Buying
Property in Mexico
|
Buying
Property in Mexico
|
|
Since the administration of President Salinas de Gortari, Mexico's
economy has been increasingly stable. New laws have been introduced
modifying existing laws. These changes have made it easier for
foreigners to own property, since Mexican majority ownership is no
longer required to establish a business. Certain areas are still
excluded and there are certain conditions that must be met. Although
foreigners may not acquire titles to real estate in restricted zones
(and all of Cozumel is a restricted zone) due to national security
reasons, a trust or “fideicomisio” may be established providing the
buyer will full trust rights equivalent to a fee simple absolute title.
New regulations now grant perpetual renewal of the original 30 year
lease without taxable and costly title transfers. Setting up such a
trust is a simple procedure and though establishing it is not free, the
additional fees provide the buyer with legal protection and peace of
mind.
Making an investment in Cozumel is a great idea. Contact
us so we can put you in touch with a reliable, professional real estate
agent in Cozumel.
