At our HOA meeting in Playa Miramar last weekend 4/24/10, our attorney from Scotiabank in Hermosillo, who is the Fiduciary for our bank trusts (Fideicomisos), said the Mexican Senate signed a bill which allows foreigners to own with clear title their houses/land rather than requiring Fideicomisos in the restricted zone. He said he expects it to be enacted into law by the end of this year, and this will be enacted throughout Mexico.
No More Bank Trusts!!
- Thread starter MIRAMAR
- Start date
It's definitely not a done deal yet. The idea has been there for awhile but I like the new push.The assumption is that those that already own property will get a big lift on values. May be time for the trailer contingent to man up and buy. I hear Happy is shopping for coops.~~~~~~
playaperro
El Pirata
How Many Pichoneras "pigeon coops" are there on Sandy Beach @ about $450 to $700 a year to maintain A bank Trust...and about $4500 to
whatever the banks wants to charge to establish one. Never Happen the banks make to much money to abolish a bank trust. How many houses @ Las Conchas have expensive bank trusts? All over Mexico. If it weren't for bank trust Francisco Hernandez Mandujano would own Las Conchas.
Playa
whatever the banks wants to charge to establish one. Never Happen the banks make to much money to abolish a bank trust. How many houses @ Las Conchas have expensive bank trusts? All over Mexico. If it weren't for bank trust Francisco Hernandez Mandujano would own Las Conchas.
Playa
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fatboyharley
Guest
My bank trust for Las Conchas is $384 a year Since my taxes are $56 I don't mind it that much
playaperro
El Pirata
Dang I did'nt think I'd "HOOK" you.. you have a great deal going there....
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fatboyharley
Guest
No M&I bank fo a fact
Ah..... but this is Mexico. The banks and corporations don't run the country like the US.
The government will no doubt change the tax structure so we property owners don't get any reduction in fees. Just gotta pay a different ladron.
Why the Fideicomisos was enacted,,,via google search, for those that don't know
Mexico has been invaded by the French, British, Americans, and various groups of adventurers since becoming free of Spanish rule in 1810.
Mexico gave up 1/3 of its territory in the Mexican-American War and Gadsden Purchase in the 19th century. In response to pressure from its citizenry - the Mexican government created a foreign exclusion zone that forbid foreigners from owning property within 50 km. (31.05 miles) of the ocean, 100 km (62 km miles) from its borders and the entire Baja peninsula.
Fast forward to 1971. The Mexican government recognizing a need for more foreign investment, created the Fideicomiso or ownership for foreigners via a bank trust of properties in the Foreign Exclusion Zones (read prime coastal areas).
Mexico has been invaded by the French, British, Americans, and various groups of adventurers since becoming free of Spanish rule in 1810.
Mexico gave up 1/3 of its territory in the Mexican-American War and Gadsden Purchase in the 19th century. In response to pressure from its citizenry - the Mexican government created a foreign exclusion zone that forbid foreigners from owning property within 50 km. (31.05 miles) of the ocean, 100 km (62 km miles) from its borders and the entire Baja peninsula.
Fast forward to 1971. The Mexican government recognizing a need for more foreign investment, created the Fideicomiso or ownership for foreigners via a bank trust of properties in the Foreign Exclusion Zones (read prime coastal areas).
PitiquitoRosy
Guest
Yeah, right...THAT never happens in the U.S? Gimme a break...
PitiquitoRosy
Guest
In that case I agree wholeheartedly. Sorry, I had missed your point completely...
playaperro
El Pirata
Ernesto Thats for that reply and catching the ladron..
Here's an interesting article on the status of foreigners aquiring deeds, and where it stands in the Mexican Senate.
http://mexidata.info/id2615.html
http://mexidata.info/id2615.html