How foreigner can I acquire a property in the Riviera Maya?

The Mayan Riviera, besides being one of the most visited areas for its historical remains, its natural beauty, its sea of crystal clear waters and its quality of life, is also one of the most attractive places for the foreign market in terms of real estate investment; for its parity it would change against the dollar and for the high yields it offers.
One of the most common questions of foreigners is: How foreigner can I acquire a property in the Riviera Maya?

The answer is yes. Although the Political Constitution of the United Mexican States establishes that Mexicans born in the country or naturalized, as well as companies accredited as Mexicans have the right to acquire property in national territory, Mexico has a special legal regime for foreigners that allows them to own a property as long as they meet certain requirements.

 

In this blog we present the most common questions that as a foreigner you should know to acquire a property in the Riviera Maya.

1. What is the legal process to carry out this acquisition?
Foreigners who acquire a property located in the “restricted zone” in a strip of 100 km along the border and 50 of the beaches, must do so through a trust (Fiduciary) that, in all cases, will be done by means of a public deed, provided that previously it obtains a permit from the SRE, which is requested in a personal way or through a legal representative.
2. What is a trust?
The trust is a real estate fiduciary that is held under your name in any bank in Mexico (Scotiabank, HSBC, Banamex, Santander, among others). As the beneficiary of the trust you will have absolute control of the property. The approximate cost is $ 500 USD per year but it depends on the Banking Institution you choose.
3. Is the trust owned by the bank?
No. The fiduciary bank is authorized to act only as administrator. The buyer is the beneficiary. However, having a large bank looking after the interests of the buyer is an additional layer of protection
4. How to choose fiduciary?
It is important to choose a fiduciary institution to review and compare costs, not only for the opening of the trust, but also for the cancellation of the same.
5. Will I be protected in case something happens to the bank?
Yes. Banks in Mexico are protected by the government in case of bankruptcy. The trust is indirectly insured by the government. In the event that a Mexican bank is in trouble, the property will be transferred to another fiduciary bank.
6. What is the duration of a trust?
The trust has a duration of 50 years but can be renewed at any time for a minimal cost.
7. What happens if as a foreigner I have my trust and I naturalize as a Mexican?
At that time the trust is no longer required; therefore, annuities are no longer paid.
8. What would happen if at some point I decide to sell my property?
In case of selling the property, the trust is terminated. If the same is sold to another foreigner then you can use that same one but making an assignment of rights.
9. If you are a foreigner but you are married to a Mexican citizen, is a trust necessary?

No, if the owner is only your Mexican spouse.

 

The process of buying real estate for a foreigner has some differences with respect to what is accustomed; However, if you have the support of experts in the field, your experience will be totally satisfactory.

 

When acquiring a property with Best One Realty Group, you should not worry because we work with the best developers of the Riviera Maya that are total guarantee. We are also trained to provide a personalized service; therefore, we have a legal area that will be responsible for guiding you step by step during the process of acquiring your property.

 

At Best One Realty Group, we will be completely happy to support you throughout the process to make your dream come true.

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