Originally posted by jannyk
There is only one brief sentence that applys to most of us in this info. It is the first one:
"Article 27 of the Mexican Constitution bars foreigners from buying real estate in what is called the “restricted zone” (sixty one miles from the
international border and thirty one miles from the seacoast)."
The rest of the info, including the reference to FM3/FM2, only applies to property bought outside the 'Restricted Zone' and begins:
"Outside this area, aliens can purchase real estate property but ...."
When you buy inside the 'zone' with a fideo, the title is in the name of the Bank holding the Trust and remains so. It is not ever in the name of the
foreign purchaser because, as it states, the law "...bars foreigners from buying real estate in what is called the “restricted zone...”. Technically,
you still do not 'own' the property as we understand 'own' - you have a 50 year (renewable) lease with all rights of a property owner.
When you buy outside the 'zone', you are directly purchasing 'real estate' - the title is in the buyers name, and this is when an FM2/FM3 is
mandatory.
This I already knew and never disagreed with.
As I said earlier, I am not trying to give advice on whether or not to get an upgraded visa. In Mexico CYA is always a good strategy. What I was
saying is that over the past 15 years we have bought, enjoyed and sold two properties in the 'zone'. Not once was a visa (any visa) requested or even
mentioned.
In fact, we will be applying for an FM3 this year for the first time, not for property issues though.
So does anyone have the link to the Mexican Law that states only an FM3/FM2 holder can be a trustee?
| Quote: | Originally posted by wessongroup
This link is from the Consular Section of the Embassy of Mexico in Washington D. C. and would appear to cut to the end of the chase on many issues
discussed:
http://portal.sre.gob.mx/consulados/popups/articleswindow.ph...
"Purchase of real estate
Purchase of real estate in Mexico by non-mexicans
Article 27 of the Mexican Constitution bars foreigners from buying real estate in what is called the “restricted zone” (sixty one miles from the
international border and thirty one miles from the seacoast).
Outside this area, aliens can purchase real estate property but must agree before the Mexican Foreign Affairs Secretariat to be treated, for all
intents and purposes, as Mexican nationals and abstain from invoking the protection of their country of origin with respect to that property. If the
covenant is breached, all rights to such property will revert to Mexico .
For the purchase of land in Mexico , the following must be met:
- An application must be filed with the Mexican Foreign Affairs Secretariat (Secretaría de Relaciones Exteriores, Dirección General de Asuntos
Jurídicos, Tlatelolco, D. F.) or any of its offices in the Mexican territory. The appropriate personnel will provide the official form {S1} and will
help the applicant answer any questions on technical matters.
- Prove the applicant's immigration status (FM3 o FM2 ).
- File the application and attach to it a description of surface, measurements, landmarks and adjacencies of the land.
- Pay the corresponding duties.
I f the buyer is a company, it must prove it is legally incorporated. |
|
I'm confused Squid at the attitude...did I say something in my post to
upset you? If so, Mea Culpa. I thought that I was agreeing with the need for an FM3 when purchasing a home in Mexico. 
