E X P Mexico.com

The following is the basic process for setting up a Fideicomiso trust if you do decide to purchase a home in a Restricted Zone of Mexico. En Casa Mexico Real Estate has gone through this process dozens of times, so if you have questions or concerns please feel free to contact us.

Steps Toward Constituting a Fideicomiso trust:

1. Request an appraisal and make an appointment to have the documentation delivered either to you or to your attorney.
2. Pay the advance of MX$20,000 (advance on formalization).
3. Your attorney will file for the appropriate permits from the Ministry of Foreign Affairs. (This procedure takes 2-3 weeks).
4. Once the permit has been obtained, it can be presented to the executor and the amounts mentioned above will be due.
5. Collect signatures from the Financial Institution acting as Trustee.
6. Obtaining the Trust Deed, after registering with the Public Property Registry then takes between 3 and 4 months.

Documents required for the constitution of a Fideicomiso trust:

1. Passport
2. Drivers’ License or similar Government issued ID
3. Proof of Homeownership and Address abroad
4. Agreement letter for the constitution of the Trust, provided by the attorney initiating the trust.
5. Application for administrative information, provided by the attorney initiating the trust.
6. Evidence of legal residency, including any documents from the migration office (FM-T, FM-2, FM-3).
7. Identification for substitute beneficiaries, in the event of death.

Approximate costs:

1. Permit for the Ministry of Foreign Affairs regarding the constitution of the trust MX$13,500 (pesos)
2. Notice to the Ministry of Foreign Affairs and the National Registry of Foreign: Investment: MX$3,500 (pesos)
3. Bancomer Acceptance Fee: US$460 (includes sales tax)
4. Annual Fee (in advance): US$460 (includes sales tax)
5. Formalization Charges: Approximately 6% of the value of the property.

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