Real estate ownership

by Gringo Viejo @, Arizona, Saturday, April 08, 2017, 09:24 (107 days ago)

I know the rule for owning real estate, i.e., foreigners must "own thru a trust with a bank". But I have "heard" a gringo can own property as long as it is a minority interest, i.e., 51% owned by Mexican national and 49% by gringo as in fee simple title, not a corporation.

Any valid comments?

--
Enramad Neto, best on the beach in La Barra de Potosi, good food, cold beer, great food!

Real estate ownership

by midalake @, Saturday, April 08, 2017, 10:33 (107 days ago) @ Gringo Viejo

I know the rule for owning real estate, i.e., foreigners must "own thru a trust with a bank". But I have "heard" a gringo can own property as long as it is a minority interest, i.e., 51% owned by Mexican national and 49% by gringo as in fee simple title, not a corporation.

Any valid comments?


I am not an attorney. However Mexican law is clear you as a foreigner cannot own any property with out a fiduciary. I would believe this would reflect ANY percentage?

I would think the law would dictate you would need a fiduciary for your "49%"

D

Real estate ownership

by Gringo Viejo @, Arizona, Saturday, April 08, 2017, 10:46 (107 days ago) @ midalake

I agree but the other day a person tried to convince otherwise. I'll go to "Galindo for legal advice.

--
Enramad Neto, best on the beach in La Barra de Potosi, good food, cold beer, great food!

Avatar

Real estate ownership

by timixtapa ⌂ @, Ixtapa, México, Saturday, April 08, 2017, 10:42 (107 days ago) @ Gringo Viejo

That plan is in contradiction to both the letter and the spirit of the Mexican laws regarding foreign ownership of residential property in the "Restricted Zones" of the Mexican coasts and frontiers.

--
Tim Sullivan
http://www.zihuatanejo.net/realestate.html

Avatar

Real estate ownership

by frostbite ⌂ @, Hamilton MT, Saturday, April 08, 2017, 10:45 (107 days ago) @ Gringo Viejo

Check with Douglas, owner of Costa Grande Real Estate. He has a Mexican law degree. Please post what you find out.

--
[image]
http://www.casa-amarilla-zihua.com

Avatar

bad recommendation

by ZihuaRob ⌂ @, Zihuatanejo, México, Saturday, April 08, 2017, 11:01 (107 days ago) @ frostbite

Check with Douglas, owner of Costa Grande Real Estate. He has a Mexican law degree. Please post what you find out.

Why would you recommend the person who allegedly violated local laws and certainly violated local customs to build his waterfront property in downtown Zihuatanejo? Not on my list of recommendations for anything. Quite despised by a lot of local families for what he did, and he's certainly not welcome here on my website.

Tim is in the biz and he's already answered the question correctly.

bad recommendation

by Gringo Viejo @, Arizona, Saturday, April 08, 2017, 11:14 (107 days ago) @ ZihuaRob

Rob, thanks for the comment. I will always go to Augustine for final legal advice and only posted this because a local ginga acquaintance brough up the subject. Thought maybe I missed something over the years.

--
Enramad Neto, best on the beach in La Barra de Potosi, good food, cold beer, great food!

Avatar

bad recommendation

by ZihuaRob ⌂ @, Zihuatanejo, México, Saturday, April 08, 2017, 11:33 (107 days ago) @ Gringo Viejo

Rob, thanks for the comment. I will always go to Augustine for final legal advice and only posted this because a local ginga acquaintance brough up the subject. Thought maybe I missed something over the years.

The law is extremely clear on this matter.
Constitución de los Estados Unidos Mexicanos
Capítulo 1, Art. 27
I. Sólo los mexicanos por nacimiento o por naturalización y las sociedades mexicanas tienen derecho para adquirir el dominio de las tierras, aguas y sus accesiones o para obtener concesiones de explotación de minas o aguas. El Estado podrá conceder el mismo derecho a los extranjeros, siempre que convengan ante la Secretaría de Relaciones en considerarse como nacionales respecto de dichos bienes y en no invocar por lo mismo la protección de sus gobiernos por lo que se refiere a aquéllos; bajo la pena, en caso de faltar al convenio, de perder en beneficio de la Nación, los bienes que hubieren adquirido en virtud del mismo. En una faja de cien kilómetros a lo largo de las fronteras y de cincuenta en las playas, por ningún motivo podrán los extranjeros adquirir el dominio directo sobre tierras y aguas.
(my bold italics)

You can form a sociedad mexicana with your Mexican partner, but if you just have a gentleman's agreement or anything less than a sociedad mexicana you risk losing everything.

Avatar

bad recommendation

by frostbite ⌂ @, Hamilton MT, Saturday, April 08, 2017, 13:06 (107 days ago) @ ZihuaRob

Check with Douglas, owner of Costa Grande Real Estate. He has a Mexican law degree. Please post what you find out.


Why would you recommend the person who allegedly violated local laws and certainly violated local customs to build his waterfront property in downtown Zihuatanejo? Not on my list of recommended for anything. Quite despised by a lot of local families for what he did, and he's certainly not welcome here on my website.

Tim is in the biz and he's already answered the question correctly.

I have no idea what laws he may have violated or what or where he built. I recommended him to get specific - and hopefully correct - information and because his office is easily accessible on the Paseo del Pescador for walk-ins. Agustin Galindo has been our attorney for 15 years and I've often recommended his services. I started writing my response before Tim posted his.

--
[image]
http://www.casa-amarilla-zihua.com

bad recommendation

by joe26170 @, Full time in Z, Saturday, April 08, 2017, 14:06 (107 days ago) @ ZihuaRob

Agree with Rob. Stay away from this guy. Bad news.