A Fideicomiso is much like a USA Living Trust.
Fideicomiso is a 50-year perpetually renewable and
transferable Bank Trust through which Foreigners acquire
irrevocable and absolute ownership rights to property
in Mexico.This Trust is a legal substitute for deeded
(fee simple) ownership and is provided specifically
for non-nationals to own property in the formerly restricted
zones (border and beach areas.) The Trust system
of ownership is sanctioned by the Mexican government,
provided for under the Mexican Constitution, and secured
by the Central Bank of Mexico.
The Mechanics:
There are specific Banks authorized by the Mexican government
to hold the Real Estate Fideicomiso. Title is delivered
to the Bank authorized to act as the Trustee, designating
the foreign buyer as the Beneficiary of the Trust (you).
The Beneficiary (you) retains the use and control of
the property and makes all the investment decisions.
It is your Trust and not the property of the government
or the Bank. The Bank reviews all paperwork of the current
owner/developer to ensure that the documents are complete
and legal. The Fideicomiso is not an
asset of the bank's. If the Bank should ever fail, the Fideicomiso
is simply transferred to another authorized Bank.
The Real Estate Fideicomiso may be offered either
through:
 a
Master Trust or
an
Individual Trust.
The Fideicomiso offered through Playa de Oro
is an individual Fideicomiso, the most secure form of
Real Estate Fideicomiso available.
|
|
Benefits:
The Beneficiary (you) maintains complete control over the
trust (to buy, sell or mortgage, encumber, will or inherit)
and is not tied to a Master Trust.
In an Individual Fideicomiso, every Beneficiary (you) is
responsible for payment of their own taxes. A non-payment
by one property owner would not affect another property holder
in the development. But in a Master Trust the developer is
responsible for payment of taxes, then appropriating them
for reimbursement proportionately to each Fideicomiso held
under the Master Trust.
Mexican developers DO NOT have any special dispensation
under the law. If you do not have a Fideicomiso through
an authorized Bank then you have, at best, a lease. Any other
form of "ownership" such as share of a corporation,
squatters, owning with a Mexican national partner, or any
other gimmick is not legal and is trying to circumvent the
law!
|
Fideicomiso
