How to buy oceanfront property, if you are married to a Mexican citizen?

Description

How to buy oceanfront property, if you are married to a Mexican citizen?

 

Puerto Vallarta and surrounding areas are in the restricted zone within 50 kilometers near the beach. We highly recommend to all retirees and expats to buy via means of a bank trust.  This is the best way to protect your investment at all times. However, what happens when you are married to a Mexican  citizen?

This is one of the most awkward questions we can go through when one of the buyers is a Mexican citizen. Either or, sometimes the woman is Mexican, sometimes the man is Mexican. This brings up the following questions.

  • Does citizenship by marriage exist?
  • If you buy in the name of the Mexican citizen, does the foreigner have any kind of protection?
  • Do you still need a trust, if one of the buyers is a Mexican citizen.
  • What are the benefits if one of the parties is a Mexican citizen?

It is common for couples to look into buying property or real estate specially when one of them is a Mexican citizen. Thinking of taking advantage of the benefits of Mexican citizenship. This is done to avoid using the trust and it’s costs and bureaucracy. Usually when this is the case, the property is bought in the name of the Mexican citizen. However, this means the foreigner does not have any kind of protection in case of divorce. Also, you do not need to marry a Mexican citizen to acquire citizenship.

Citizenship can be acquired with a legal address. Either a rental contract or a trust, will work as a legal address.

During the acquisition process the Mexican citizen buyer would have to declare to be buying the property as being single and as a Mexican citizen.

This leaves out any way of fighting it in court. Even if you have a marriage certificate to prove you were married and that you paid for the property, you would still not be able to fight it in court.

It is imperative to get a trust when one of the parties is a foreigner. The cost of the trust is very low and is the best way to protect your investment, approx 700 u.s.d., per year administration fee.

Not to mention the fact in case of any controversy with the property, the bank will protect the holders. In other words the bank does act like title insurance.

There is no need to avoid the trust. The trust provides protection at all times. If anything happens to the owners, a will or court order will be enough to put the property in their name.

The property can switch banks anytime, however that involves closing costs which are about 5% of the sales price.

The property is not part of the bank’s assets when it is in a trust. The only way the bank can keep the property is if there was a mortgage that was not paid.

For more detailed information, feel free to contact us.

If you need to talk to a lawyer, depending on the case we can recommend notarios, lawyers, architects, engineers, etc.

Detail

  • name: Sergio Chavez
  • phone: 3227793123
  • Sold: No
  • Contract: Sale

Contact Information

Sergio Chavez

3227793123
lighthousevallarta.com

Contact Agent