| FIDEICOMISO
MEXICAN PROPERTY TRUST (Fideicomiso)
In 1994, amendments to the Constitution
permitted foreigners to purchase and own real estate in Mexico
located within the "restricted zone," an area defined
as the land within 60 miles of a national border and within
30 miles of the Mexican Coast. This Law permitted ownership
through a land trust or "Fideicomiso".
A "Fideicomiso" is a Mexican Trust.
In this Trust, the Mexican Government issues a permit to a
Mexican Bank of your choice, allowing the bank to act as the
purchaser for the property. The bank acts as the "Trustee"
for the Trust and you are the "Beneficiary" of the
Trust. The "Beneficiary" rights are very similar
to Living Wills or Estate Trusts in the U.S.
FEES TO SET UP A BANK TRUST
THERE ARE DIFFERENT DOCUMENTS AND PERMITS
TO BE OBTAINED AT DIFFERENT OFFICIAL OFFICES. SUCH DOCUMENTS
ARE:
• A FOREIGN AFFAIR PERMIT
• AN OFFICIAL APPRAISAL
• A NO WATER DEBT CERTIFICATE
• A NO LAND TAXES DEBT CERTIFICATE
• A NO LIEN CERTIFICATE
THE FEES TO PAY TO THE BANK ARE:
• FEE TO SIGN AND ACCEPTING TO HOLD BANK TRUST
• FIRST YEAR ANNUAL BANK TRUST FEE
• INSCRIPTION IN FOREIGN INVESTMENT REGISTER OFFICE
FEES TO PAY AT THE LOCAL GOVERNMENT:
• ACQUISITION PROPERTY TAX (CALCULATED BY THE NOTARY
WHEN THE PROCESS IS HAPPENING)
• REGISTRATION OF DEED AT PUBLIC REGISTRY (CALCULATED
BY THE LOCAL GOVERNMENT AS THE LAST STEP TO COMPLETE THE BANK
TRUST)
OTHER FEES:
• NOTARY FEES
• IF YOU HIRE A PROFESSIONAL LIKE LA GIGANTA TO SET
UP YOUR BANK TRUST
THE ESTIMATED COST TO SET UP A BANK TRUST WITHOUT
INCLUDING THE FEES TO PAY AT THE LOCAL GOVERNMENT ARE APROXIMATELY
FOR THE SUM OF US$5,133 (THIS AMOUNT INCLUDES THE FEES OF
A PROFESSIONAL LIKE LA GIGANTA REAL ESTATE (US$950). ALL FEES
ARE TO BE PAID IN MEXICAN CURRENCY.
The Bank Trust fees are not included in the
sale price. The cost for obtaining Bank Trust is on top of
the sale price. Estimated figures may change without notice.
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