Is it safe to buy Real Estate in Mexico and will my interests be protected?
This is a very common concern for first time home buyers in Mexico and new visitors to Mexico and the answer is most definatly YES. The method of taking title in Mexico is called a Fideicomiso. Title is not taken directly in the name of the buyer, but is taken though a Mexican Bank called a Trustee Bank. The buyer sits as beneficiary to this “Trust”. This is how title has been taken by foreign citizens for over 25yrs in Mexico. The added protection this gives you is that all rights and safeguards a large Mexican bank would have with real estate owned are passed along to you with none of the weaknesses. In the case of bank insolvency, the “trust” is simply transferred to another bank as your trust is not an actual asset of the bank, the trustee bank acts merely as a steward. There is no such thing as a good quality trust or a bad quality trust; all trusts are created equally with equal rights. It has proven to be a 100% safe and secure method of purchasing real estate in Mexico.
Is it safe to reside in Mexico?
It is common knowledge that it is not the best idea to sip margaritas in a corner café in the border town of Juarez , but is this situation commonplace in all of Mexico or is it limited to border towns? The same question should be asked of the USA. Is it safe to visit New York just because the Bronx is unsafe?
Every country has its “no fly” zones. Mexico’s “no fly” zones are certain border towns. In Los Cabos, we are over 1000 miles from a border town and enjoy safety and peace the likes of which is rarely seen in any country. Citizens still leave doors unlocked, kids play in the streets and couples wonder through the city in the early hours without so much as looking over their shoulder. The same can be said for all resort destinations across Mexico as most all started as fishing towns and offer a relaxed laid back feel so many international tourists are drawn to for peace, rest and relaxation. It is only once you actually spend time in Mexico and experience this for yourself that you will find truth in this statement, but you can be guaranteed that if you visit once, the next trip to Mexico is not far away. At this particular time, there are hundreds of thousands of expats who own homes in Mexico with that number growing by the day. As a new foreign homeowner, you are neither the first nor the last to make this life enriching move.
Who will look after my property while I am away?
Most homeowners start off as part time residents before they take the plunge to full time residency. This obviously means there are a great number of homes ranging in size and value that need constant attention while owners are away. There are therefore a variety of property management companies catering to the complete range of properties which we can recommend. This allows you to have a trustworthy company looking after your asset while away and greatly assists should you opt to rent your property.
