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So what is the actual legal structure of Americans owning in Mexico near the coast? What about a wealthy Mexican citizen?
One is in trust or both are in trust or????
How are trusts structured? Is there a power of attorney? Are there trustees, successors? Can the Mexican govt (any level) take it on a whim? What are other risks one should consider besides burglary and home-value fluctuations. Are there things like eminent domain?
Foreigners have to set up a trust, Mexican citizens do not. They are not terribly complicated and I doubt many run into trouble with them. Could the government take it on a whim? Not on a whim, but I am sure there could be some scenario where there could be a seizure or some serious restrictions put on them if a national law passed. None on the horizon but never say never. The biggest annoyance is the cost and time to set them up. And talk about how polished the whole process is, every real estate person and the people who do the trusts write off the whole cost as a minor annoyance and say "hey property taxes are so low, the few hundred dollars a year you spend are nothing in comparison". Total spin.
Eminent domain is a potential problem, but seems a bigger issue over time has been legal rulings over ejido lands. Seems these are becoming less of a problem, but plenty of houses have been lost over it with no restitution.
BTW, the fideicomiso law stands as before. It failed to get support in the legislative branch.
On my last trip to Rosarito Beach to pay a visit to my older RE agents (now friends) they brought this issue up, that there was a possibility of this happening, clear ownership of land anywhere in Mexico, scrapping the limits.
Well, it's too easy to figure out who would be opposed to this, and who were lobbying against it!
I've been going to Cabo since the mid 80's and the very very best advice I can give you is RENT!!!!!. If you don't take my advice you will soon regret it. There are very very very few transactions involving money that go down as planned or as you think they might. Fact is, you real can't trust ANYONE in Mexico. If you disagree, someone should take away your check book and deem you fiscally irresponsible. Oh, by the way, even renting is risky. Remember don't trust and verify 10 times in 10 different ways. Pay little or nothing up front. It's them against you and your American dollars.
Last edited by BillSykes; 10-30-2015 at 05:46 PM..
Reason: spelling error
I have never been to"Cabo"..... but I owned a home on Cozumel.. Not a time share not a condo a single family stand alone.. Are there issues? Yes there are .. as was said ....your bound to get "robbed" somewhere along the ways.. but it will be , as I have seen and lived .. from breaking and entering.. it will be when you get the proverbial " Gringo Price" for almost everything you buy.. Though I will admit many leave their brains at the border.. and YES there are a LOT of Con Games Going on...
Quote:
Originally Posted by BillSykes
I've been going to Cabo since the mid 80's and the very very best advice I can give you is RENT!!!!!. If you don't take my advice you will soon regret it. There are very very very few transactions involving money that go down as planned or as you think they might. Fact is, you real can't trust ANYONE in Mexico. If you disagree, someone should take away your check book and deem you fiscally irresponsible. Oh, by the way, even renting is risky. Remember don't trust and verify 10 times in 10 different ways. Pay little or nothing up front. It's them against you and your American dollars.
I have New neighbors the last couple of months. Was talking to the landlord today (friend) and he was telling me that the tenants had a 2nd car and some furniture at the last nearby home they had rented. Well turns out all the furnishings and the car was Stolen and the home was EMPTY. Like I have said in the past that if everyone who stole in Mexico was prosecuted over 1/2 of the country would be behind bars. Saw things when living in Mexico City with my New Mexican wife. Everything is behind some gate or wall with many dogs or Security guards. Why would a store that sells toys etc for small little pre school kids need a Security guard at the door.........after all they are Not making that much money considering.
A Mexican/American neighbor was at the chain grocery mkt and his car was stolen and later recovered 6 months later by the Police while being used as a Taxi in TJ complete with decals and fake ID.
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