REQUIREMENTS TO BUY A PROPERTY
IN MEXICAN TERRITORY IF YOU ARE A FOREIGNER
The Riviera Maya is a very attractive destination for real estate investment not only for nationals. According to the National Institute for Statistics and Geography (INEGI), reports a community of foreigners living in Mexico who aquiired a property in the national territory are able to maintain a very positive lifestyle when retired, finding in the Mexican Caribbean a warm weather, white sand beaches, cenotes, cultural and historical diversity, acompanied by innumerable moments of tranquility, relaxation and fun ; which has made it possible to consolidate the real estate sector for diverse segments.
The investment of foreigners in real estate is duly regulated in the Foreign Investment Law, in its Chapter I, On the Acquisition of Real Estate and Exploitation of Mines and Waters, establishing that they may acquire rights over real estate in the restricted area, which are intended for residential purposes, taking into account the following:
1. Bank Trust for up to 50 years, extendable. Permission from the Ministry of Foreign Relations for credit institutions to acquire as trustees (fiduciary delegates), rights over real estate located within the restricted area, when the purpose of the trust is to allow the use and the use of such assets without constituting real rights over them, and the trustees are, natural or legal persons
2. The Ministry of Foreign Relations (SER) is the competent authority to grant permission to banking institutions through fiduciary delegates. Currently, given the restrictions due to the pandemic, you may submit the request by sending the following scanned requirements in PDF format to the email: firstname.lastname@example.org
- 1. Name and nationality of the settlor
- 2. Name of the credit institution (bank) that will act as trustee.
- 3. Name and nationality of the trustee and, if any, of the second trustees and of the substitute trustees.
- 4. Use that will be given to the property (purposes)
- 5. Description, location, measurements, boundaries and total area of the property that is the object of the trust.
- 6. Distance of the property with respect to the Border or the Federal Maritime Terrestrial Zone
- 7. Cover the payment of rights for the amount established in article 25 of the Federal Law of Rights in force, by electronic payment in certified credit institutions.
• The application for permits to establish trusts in the restricted area must be submitted ONLY by electronic means, through SIPAC27.
4. Once authorized, the trust will be executed and legalized by a public notary, which will be registered in the Public Registry of Property and Commerce.
5. The trust is linked to the deed.
¿ What information is needed to establish a trust?
- Permit number
- Folio number:
- Name of the trustee and the credit institution (bank) he represents;
- Application date;
- Settlor and his; nationality;
- Trustee and his nationality;
- Substitute trustees and their nationality, if any;
- Duration of the trust;
- Good trust matter;
- Location, city, municipality, state;
- Total area;
- Distance from the federal maritime zone or border;
- Twelve or thirteen conditions as the case may be;
- Expedition date; Y
- Title and name of the authorizing public servant.
Any request for permission to establish trusts in accordance with the provisions of the second paragraph of article 14 of the Foreign Investment Law, must be resolved by the Ministry of Foreign Relations issuing the corresponding resolution within five business days following the date of your presentation. Visit the following links:
The Mayan Riviera has professionals in this area so that the process is as light and simple as taking a walk along its beautiful white sand beaches.
Wyndham Grand, Mayakaan Residences Riviera Maya is designed for you! Come and enjoy the climate and nature of the Mexican Caribbean.!