Buying Real Estate in Mexico

PLEASE BE CAREFUL WHEN LOOKING TO PURCHASE REAL ESTATE IN MEXICO

Although having a real estate license IS REQUIRED in Playa del Carmen and all Quintana Roo, according to a law passed in 2015, it is estimated that only less than 1% of those who are selling real estate are licensed. Continue reading

New Frequent Flyer Program for Pets in Mexico Airports

Because more travelers are visiting Mexico with pets each year, the Ministry of Tourism (SECTUR) implemented the Frequent Pet Traveler (Mascota Viajero Frecuente) program in major airports around the country, in cities like Cancún, Guadalajara, Queretaro, Toluca, Mazatlan, and Zihuatanejo.

The program aims to make things easier and faster for frequent travelers who need to carry their pets. All the pets need is a special application from SECTUR, a health certificate, up-to-date deworming treatments, and having been vaccinated for rabies for at least 6 months before the travel.

After registering in the program, owners are provided with an official check-in document called Registro de Ingreso, issued by the Servicio Nacional de Sanidad, Inocuidad y Calidad Agroalimentaria (SENASICA), which contains the general data of traveler and pet, vaccination and deworming record, and a health certificate that is updated every time the pet enters the country.

To receive the document that certifies the entry of pets into the country, travelers need to present a health certificate, valid for 15 days after being issued by an official veterinarian, on letterhead with the doctor’s medical certificate, along with origin and destination data and date of the last rabies vaccine. Upon entering the country the pet should be in a conveyor or container, clean, without bed or toys, and with a leash or a collar.

In this way, frequent travelers to Mexico who can prove their pets are vaccinated and without worms won’t need to repeatedly fill forms every time they enter the country with their pets since their data will be available on the program’s database. The travel certificate for the pet is sent to the owner via email.

The registration for the Mascota Viajero Frecuente program can be done with no cost in the Agricultural Health Inspection Offices (OISA) of AICM T1, AICM T2 at Mexico City, or visiting SENASICA’s central offices in Cancun, Guadalajara, Querétaro, Toluca, Mazatlán or Zihuatanejo. For more information, contact 59051000 ext. 53611, 54326 y 51020 or (0155) 43130154, 43130155 or 43130152.

Bank Trust – What is it? When is it needed?

Mexico Bank Trust and how to Purchase article

Bank Trust – What is it? When is it needed?

Mexico is a beautiful country and economically booming. You might have been thinking about either buying a property (or several properties as vacation rentals ) or developing a business here.

Good news! It’s a very good idea and totally feasible.

There are a few rules to respect, though.

This article will guide you through the various steps and explain two different schemes that will come in handy when you decide to make it happen i.e. setting up a Bank Trust (Fideicomiso) or a Mexican Corporation.

 

First of all, you have to know that a while back, it was impossible for Americans and Canadians to buy property in Mexico that was 50 km from any coastline or 100 km of a neighboring country (called the restricted zone). Only Mexican nationals were allowed to invest in land and properties located in this zone. The Mexican Constitution still stipulates that no foreigner is allowed to acquire land directly in this zone…However…some things have changed.

 

You can now invest in this zone through a Bank Trust:

A bank trust is a property interest held by a Mexican bank who´s sole purpose is to manage the property for the benefit of the owner. It is essential to remember that although the bank legally acts as the trustee and holds the title, your property is not an asset of the bank.

   It is valid for 50 years and can be extended for another 50 years.

You will need to set up one Bank Trust per property. So if you buy 2 or 3, you will end up with 2 or 3 bank trusts.

There is, of course, an annual fee that you’ll have to pay (the fee can vary between 400-800USD per Trust, depending on the bank and each particular case). You will be the main beneficiary but the Trust allows you to designate two beneficiaries (whoever you want: your spouse, children, partner…) and if anything is to happen to you, they will     automatically become main beneficiaries. The beneficiary has every legal right to occupy, rent, modify or inherit the property, and this is protected by the Mexican Constitution. The big advantage of this scheme is that there is no paperwork, you pay once a year and you are done for the next 12 months.

 

The other way to become a titleholder is through a Mexican corporation:

This scheme is advised if you are thinking of buying several properties (you can have as many properties as you want) for commercial use or if you are going to create another business. Indeed,  you can operate a business through it, work from home, or run an internet business. It is actually quite simple to set up (it shouldn’t take more than a week) and you can incorporate under whatever name you wish. You need a minimum of two shareholders, though. This option has many advantages (tax wise for example) but on the downside, it involves a lot of paperwork and administrative work. This scheme requires you to pay on a monthly basis and probably to deal with an accountant (that you will have to pay as well).

 

   You now are a little bit more aware of the different options offered to you if you want to buy in the restricted zone, but the best advice no matter what is always to ask a real estate professional.

At Living Riviera Maya Real Estate, we can help and guide you through each step. We have the experience, knowledge and we will find the solution that works best for you!

 

Puerto Aventuras: a hidden gem in the Riviera Maya

Puerto Aventuras Marina

Marina lifestyle, the world’s second largest barrier reef, a wildlife sanctuary, a 9-hole golf course just a stone’s throw away from beautiful beaches… that’s only some of the incredible features of the unique community of Puerto Aventura.

