Quote:
Originally Posted by msgeni
They're talking about BUYING a house though (they already own another one in MX), and it sounds awesome... but is it legal for me? I know the FM3 form allows US citizens to live there, but how about buying property? I don't have the best of credit either in the US, would that be a problem? What is the process generally like?
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1) You cannot OWN property in TJ. It is unconstitutional to own property in Mexico within 62 miles of a border or 31 miles of a coast. You technically purchase a long term lease called a Fideicomiso. It does grant most of the rights of ownership (albeit with another fee) so you may now care.
2) Bad credit is a killer in Mexico. Purchasing a home is a little like running up a credit card in the USA. You must put a great deal of money down and then pay very high interest rates for short term. I you say "I don't have the best of credit" then you probably are not a good candidate.
3) Know about ejido land. This is a type of land ownership created after the 1910 revolution which doesn't exist in the USA. It is land not owned by the public sector, or privately owned. Instead it is owned by the "community". Most Americans who tell you the Mexican government can just "take away your land" are talking about ejido disputes. This knowledge may have little practical value, but at least you will not be frightened by stories
4) The government can take your land if you get involved in politics in Mexico. The laws are different than in the USA. However, they are not likely to take your land if you are opinionated, only if you become a political power (which is not likely). Be aware that this story is true, but don't worry about it.
5) The Playas are very nice, and if you are a few blocks from the beach they can be surprisingly affordable. They are also used to renting to people from the USA.
6) Remember that "America" refers to both Northern America and Latin America. Many educated Latinos resent the co-opting of the word "American" to refer to only people from the USA.
7) Many very nice homes are available for rent. A lot of moneyed Mexicans have moved across the border where they feel safer from kidnappings. In August 2004 President Bush extended the time permitted on a vist using a Border Crossing Card from 72 hours to 30 days. This card is issued to middle class Mexican nationals who are believed to have significant ties in Mexico and allows them to come to the border crossing region without a visa. The Border Crossing region effectively means San Diego county, Imperial county and Tucson (but not Los Angeles and Phoenix). When the violence increased in Tijuana around the same time, the moneyed Tijuanese simply moved across the border to live in southern San Diego County. They must return to Mexico for at least a few minutes every 30 days. Many of the Tijuana businesses set up branch offices in Otay to serve these expatriates.
8) I for one applaud your decision. I suspect that quality of your life will on the whole improve, but you will be forced to endure some annoyances.
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