Almost 80% of the new developments in Tijuana are aimed for foreign market and this is largely due to a growing demand among North American and European people seeking housing for retirement or vacations in Mexico.
If this is your case or just looking for a new place to live, this is the guide you need to buy or rent in Tijuana.
The reality is that every person with economic solvency, foreign or not, is a candidate for real estate.
A first requirement will be to have good credit to have the total amount in which the property is offered, all this is going to be discussed here.
But there are also some government procedures that must followed. As the temporary or permanent residence permit and the establishment of a trust, which must be processed at the Secretariat of Foreign Affairs (SRE).
“Foreigners have to have the form FM2 or FM3 depending on the residence time they will be here, especially at the time of establishing the Trust,” says Héctor Reyes, president of the Cámara Nacional de la Industria de Desarrollo y Promoción de Vivienda (Canadevi) at Zona Costa.
It is a contract that allows foreigners to buy land with and without construction in Mexico, less than 100 kilometers from the land borders and 50 from the beaches, as is the case of Tijuana.
The acquisition of Mexican land is regulated in the Political Constitution of the country, and it is established that only Mexicans by birth or naturalization, and Mexican societies, can acquire ownership of the land.
However, foreigners can also access this right if they come to an agreement with the SRE.
According to federal laws, a foreigner who wishes to buy housing in border and/or coastal cities such as Tijuana will have to do so through a bank trust.
By establishing this trust, there is a record that the purchase was made through a fiduciary institution and that it will be the property owner, agreeing that the benefit and use will be exclusive to the foreigner who acquires it.
These contracts can be canceled at any time. For example, if the foreign owner is nationalized Mexican or decides to sell the property at some time.
According to the SRE, you should be clear about the following requirements to request the establishment of your trust:
1. Name and nationality
2. Name of the Credit Institution (bank) that will have the title of owner
3. Name and nationality of the trustee or trustees
4. Duration of the trust.
5. Use to be given to the property.
6. Description, location, measurements, adjacencies and total area of the property object of the trust.
7. Distance from the property with respect to the Border or the Federal Maritime Terrestrial Zone.
8. Cover the payment of rights for the amount established in article 25 of the Federal Law of Rights in force, by electronic payment in certified credit institutions.
9. The application must be submitted electronically.
According to the migration specialist, Araceli Almaraz, from El Colegio de la Frontera Norte, Tijuana is a melting pot of cultures that is marked by those who come to live here and the near United States.
“We had a presence obviously of Chinese, Italian, Russian ... All this at the beginning of the 20th century to come to expand their businesses and of course also Americans. We have a very important American presence,” said Almaraz for this article.
So, the process might sound extensive but it is simpler and faster than it seems. So much so that more and more foreigners decide to move to Tijuana in order to improve their quality of life.
Moreover, the real estate companies of the region, banks and the SRE, will be the first to help you during this process. Come closer and start exploring the variety of houses and apartments offered in this city.
Welcome to Tijuana!
Original Source from Move To Tijuana