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| Mexican Law: Property Ownership |
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| If you want to live in
Paradise |
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Mexican Law provides for private ownership of land by foreigners, and its
law is very specific about the way in which land rights should be transferred
from seller to buyer, and also what type of lands are not eligible for public
ownership. A Notary Public (see below) will guide you through the details
of these, but generally:
- Property may be purchased and owned outright for residential
use by foreign nationals outside of the 100km restricted land border
zone or outside of the 50km coastal zone;
- Inside of the restricted border/coastal zones, foreign nationals
may own land through a fidecomiso (a trust) which is set up through
a bank and provides for ownership of the land and property in all but
name.
- The Mexican Constitution previously banned foreign nationals
from owning property that was within the restricted border zones. This
old law was intended to protect Mexican soil from foreign invasion.
Because the Constitution cannot be altered in this respect, the Government
introduced a system of land trusts, so that foreign nationals could invest
in property inside of the 'restricted' zones. So now, if you as a foreigner
want to buy a dream home with a Pacific beach view, you can, except
that it will be by means of a trust, set up through one of the main banks
in Mexico.
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