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Author: MexLaw

MEXLAW > Articles posted by MexLaw

Mexican Real Estate – Benefits of the Fideicomiso

Obviously, it would be easier and less expensive if you could hold a direct title to your Mexican property. However, the Mexican Constitution states foreigners can not own property within the restricted zone; the fideicomiso is the safest workaround for purchasing this type of property. The primary purpose of a fideicomiso is to satisfy the Mexican Constitution by bestowing the legal title of the property in the name of the trustee. The trustee’s responsibility is to hold and transfer title deed under the direction of the beneficiary (buyer). The Benefits of a Fideicomiso It allows foreigners to purchase real estate within the...

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Making Changes to an Existing Fideicomiso

Most foreigns who have purchased property in Mexico have the property held in trust (fideicomiso). The exceptions for requiring a fideicomiso are if the property is outside of the restricted zone or the foreigner has obtained Mexican citizenship.  The restricted zone is defined as land located 100 kilometers from the borders and 50 kilometers from the coast of Mexico. Although the bank is the owner of the property on paper, the property is not a bank asset, and the beneficiary has all rights over the property, including the rights to sell, rent, remodel, and bequeath to their heirs. Over time the property...

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Temporary Residency in Mexico – What is Your Expiration Date?

The first Temporary Resident Visa is typically granted for one year; once your first visa is up for renewal, you may renew for 1,2, or 3 years. At the end of the 3rd year, you will apply for permanent residence, which does not expire.  As a temporary resident holder, it is imperative to be aware of your expiry date. Allowing a resident visa to expire will void your status in Mexico, and you will need to initiate the process from scratch at a Mexican Consulate abroad. When can I begin the renewal process of my temporary visa? Within 30 days before the visa’s...

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Mistakes That Will Cost You Your Residency in Mexico

We receive many inquiries from foreigners who have accidentally canceled their residency visas because they are unaware or did not follow the proper procedure when leaving and entering Mexico. These mistakes will result in having to initiate the residency process again and possibly explaining to INM why you attempted to mislead them.   It is essential to understand the procedure for entering and exiting Mexico when you are in the middle of a residency procedure. As well, you must follow the proper steps if you hold a residency visa.  If you must leave Mexico before your residency process is complete, you need to...

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Retiring in Mexico – Maintain Your Health by Volunteering

Moving to Mexico means a lower cost of living and the opportunity to retire sooner, and if you retire early, you probably are not ready for a rocking chair. There are plenty of activities to fill your days in Mexico, but if you are looking to give back and meet amazing people, volunteering may be what you are looking for. Whether you bring experience from your previous employment or you are interested in learning new skills, your time is valuable, and there are many opportunities for mature adults to make a difference in the community.  Single retirees that relocate will meet like-minded...

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