Even if you are a local resident or a frequent traveler to the Riviera Maya area, you may not have heard of Puerto Aventuras. But why is that and what more can you discover about this one-of-a-kind paradise?

Situated just between Playa del Carmen and Tulum, Puerto Aventuras has the world’s second largest barrier reef, a world-class marina, and a wildlife sanctuary. Perfectly located in the heart of the Riviera Maya, the town epitomizes the essence of the area: white sand beaches, turquoise water, great sightseeing, archaeological Mayan ruins and multiple islands.

But the benefits of Puerto Aventuras go way beyond its ideal location. One of its best-hidden secrets, the town has one of the few marinas in Mexico that can accommodate large boats and is one of only two between Cancun and Belize that offers full-service. The marina provides docks for different sized boats and yachts from 10′ to 150′ long, sailboats, luxury ships and small fishing boats. A complete residential marina lifestyle, it has a unique and ingenious layout where most homes and condos have immediate access to the canals. Boat lovers and owners can literally tie up their boats directly in their backyard! You’ll also find excellent opportunities for snorkeling, diving, sailing and fishing.

Puerto Aventura is as well the location of the first golf course in the Riviera Maya area which was designed in 1991 by renowned PGA player Thomas Lehman.

Puerto aventuras real estate

Also a wildlife sanctuary, you’ll find dolphins, sea lions and manatees in Puerto Aventura. You can even go swimming with the dolphins! The town also has a number of hotels, restaurants, shops, as well as many bike paths, jogging spaces and tennis courts.

So how come so few people know about this Caribbean gem? A safe and well-protected community, many people assume that the town is off limits but that’s simply not the case. Visitors are always welcome at the restaurants or various hotels. You’ll also find many vacation rentals in the area.

Because most of its hotels and vacation rentals are not listed on common travel and booking websites like Expedia, Puerto Aventuras has remained a very exclusive real estate development. If you do manage to find yourself in Puerto Aventuras, you will immediately notice its tranquil and friendly vibe! With residents hailing from all over the world, the main language spoken is English.  Most people can’t help but fall under the spell of this enchanted community and want to spend as much time as they can there.

Prices for vacation rentals and investment properties will be a little higher than in Playa del Carmen or other towns in the Riviera Maya. But as any resident of Puerto Aventura will tell you, it’s worth every penny!

If you are keen to learn more about Puerto Aventuras and its many amenities and investment opportunities, talk to one of our real estate agents. Living Riviera Maya has many properties listed in this little piece of paradise!

 

The Advantages of Living in Mexico

The advantages of living in Mexico:

The advantages of living in Mexico

Mexico and its all-year-round warm weather is a popular destination amongst American and Canadian tourists. In 2014, 1,598,000 Canadians visited Mexico, up from 692,000 in 2000, according to Statistics Canada. Canadians account for about a third of all foreign retirees in Mexico, according to the Mexico Tourism Board.

Canada’s department of foreign affairs estimates about 125,000 Canadians live at least part of the year in Mexico but why is that? Well, there are several reasons but one of the most important one is surely this one:

What makes Mexico really attractive is the cost of living! In short, people can live in Mexico, a life that they can’t anywhere else.

Indeed, housing has extremely high standards…The same as what you would have in Canada or the US: Full kitchen with all useful appliances, good internet connections, AC, etc. But for a fraction of the rent, you would pay back home. And if you decide to buy a place and furnish it, you will be able to find local craftsmen who can do fitted kitchen etc…again…for a fraction of the price!

Food is also an important element! Mexico’s culinary tradition being part of UNESCO’s world heritage, you can be sure that you will always have something to satisfy your taste buds. Just as an example, a street meal won’t cost you more than 5$. And if you decide to cook your own food (totally possible since you will have a fully furnished kitchen), you will most definitely save even more on your food budget.

Since most people moving to Mexico are retirees or snowbirds, something very important to consider is health care. Well you will be happy to learn that Mexico enjoys extremely good health care. As good as in the US or Canada…even better maybe as the price for dental cares and health services, in general, are less expensive, with better service and less waiting time!

In addition, keep in mind that the “better life” part often includes a maid, gardener, or inexpensive babysitter in the mix…

Of course, if you’re considering moving to Mexico to live full-time or part-time, there are other things you should keep in mind:

Transportation: On that side, you are also lucky! Not only is Mexico a very accessible country from the US or Canada; there are several international airports throughout the country, but there is also excellent and safe bus service to travel around the country or between cities for not very much and local public transport is well developed in even the smallest towns. So most of the time, you won’t need a car.

Last but not least…visa and immigration paperwork! Mexico is probably one of the easiest destination in that regard. Upon arrival, you can ask for an 180 days visa which you will get instantly and that you can renew as often as you want (as long as you leave the country for a couple of days and reapply for one when you come back). However, becoming a permanent resident of Mexico requires several years of living in the country: four for most people, two for those married to a Mexican national.

Safety: We often hear terrible things about violence in Mexico but all in all, Mexico is a safe country. Of course, you should do a little research before you move anywhere but all popular cities and regions amongst expats (such as Riviera Maya), are extremely safe!