{"id":1150,"date":"2010-03-15T00:35:30","date_gmt":"2010-03-15T06:35:30","guid":{"rendered":"https:\/\/www.topmexicorealestate.com\/temp-blog\/?p=1150"},"modified":"2021-10-27T17:06:25","modified_gmt":"2021-10-27T22:06:25","slug":"can-a-usa-or-canadian-citizen-own-real-estate-in-puerto-vallarta","status":"publish","type":"post","link":"https:\/\/www.topmexicorealestate.com\/blog\/2010\/03\/can-a-usa-or-canadian-citizen-own-real-estate-in-puerto-vallarta\/","title":{"rendered":"Can a USA or Canadian citizen own real estate in Puerto Vallarta?"},"content":{"rendered":"

You sure can, by placing the Puerto Vallarta real estate<\/a> in a bank trust, or \u00e2\u20ac\u0153Fideicomiso\u00e2\u20ac\u009d<\/strong>.\u00c2\u00a0 Title of the property is transferred to a trust with a Mexican bank acting as Trustee. The Trust Agreement is formalized by the issuance of a permit from the Mexican Ministry of Foreign Affairs. In all Mexico real estate<\/a> transactions involving non-Mexicans and within the restricted zone, a Bank Trust is almost always used as the vessel for acquisition.\u00c2\u00a0 There are three parties to the trust:\u00c2\u00a0 The seller of the property is the Trustor, the bank is the Trustee (Fiduciario), and the buyer is the Beneficiary<\/strong> (Fideicomisario.)\u00c2\u00a0 The buyer is designated as Beneficiary in the Trust and the beneficiary rights are recorded in the public record by a Notary Public.<\/p>\n

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The Mexico Bank Trust<\/a> is current for a term of 50 years and can be renewed for additional 50 year terms.\u00c2\u00a0 Many people have the mistaken belief that the trust is similar to renting, or a lease, this is NOT the case!\u00c2\u00a0 The bank holds the property in trust and follows your instructions.\u00c2\u00a0 Your Puerto Vallarta real estate<\/a> is NOT an asset of the bank, it is your asset.\u00c2\u00a0 As Beneficiary, you have the same rights, use and enjoyment as a Mexican National<\/strong>, and can sell or rent your property without restriction, and keep the proceeds.\u00c2\u00a0 You may also transfer your rights to a third party or pass it on to named heirs.\u00c2\u00a0 The bank charges the person desiring the Fideicomiso an initial fee of approximately $550 USD for signing the agreement and establishing the Trust and a yearly fee of approximately $550 USD for administering the trust. You are free to choose which bank you prefer to hold your bank trust.\u00c2\u00a0 Your\u00c2\u00a0 TOP Mexico\u00c2\u00a0Realtor <\/a>will be able to coordinate all the paperwork involved in this process.\u00c2\u00a0 You will just need to provide photo identification, and fill out a very basic bank form with your personal information and instructions on how you wish to hold the property and who you want to pass it to in the event of your death.\u00c2\u00a0 I recommend using a bank that will lock in the administration fee,<\/strong> and has a local English speaking representative. \u00c2\u00a0You can also request a clause be added to your trust allowing you to attend and vote at the Homeowners meetings without getting a proxy every year from the bank.\u00c2\u00a0 Some people complain about the trust process, but there are benefits:\u00c2\u00a0 As part of the closing process, the bank\u00e2\u20ac\u2122s attorneys review the deed and are able to sign on your behalf.\u00c2\u00a0 It is always nice to have another set of trained eyes review your deed before signature.\u00c2\u00a0 Also, the trust separates the asset legally, much in the way a \u00e2\u20ac\u0153living trust\u00e2\u20ac\u009d does in the United States.\u00c2\u00a0 Finally, in the event of the death of the buyer (beneficiary), the property automatically reverts to the substitute beneficiaries, avoiding lengthy and costly probate procedures.<\/p>\n

Do you have a question about the Puerto Vallarta Real Estate market? Just ask!<\/strong>
\nMichael Green moved to Puerto Vallarta to take advantage of the unsurpassed lifestyle PV offers. Today, with over 12 years of experience, Mr. Green is one of the most recognized brokers in Vallarta. TOP Mexico Real Estate \u00e2\u20ac\u0153Mexico\u00e2\u20ac\u2122s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely<\/strong><\/em><\/span><\/span>!\u00e2\u20ac\u009d<\/strong><\/em><\/span><\/span><\/span><\/p>\n\n\n\n
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\"Page<\/a><\/span><\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As Beneficiary, you have the same rights, use and enjoyment as a Mexican National,<\/p>\n","protected":false},"author":59,"featured_media":13719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[77,306,311,582,456],"tags":[442],"class_list":{"0":"post-1150","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-how-to-buy-real-estate-in-mexico","8":"category-mexico-fideicomiso-how-to-buy-real-estate-in-mexico-2","9":"category-mexico-permits-how-to-buy-real-estate-in-mexico-2","10":"category-michael_green","11":"category-puerto-vallarta-real-estate-mexico-cities","12":"tag-puerto-vallarta-real-estate","13":"entry"},"_links":{"self":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/1150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/comments?post=1150"}],"version-history":[{"count":6,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/1150\/revisions"}],"predecessor-version":[{"id":1191,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/1150\/revisions\/1191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media\/13719"}],"wp:attachment":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media?parent=1150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/categories?post=1150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/tags?post=1150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}