Mexican Real Estate – Benefits of the Fideicomiso

Posted by Mexlaw

Obviously, it would be easier and less expensive if you could hold a direct title to your Mexican property. However, the Mexican Constitution states foreigners can not own property within the restricted zone; the fideicomiso is the safest workaround for purchasing this type of property. The primary purpose of a fideicomiso is to satisfy the Mexican Constitution by bestowing the legal title of the property in the name of the trustee. The trustee’s responsibility is to hold and transfer title deed under the direction of the beneficiary (buyer). The Benefits of a Fideicomiso It allows foreigners to purchase real estate within the...

11 November

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Making Changes to an Existing Fideicomiso

Posted by Mexlaw

in Legal Services, MexLaw

Most foreigns who have purchased property in Mexico have the property held in trust (fideicomiso). The exceptions for requiring a fideicomiso are if the property is outside of the restricted zone or the foreigner has obtained Mexican citizenship. The restricted zone is defined as land located 100 kilometers from the borders and 50 kilometers from the coast of Mexico. Although the bank is the owner of the property on paper, the property is not a bank asset, and the beneficiary has all rights over the property, including the rights to sell, rent, remodel, and bequeath to their heirs. Over time the property...

23 July

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Another Timeshare Risk – Is it a Mexican Corporation?

Posted by Mexlaw

in Legal Services, MexLaw

Although there are legitimate vacation or timeshare companies out there, and some may suit your family's vacation needs, you need to be aware of the less scrupulous timeshare companies in Mexico. Timeshares have a terrible reputation, and as stories about timeshare fraud continue to make the headlines, the industry continues to thrive, seducing tourists into buying into their resorts every day. Most importantly you should never sign any contract without having it reviewed by a lawyer and although this point seems logical, for some reason people will sign legal documents and pay a large deposit during a timeshare presentation, something they...

25 June

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When Expat Marriages Break Down in Mexico

Posted by Mexlaw

in Legal Services, MexLaw

Living in a foreign country can add to the complications of marriage and divorce; it is like walking a tightrope between the legislation or two countries. We recommend that you make an appointment with a Mexican lawyer they will review your situation and advise you how to proceed. My spouse and I are both Canadian, we were married in Canada, but we have been living in Mexico for four years. We have decided to file for a divorce, do we need to return to Canada to begin the divorce process? -No, the Canadian Courts will not have jurisdiction over your divorce, since...

21 June

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Avoiding Scams in a Tourist Town

Posted by Mexlaw

in Legal Services, MexLaw

We use the Riviera Maya as an example, but these tips are useful in any country you visit. There are so many amazing things that attract foreigners to visit, live, and retire in Mexico but like any country, there are a few known scams to watch out for. As you arrive at the airport in Cancun or any other tourist destination, you will be swarmed by transport providers, tour operators, and timeshare salespeople. Although respectable tour and transport providers are vying for your attention, many unscrupulous people will lie and try to mislead you to get your business. An example of...