RicardoBarraza.com

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cancun real estate - playa del carmen puerto morelos playacar akumal puerto aventuras Cabo San Lucas,Loreto Bay,Puerto Penasco, Rocky point cancun properties Ricardo Barraza real estate in cancun isla blanca punta sam petempich puerto morelos playa del secreto playa paraiso playa del carmen playacar akumal tankah playacar pamul tulum boca paila sian kan mahahual xcalak properties in all this areas for sale

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The ocean's wonderful sights and smells and the peace of living or vacationing along Mexico 's 6,000 miles of coastline is a powerful attraction for foreigners. But before purchasing vacation property or a retirement home on or near the beach, there are a few important legal and technical matters to keep in mind.

Foreigners are welcome to invest in property along the coast, but there are restrictions. The most important restriction is contained in Article 27 of the constitution which states "that foreigners cannot own property within 100 kilometers (60 miles) of the border and 50 kilometers (30 miles) of the coastline." The government, however, provides two ways to get around this restriction - through the use of a Trust (Fideicomiso) or a Mexican corporation.

The Trust, which in Mexico is called a Fideicomiso, does not give direct ownership to the foreign beneficiary. Instead, it establishes the legal basis by which the bank holds legal title to the property in order to act on the foreigners behalf. This trust deed assures the foreign buyer of all rights and privileges of ownership. The Foreign Investment Law, a Constitutional amendment created in 1973 and amended again in 1994, allows the trust to be established for a term of 50 years and is renewable any time during its existence, forever.

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