Any foreigner may invest in property through a bank trust or FIDEICOMISO, the equivalent of an American beneficial trust. To do this, the buyer requests a Mexican bank of their choice to act as the trustee on their behalf. The bank then obtains the permit from the Ministry of Foreign Affairs to acquire the property in trust. This trust is for 50 years and is automatically renewable for another 50 years. During this time, the buyer has all the rights of direct ownership, including selling, leasing, and developing the property. In addition, it becomes part of the buyer's estate and can be passed on to their heirs without inheritance tax. The trustee (bank) is responsible to the beneficiary (buyer) to ensure precise fulfillment of the trust according to Mexican law assuming full technical, legal and administrative supervision in order to protect the interests of the beneficiary. |