Bienvenidos to Mexico!
If owning your own home in Mexico has always been your dream, don’t let your dream slip away. You can own your own home, with a clear legal title, and use it enjoy, to rent, or even to share with family. For foreigners within the maritime zone we have the added benefit of owning property through bank trusts called “fideicomisos”. Through the “fidecomiso” there is dual ownership for two distinct purposes: The bank owns the property for legal purposes, while the foreigner owns the property to ENJOY!
The Riviera Maya is a beautiful stretch of Caribbean Coast located in the state of Quintana Roo, Mexico. Nearby are also the islands of Cozumel, and Isla de Mujeres. Inland, we have the historic colonial city of Valladolid, and even towns that predate Spanish rule. To the south, we have the gorgeous Lake Bacalar, known for its seven hues of blue. And, to the north we have the Island of Holbox.
After selling my restaurant Asian Chef Delivery in the United States, I moved to Mexico and opened a second restaurant in Cancun, in 2008. Prior to that, I made trips to the area for three years.
In the fall of 2010, a state appointed attorney, Notario #40 of Cancun, asked me to help him facilitate the sales of over one hundred Americans and Canadians in the community of Chan Chemuyil. The first day, the Public Notario gave me a lengthy class in the sales process of our state. The class lasted about four hours in his office in Cancun, and covered the entire titling process, the nature of the closing, the fidecomiso trust, etc.
I quickly recognized that we have a very good system in our state, so long as people follow the safeguards that are in place. After working to help people finish their original sales, in 2012 it finally occurred to me that I should put my legal training to use, in our state, as many people from the US and Canada find it foreign.
As a result, I do all of my own legal research in the Public Registry database. I make the filings for the time sensitive legal documents needed for sales. I review the titles of owners and explain what the tax options are, and what tax strategies may apply, etc.
If Quintana Roo did not have a really good system in place, I would not do what I am doing.
If you are getting mixed stories and information, you should invest some time and talk to us. We will clear things up so you can move forward with confidence.