Dispelling real estate myths: You have to be a Mexican to buy a property in Mexico
An expat survey recently conducted revealed that Mexico is one of the top three countries in the world for expatriates, 9 out of 10 expats living in Mexico are happy with their life. It’s hard to imagine not being happy in the Riviera Maya; with the wonderful climate and the beautiful beaches, it is easy to wake up with a smile on my face every single day.
Foreigner? You can buy a property in Mexico!
How do you become one of those happy expats living in paradise? There are many myths about living in Mexico, one of which is that you can’t buy property as a foreigner. This couldn’t be farther from the truth. If you are interested in property in Mexico and the Riviera Maya, it is important to find a realtor that you trust, one that is knowledgeable about the process and will work with your best interests in mind. That’s where Moskito comes in.
Buying property in Mexico when you are a foreigner is done through a fideicomiso or a bank trust. This trust is a legally binding document between the bank and the seller; the bank “buys” the property and acts on your behalf; holding the title and being legally bound to act in your best interest.
You have the same rigths!
The trust is a way to give foreigners the exact same rights as a Mexican citizen when it comes to owning property. You have all the same rights as you would when buying a property in your home country, you can sell it, rent it, or leave it to family members as part of an estate. The bank cannot do anything with your property without permission and the property is not part of the bank’s assets.
Contact Moskito to search for real estate – a great place to retire or the perfect spot for your vacation home. The real estate in Riviera Maya offers many opportunities for investment and with 91% of satisfied and happy expats in Mexico, how can you go wrong?!