Por: Lic. Luis A. Mirabent
Legal basis
In accordance with article 27, section I of the Political Constitution of the United Mexican States. Foreigners are prevented from acquiring direct ownership of lands and waters in a strip of one hundred kilometers along the borders and fifty on the beaches.
Only the use and exploitation of real estate located within this restricted area is allowed, through the constitution of a trust, in accordance with the Second Title of the Foreign Investment.
Law
Procedure:
1. Request for a permit to the Secretaria de Relaciones Exteriores (SRE). Normally it takes 15 days.
2. Opening of a Trust with a Bank in Cancun. The cost is $ 1,000.00 us for the first year, and $ 500.00 us for each subsequent years, this process is done at the same time as the permit application in the SRE, so that it is ready at the same time.
3. The cost of taxes for the purchase of the property is approximately 5% of the property’s value, this amount is paid at the time of signing with a public notary. For Example, if the property value is $300,000.00 USD, you will be paid $15,000.00 usd aprox.
4. The cost of the annual property tax is .003% of the property’s value. In Example if the property has a value of $ 300,000.00 us, the annual cost is $ 900.00 us.
Contact Us:
Tel: 998 146 5154
info@bhhscancun.com