Thursday, February 6, 2014

Foreign Buyers to stick with Fideicomisos

Click to Read the Full Ruling
There was a proposal in 2013 which would abolish the necessity of a fideicomiso for buyers wishing to own property in Mexico's Restricted Zones. This proposal was passed by the lower house of the Federal Congress. The upper house has voted against this proposal, essentially killing the prospects of its adoption.

The proposed change was seen as a way to further encourage foreign investment by eliminating the costs associated with a fideicomiso. However, those of you who have taken our weekly workshops know that a trust is a great way to own foreign property in any country, as it eliminates any probate issues for heirs to your property in the event of the property owner´s death. (If you didn't know that from our workshops, then come by! We have one each and every Wednesday from December - April!)

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Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.