Frequently asked questions for foreigners buying real estate in Mexico.
Mexico has always been a favorite destination for foreigners from all over the world. The vibrancy of its culture and history, the world-famous Mexican food, and its natural beauty, Mexico has it all.
Are there any mortgages for foreigners looking to purchase real estate in Mexico?
Financial options for foreigners wanting to buy a home in Mexico were scarce: cash or a developer payment plans.
Things have been changing, and there are more options for retirees looking for a mortgage to buy a property in Mexico.
Nowadays, Mexican banks have more options for mortgages designed for Americans, Canadians, and Europeans.
These mortgages tend to be in dollars, and on a fixed rate for periods up to 15 and 30 years.
What is a Fideicomiso?
In the past, foreigners couldn’t buy properties on the coast or near the border.
Not surprisingly, these were the most sought after areas for foreigners to have their second home.
However, laws were changed so foreigners could own land on the coastal and border areas; this was made possible by the creation of the Fideicomiso.
A fideicomiso is a Bank trust in which a bank is the legitimate owner of the property, but the foreigner has the rights and can sell it or inherit it.
The same Bank that processes the mortgage, will send all the documentation to the Secretaria de Relaciones Exteriores (Secretary of foreign affairs) for approval.
The fideicomiso is valid for 50 years, with a renewal option at the end of the period.
Buying a property in Mexico with a bank trust is a secure way to become a homeowner in Mexico, the only thing left to do is find your dream property!
Valladolid Yucatan is an area where you can purchase as a foreigner without a bank trust. The process is quite simple as you only need a permit from the international affairs department and you are ready to go!
Do I need a fideicomiso to buy real estate in Valladolid Yucatán?
Here in Casas en Valladolid we pride ourselves in working to provide the best services. You can get an escrow service to buy your property, and we are the only agency in Valladolid Yucatán offering this service.
Can I use an escrow service in Mexico?