Obtaining the Fideicomiso / Become a homeowner in Mexico
In order to purchase Mexican real estate within the restricted zone (100 kilometers from any national border and 50 kilometers from the coast), foreigners can either use a Mexican corporation or obtain a fidecomiso.
Q&A About the Fidecomiso in Mexico
Fideicomiso is a lease, right?
Although the trust’s term is 50 years, it can be renewed indefinitely.
How should I set up my fidecomiso? Should I choose one of the larger banks?
Since the fideicomiso is not a major part of their business, you may be better off choosing a smaller institution where you receive personalized service. Consult your lawyer for recommendations.
What is the rate for establishing the fidecomiso?
If you would like to compare the setup fee and annual fee, you can request a quote.
What is the best way to pay my annual fee?
You can make the payment at the bank where you hold your fideicomiso, or you can obtain instructions from your bank on how to make a wire transfer.
If the bank that holds my fidecomiso goes bankrupt, will I lose my property?
If the bank has financial difficulties, your fideicomiso will be transferred to another bank.
Can I include property tax (predial) in my yearly fideicomiso?
Property taxes are collected by the municipality where your property is located, and fideicomiso fees are collected by the bank.
Is my annual fideicomiso fee invoiced by mail or email?
The payment is due annually on the anniversary date of closing of your property. You will need to obtain your fideicomiso account number from the bank to make the payment.
In the event that I am late or miss an annual payment, what will happen?
If you fall behind on your payments, you will not lose your property, but you will incur interest and penalties. If you sell your property, you will need to clear the overdue balance before the sale can take place.
If I don’t live in Mexico full-time, how can I pay my fideicomiso?
Keep all receipts and ask your bank about online or wire transfer options. Have a property manager, accountant, or lawyer make these payments.
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