My Trust Riviera Maya
Residential Trust
Looking to buy property in Mexico and having trouble navigating the laws for foreigners?
My Trust Riviera Maya
Buying a Property as a foreigner
Actually, foreigners can acquire property in Mexico in their name, with an exception. Article 27 of the Mexican Constitution established a «restricted zone», defined as the area within 100 kilometers from the international borders and 50 kilometers from the beaches. Property within this zone is not available to foreigners in the usual manner. To acquire property within this zone, foreigners, either natural persons or foreign companies must establish a Residential Trust.
Trusts have been providing legal security to foreigners for more than 30 years. They are a safe, legal, and common way for foreigners to own property within the restricted zone. With a trust, you have the legal rights to sell the property, rent it, live on it, and even designate heirs who would inherit the property.
Currently, a residential trust is valid for 50 years after which they can be renewed. At MyTrust Riviera Maya, we have the experience needed to create a new trust, renew existing trusts as well as add or change the beneficiaries and even dissolve the trust when the client naturalizes as a Mexican citizen.
Best Fiduciary Agents in Playa del Carmen
Who is involved in this type of trust?
Seller of the property
Called the "Trustor", who, at the time of transferring, loses all their rights to the property.
The bank
Banco Covalto S.A., called the "Trustee". Through the bank's partnership with MyTrust, it will be the owner of the property.
The Buyer
Called the "Trustee". The Trustee will be the one who, through a Public Deed executed before a Notary Public, is granted the exclusive rights to use and enjoy the property for 50 years.
Trusts
- Residentials
- Fiduciary substitutions
- Property management
- Guarantee trusts
- Testamentary trusts
