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permitting foreigners to purchase Restricted
Zone property for residential purposes, in a manner consistent with
Constitutional provisions.
The property that you buy makes you the
beneficiary of the Trust, and you have the same rights of ownership as
in your own country, including the right to enjoy it, rent it, sell it,
or leave it to your heirs.
Trusts are issued for a period of 50
years. A law put into effect in 1993 makes it renewable for another 50
years upon the request of the beneficiary and this clause is a part of
the contract with the bank. The bank administrates the trust for an
annual fee. There are many advantages to having this trust in place. In
particular, once a purchase agreement is completed, the transfer of the
benefit to the buyer is fast and inexpensive.
Transactions outside of the restricted
zone do not involve a Trust. These transactions can be administered by a Mexican bank since it is
not necessary to establish a real estate trust in those areas. |
