Believe it or not, Mexico homes are affordable and luxurious!
Mexico real estate has become an extremely popular location for a second home or vacation property. People from all over the world, especially the US and Canada, are looking into Mexico property sales!
There are several reasons for this trend:
* The prices are very favorable in comparison with other locations.
* The culture and services are hospitable to foreigners.
* Over 70 million people in the US are over 50, the segment of the population that is most likely to buy vacation homes, retirement locations as well as investment property.
* The long-term economic future of Mexico looks promising.
* The warmer climate is attractive to many people.
* There are currently over 1 million Americans living full-time in Mexico, proving the safety and viability of a Mexican lifestyle.
* Most of the popular destinations in Mexico offer a wide variety of interesting and fun things to do.
* There is an increasing inventory of condos, villas, homes and land in Mexico, plus a diverse selection of resorts and developments with attractive amenities.
Can a Foreigner Legally Own Property in Mexico?
Yes, you can legally obtain direct ownership of property in the interior of Mexico even if you are not Mexican by birth.
Under Mexican law, foreigners cannot acquire ownership of residential property that is within the area 100 kilometers from the border, or 50 kilometers from the coastline. These areas are known as "restricted zones." However, you can acquire beneficial rights to use, improve, and enjoy property in the restricted zones. Here is how it works:
* A foreigner may acquire rights over real estate in Mexican restricted zones through a trust, which is a legal instrument called Fideicomiso.
* Through this trust, property is administered by a qualified and licensed bank on behalf of the beneficiary of the trust, or owner. The trust enables the beneficiary to act as the owner of the property, making the trust compliant with Mexican law.
* The beneficiary (owner) has rights to the full use, enjoyment and profit from the property. The beneficiary is able to rent, borrow against, or sell the property.
* The original trust term of 50 years is renewable for additional 50-year periods, upon written request from the beneficiary of the trust/owner.
* The real estate may be sold outright, or sold subject to an assumption of the existing trust, subject to the desire of the beneficiary/owner. Any and all proceeds from the sale belong to the beneficiary/owner, subject to the payment of appropriate taxes.
If you are interested in Mexico homes for sale, or Mexico condos, perhaps you should consider a Playa del Carmen condominium. Playa, as locals refer to it, is a scenic beach-side city located right on the coast of the gorgeous Caribbean Sea.
The Mexican name for this coastal region of the Yucatan Peninsula is "Riviera Maya." The English use is either Maya Riviera or Mayan Riviera.
Playa del Carmen real estate is desirable and much in demand, but surprisingly affordable. Playa condos are usually very luxurious with a wealth of luxurious amenities.
The incredibly beautiful Mayan Riviera has much to offer anyone in the market for Mexico homes or a Mexico condominium!
To learn more about subjects like Mexico homes please visit the web site at: http://www.elimarproperties.net
For more information and informative related articles and links about this subject matter and content, please visit Majon's Real Estate | Properties | Land directory: http://www.majon.com/directory/real-estate-properties-land. Also visit our Shopping Directory Marketplace for more related sites.
About the Author
Chris Robertson is a published author of Majon International. All Rights Reserved. Copyright 2011 (Sat Jul 25 2009) Majon International. Majon International is one of the worlds MOST popular internet marketing and internet advertising companies on the web. Visit their main business resource internet marketing web site at: http://www.majon.com
