Useful information to better understand the buying process and the annual costs to expect.
Buying property in Mexico
Here is a simple overview of the fideicomiso and some approximate annual fixed costs to help you plan your real estate project.
What is a fideicomiso?
A fideicomiso is simply a bank trust used for foreign buyers who purchase near coastal areas within 50 kilometres. The bank holds the title as trustee, but you remain the 100% owner and keep all ownership rights.
You can live in the property, rent it, resell it, or transfer it to the person of your choice. The approximate annual renewal cost is 750 Canadian dollars.
Approximate fixed annual costs in Canadian dollars
Example based on a condo valued at 399,000 CAD.
| Fideicomiso | 750 $ CAD |
|---|---|
| Drinking water | 300 $ CAD |
| Electricity | 1 800 $ CAD |
| Condo fees | 3 780 $ CAD |
| Internet | 480 $ CAD |
| Bank fees | 500 $ CAD |
| Property taxes | 800 $ CAD |
| Total annual cost | 8 410 $ CAD |
Condo fee estimate based on 3.50 per square metre for a 90 square metre unit.