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Mexico has what is referred to as the “restricted zone,” which covers all areas within 50km from any coast and 100km from any border of Mexico. Prior to 1973, Mexican law did not allow foreigners to own any land within this region. However, the laws have since been ammended and now foreigners may own property in the restricted zone through a Fideicomiso (Trust) or, more directly, through a 100% foreign owned Mexican corporation.
The type of structure you choose when purchasing Mexican property in the restricted zone will depend on your intent for use of the property. Generally speaking, the fideicomiso is used when the purpose of property utilization is for private, residential use. If, however, the property is to be utilized for commercial purposes, then a Mexican corporation may be established.
The fideicomiso is essentially a trust that holds the title of the property. Written in the trust are provisions allowing you, the beneficiary, all the rights associated with utilizing the property. You may sell it, put a lien on it, build on it, etc. The fideicomiso is effective for a term of 50 years and may be extended for an additional 50 years. The Mexican Corporation is essentially the same as a U.S. corporation. Your attorney will register the corporation in the capitol of the city l and you will own 100% of the stock of the corporation. Under this structure, the property should be utilized for commercial reasons. Generally speaking, commercial use can be for any revenue generating activity, including real estate rental, restaurants, bars, etc. You should consult with your attorney to determine which structure best fits your needs. Costs The cost of establishing a trust is somewhat less than establishing a Mexican Corporation. However, the benefit of having a corporation is that the corporation may own as many properties as it wishes. A trust, on the other hand, is set up to hold one piece of property. Therefore, under the trust structure you will have to create new trusts every time you acquire a new piece of property. This can become rather costly. Generally speaking, the cost for establishing a trust is approximately $US 2,500 plus you will incur approximately 5-7% in closing costs. The cost for establishing a Mexican Corporation and transferring title is approximately $3,500 to $4,000. Some of the costs you will see if you establish a corporation are as follows: GASTOS DE LA COMPRAVENTA (Purchase Costs): Avaluo (Appraisal):$200 Certificado de libertad de gravamen (Certificate of Freedom from Liens):$45 Certificado de no adeudo impuesto predial (Certificate of no pre-existing tax liabilities):$25 Impuesto de adquisicion de inmuebles (Acquisition Tax of Real Estate):$ 2% of the final cost. Impuesto de inscripcion: Registro Publico (Registration Tax: @ Public Registry):$45 Patente (Patent/Owner’s License):$ 150 Cedula (Forms):$35 Derecho o aviso de adquisicion de inmuebles por extranjero (Direction or advice for acquiring properties for foreigners):$100 Varios, testimonio, impuesto Notario, etc. (Various: testimony, real estate notary, etc.:$600 GASTOS DE LA CORPORACION (Corporation Costs): Persimo de relaciones exteriores (Permission from foreign relations):$130 Utilizacion del persimo de relaciones (Utilization of Relations):$55 Permiso por ser la corporacion de extranjeros (Permission for Corp. to be foreign):$350 Hacienda (Property):$60 Patente (Patent/Owner’s License):$ 100 Inscripicon sociedad (Society Inscription):$160 Varios, testimonio, impuesto notario, etc. (Various):$150 PODERES (Power of Attorney):$200 HONORARIOS CORPORACION Y COMPRAVENTA (Honoraries of the Corporation & Business) :$1,750 Notary Public A Notary Public in Mexico is quite a bit different than a notary public in the United States. In Mexico, the title of Notary Public is difficult to obtain. The Notary Public is actually a government appointed lawyer who acts to make sure all the documentation, title transfers, etc. have been properly executed. They actually provide you, the buyer, with an added level of comfort that the transaction is being consumated properly |
