
Purchasing real estate in Mexico has become almost as simple as purchasing in your own country. The issues of it being a safe purchase have been addressed in many ways, primarily with the availability of Title Insurance on your property and American lending corporations financing your purchase.
New laws and amendments have been made here in Mexico with the aim of improving foreign investment. The Constitution now permits foreigners to purchase and own real estate in Mexico located within the "restricted zone" which is all land within 60 miles of a national border and within 30 miles of the Mexican Coast. This Law permits ownership through a type of land trust called a "Fideicomiso".
A "Fideicomiso" is operable through the Mexican Government, who issues a permit to a Mexican Bank of your or your financier's choice. This allows the bank to act as purchaser for the property, which acts as the "Trustee" for the Trust and you, the "Beneficiary" of the Trust. The "Beneficiary" rights are very similar to Living Wills or Estate Trusts in the U.S.
As purchaser of a property, you have full ownership rights. You may use and enjoy, build, rent, will or sell the beneficial rights in the trust anytime, conforming only the general laws of the country established for all persons. The term of the trust is 50 years, and it's automatically renewable by law. In other words, title to the property may rest in one beneficiary indefinitely, provided that it's renewed within the terms established by the law.
Whether you are looking to relocate to Los Cabos, purchase a dream vacation home, or make a sound business investment, Tokase Properties is here to help you.