South of the Border - Down Mexico Way...
It is starting out to be a grey day in the Okanagan.
My friend Linda - who ran the local tourism office used to say.... "That cloud is a big fluffy grey blanket, keeping us warm!" Now that is tourism marketing at it's finest. Personally - I am solar powered and the stretch of grey we are having has got me thinking of Mexico.
I wonder if maybe your thoughts roam south of the border as well. Have you ever wondered about owning property in Mexico? I have several friends who own places there - in Cabo and in Melaque and they love having a vacation spot to escape to - and rent out their places when they are not using them. On my last visit, I picked up information about the practice and process of becoming a foreign land owner in Mexico.
This is the first in a series of posts I will make about how we, as foreigners can own property in Mexico.
Firstly - and most importantly - YES you CAN.. own property in Mexico Territory. It is possible to obtain direct ownership of property in any city, town or zone in the interior of Mexico. there are, however, areas that are defined as "Restricted Zones" with special requirements and processes attached in regard to our ability to purchase land within these area.
What areas fall under special purchase as Restricted Zones?
Any property that is located within 100 kilometers (about 62 miles) from any Mexican Border and within 50 kilometer (about 31 miles) from the coastline. ( I can hear you sucking in your breath already - going "Wait a minute..first you tell me I can own property then you tell me the places I am most likely to want are restricted.." Continue to breathe. There is special procedure for obtaining land in these areas. The Mexican Government has realized that it's land - and particular its coastline is a valuable resource and they want to ensure they continue to have control of these valuable areas - but they also realize that they want to allow outsiders to invest their money in Mexico - assisting to develop communities, provide employment and stimulate their economy.
To balance these interests the Mexican Government created the "Fideicomiso" (fee-day-co-me-so) which translates as "Real Estate Trust"
The next post in this series will explain the Fideicomiso and how it helps you to get that warm winter home you crave on a cold grey day in Canada.