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| THE BANK TRUST A guide to buying real state for foreign residents or investors in Mexico. The Mexican Law permits foreigners to acquire the rights to use, enjoy and otherwise take advantage of real state located in the coastal and border areas of Mexico. A trust (fideicomiso) is the only legal instrument available to foreigners for acquiring land in Mexico for tourist or industrial purposes. The trust contains the same obligation that full ownership of property gives. WHAT IS A TRUST INSTITUTION? In Mexico, a Trust Institution includes those banks authorized to open fiduciary accounts and conduct trust operations. The trustee (bank institution) holds legal title to the real state property during the term of the trust and is empowered to achieve the objectives of the contractual agreements creating the trust. WHAT ARE THE CHARACTERISTICS OF THE TRUST AGREEMENT? In the trust deed, the present owner of the land would appear as the settlor or trustor (fideicomitente) and would thereby deliver title of the real state to the trustee (the bank), which would hold the property during the life of trust (10, 20, or 50 years of your election). The buyer would appear as the beneficiary (fideicomisario) with absolute use of the property. The legal effect of the trust deed is that the trustee keeps temporary ownership of the real state comply with the law (Article 27 of the Mexican Constitution) that prohibits foreigners from full ownership of the real state located within 50 kilometers of the coastlines and 100 kilometers from the border areas of Mexico. As a foreigner you can not record title to land within these zones, but can own the beneficial interest to such land. It is, in a way, like owning 100 percent of the shares of a corporation which in turns owns a farm. It is for practical purposes like owning the farming fee simple but through an intermediary. WHAT MIGRATORY STATUS MUST A FOREIGNER HAVE IN ORDER TO ENTER INTO A TRUST AGREEMENT? FM3 or FM2 is advisable specially since you are sinning a document to reside in Mexico for more then six months. ANNUALLY RETIREMENT FM3 MEXICO VISA Retirement FM3 is a Mexico Visa valid for 365 days that allows foreigners to reside in Mexico for more then six months and can be extended every year. A retirement FM3 does not mean that you have to be 65 or older; the age does not matter in this case as long as you can prove legal income of $1, 000.00, per month brought from abroad you qualify for this Visa. Who needs a retirement FM3?
FM2 ANNUALY IMMIGRANT VISA FM2 is a Mexico Visa that allows foreigners to settle legally in Mexico and is valid for 365 days, which can be extended every year. After the 4th renewal the applicant has the opportunity to change to Permanent Mexico Residency and do everything like a Mexican Citizen does except vote. Who needs an FM2? Foreigners that want to immigrate to Mexico. FM3 holders that completed four renewals and wish to immigrate to Mexico Tip: If you obtained an FM3 Visa in any Mexican Consulate in U.S. you have 90 days to validate it, if you go over the 90 days your FM3 Visa is AUTOMATICALLY VOIDED. You must validate the FM3 Visa in any Mexico border, airport or seaport. Your FM3 Visa is good for 365 days from the date it is stamped, before the FM3 Visa expires you need to cancel it or extend it. If you opt to cancel it you must return it in the nearest Mexico Immigration office, border, airport or seaport. Always request an exit stamp in your passport to avoid fines and delays in future FM3 Mexico Visa inquiries. FORGOT? WE CAN DO IT FOR YOU! For service fees and requirements contact us at 1-800-510-9975 or Email us at Visas@MexicoImmigrationConsultants.com |
Mexican Bank Trust Guide
| General Information for U.S. Citizens Traveling to Mexico on Business, Pleasure, Retirement & Real State Green Card Holders Traveling to Mexico Mexican Consulates In U.S.A. |
| TIJUANA U.S. CONSULATE SPECIAL $305.00 two or more |
| FM3 Mexico Visa Assistance in: Tijuana, Rosarito Beach,San Antonio del Mar,Ensenada, San Quintin, San Felipe & Otay |
