Can Foreigners Own Property at Lake Chapala Ajijic Mexico ?
Can Foreigners Own Property at Lake Chapala Ajijic ? Absolutely! Even as a tourist, you may buy real estate in Mexico. With proper advice, it is safe and easy. Foreigners who buy real estate in Mexico, have the full protection of the Mexican law. In the interior of Mexico, where Lake Chapala and Ajijic are located foreigners can obtain direct ownership of property and have their own name on the deed, and can even name beneficiaries in the deed itself. On the coast, and close to the borders, (in what is called the ‘restricted zone’), foreigners can still buy property, but must set up a bank trust (or Fideicomiso). All real estate transactions involving a trust are governed by federal law. A Mexican Bank in these areas hold legal title in behalf of the Beneficiary of the trust. There are yearly bank fees associated with this arrangement. Mexican Notary Public All valid land transfers are handled by a Mexican Notario. In Mexico, most legal documents must be made before a Notario Publico.
