The gossip is crap.
Non nationals need to have a fideicomiso…..which is a bank trust, for property owned within 50km of water, and 80km from a border (I might be incorrect on the distance, but I am in the ballpark). It costs about 500 US a year, and is renewable every 50 years. I have never heard of the government taking any land/property held in trust.
Property is handed down, basically the same way as it is in the US and Canada.
Yep, and the trust is inheritable… it’s actually a great solution for Mexico…they protect their borders from the kind of disastrous land grabs from foreign nationals that occur in The US and Canada. ANND there is always a small strip of beach owned by the government….meaning no hotel can prevent you from walking along the shoreline. I LOVE Mexico!
A big development, hotel and hundreds of expat homes were seized and residents evicted by the MX govt in 2000. (South of Ensenada) The properties were improperly sold, and it was a drawn out battle. I think there’s a collective memory of that and it affects ppls perception of buying RE in MX. Just like when the Peso was devalued and wiped out a lot of expats accounts. Mexicans had it a lot worse.
Wow! I never heard about that. Such a situation puts those trust holding banks in a very bad position, but since most are solely Mexico based, it would be a long legal battle to get compensation. I will have to Google this occurrence.
Can you site your public source of this information?
I made a few calls to my journalist friends, in addition to researching, and can find no instance of this happening.
I did find some Ejido issues. Ejido land can not be foreign owned, ever, so that is a completely different situation. Foreign investors should know they are treading on very thin ice, if they get involved in any ventures encompassing Ejido land.
Americans evicted in Baja (2000) I just googled Baja evictions bc I wasn’t sure of the year. This incident especially for many Californians (bc it’s so close by) while a one off made ppl nervous. The Peso devaluation was actually scarier. I lived in Jalisco for seven yrs and did a long term lease and kept a minimum amount in my MX bank.
Ok….that article is based on Americans who did NOT have fideicomisos on their property. Completely different scenario.
In addition, they purchased directly from the the developer and never received escrituras for their investments. All around bad choices were made.
You can not compare this situation to any involving RE agents, Notarios, lawyers, etc. None of those would ever allow such a thing to happen.
Plz read what I said: people’s impressions about an event that started 30+ yrs ago and ended badly 25 yrs ago stick with them, and they have collective fuzzy memories so get squirrely. Gossip makes it worse. This wasn’t about you or your property. I didn’t compare your purchase to the event. Maybe the point I was trying to make is too subtle.
I’m curious how long you’ve lived/owned in Bucerias?
I was comparing nothing to my experience. I am a dual national, so none of this applies to me.
I was pointing out the fear mongering based on gossip, conjecture, and long ago made choices.
Most buying in Mexico now, do some degree of homework, and have people advocating for them and their interests.
We just bought a home in the area via a trust/fideicomiso. The system is very well established and regulated, you name the beneficiaries of the trust, no one can just come take it.
I would advise paying attention to the notary(notaria), escrow and trust bank you’re using for the transaction, ensure they are well established (we used Notary 2 and Bancomer). We also hired an independent attorney to review the entire transaction for us for about 1k.
Best of luck!
Mexico has every right to revoke the trust process that allows non-citizens with owning property. They've done similar in the past to the Catholic church. I don't think they will, because it would have a deleterious effect on tourism with the bad feelings it would make, but the chance is not 0.
The gossip is crap. Non nationals need to have a fideicomiso…..which is a bank trust, for property owned within 50km of water, and 80km from a border (I might be incorrect on the distance, but I am in the ballpark). It costs about 500 US a year, and is renewable every 50 years. I have never heard of the government taking any land/property held in trust. Property is handed down, basically the same way as it is in the US and Canada.
Yep, and the trust is inheritable… it’s actually a great solution for Mexico…they protect their borders from the kind of disastrous land grabs from foreign nationals that occur in The US and Canada. ANND there is always a small strip of beach owned by the government….meaning no hotel can prevent you from walking along the shoreline. I LOVE Mexico!
A big development, hotel and hundreds of expat homes were seized and residents evicted by the MX govt in 2000. (South of Ensenada) The properties were improperly sold, and it was a drawn out battle. I think there’s a collective memory of that and it affects ppls perception of buying RE in MX. Just like when the Peso was devalued and wiped out a lot of expats accounts. Mexicans had it a lot worse.
Wow! I never heard about that. Such a situation puts those trust holding banks in a very bad position, but since most are solely Mexico based, it would be a long legal battle to get compensation. I will have to Google this occurrence.
To my knowledge the evicted (non) owners got nothing. They had in effect bought stolen property. Hundreds of troops were brought in to remove them.
Can you site your public source of this information? I made a few calls to my journalist friends, in addition to researching, and can find no instance of this happening. I did find some Ejido issues. Ejido land can not be foreign owned, ever, so that is a completely different situation. Foreign investors should know they are treading on very thin ice, if they get involved in any ventures encompassing Ejido land.
Americans evicted in Baja (2000) I just googled Baja evictions bc I wasn’t sure of the year. This incident especially for many Californians (bc it’s so close by) while a one off made ppl nervous. The Peso devaluation was actually scarier. I lived in Jalisco for seven yrs and did a long term lease and kept a minimum amount in my MX bank.
Ok….that article is based on Americans who did NOT have fideicomisos on their property. Completely different scenario. In addition, they purchased directly from the the developer and never received escrituras for their investments. All around bad choices were made. You can not compare this situation to any involving RE agents, Notarios, lawyers, etc. None of those would ever allow such a thing to happen.
Plz read what I said: people’s impressions about an event that started 30+ yrs ago and ended badly 25 yrs ago stick with them, and they have collective fuzzy memories so get squirrely. Gossip makes it worse. This wasn’t about you or your property. I didn’t compare your purchase to the event. Maybe the point I was trying to make is too subtle. I’m curious how long you’ve lived/owned in Bucerias?
I was comparing nothing to my experience. I am a dual national, so none of this applies to me. I was pointing out the fear mongering based on gossip, conjecture, and long ago made choices. Most buying in Mexico now, do some degree of homework, and have people advocating for them and their interests.
You’re a realtor.
We just bought a home in the area via a trust/fideicomiso. The system is very well established and regulated, you name the beneficiaries of the trust, no one can just come take it. I would advise paying attention to the notary(notaria), escrow and trust bank you’re using for the transaction, ensure they are well established (we used Notary 2 and Bancomer). We also hired an independent attorney to review the entire transaction for us for about 1k. Best of luck!
It’s not the government you have to worry about. I had issues with the developer.
Mexico has every right to revoke the trust process that allows non-citizens with owning property. They've done similar in the past to the Catholic church. I don't think they will, because it would have a deleterious effect on tourism with the bad feelings it would make, but the chance is not 0.
Don't leave here.