• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 29 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered!
  • TUG has a YouTube Channel to produce short informative videos on popular Timeshare topics!

    Come check it out for a chance to win a Free TUG membership (or renewal) just for helping out!

    Read more here
  • TUG has now saved timeshare owners more than $18,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $18 Million dollars
  • Our 2022 Timeshare Survey is now complete and the full results as well as our expert and witty analysis of each question is available here: Here We hope you enjoy reading the results as much as we did!
  • Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
  • Sign up to get the TUG Newsletter for free! 50,000+ subscribers! Latest resort reviews and the most important topics discussed by owners during the week!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    Read more Here
  • A few of the most common links here on the forums for newbies and guests!

Has anyone bought a non-resort timeshare/fractional condo in Mexico?

Khanfuzed1

Guest
Joined
Apr 2, 2022
Messages
5
Reaction score
0
Points
1
Location
Fort Lauderdale
Hey guys looking to see if anyone has gone the non-resort route for like a timeshare-esque ownership arrangement for a nice apartment or condo in the center of town. Maybe Playa Del Carmen or Tulum?

I'm very curious what your experience was like
 

Passepartout

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
26,587
Reaction score
14,297
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
You should be aware that property ownership by foreigners in Mexico has special requirements. When I considered it and did some looking into it, the foreigner has to set up a trust in a Mexican bank, which actually holds the deed and the foreigner pays the bank. Before entering into such an agreement, you should consult with a Mexican law firm that specializes in such transactions.
 

Khanfuzed1

Guest
Joined
Apr 2, 2022
Messages
5
Reaction score
0
Points
1
Location
Fort Lauderdale
You should be aware that property ownership by foreigners in Mexico has special requirements. When I considered it and did some looking into it, the foreigner has to set up a trust in a Mexican bank, which actually holds the deed and the foreigner pays the bank. Before entering into such an agreement, you should consult with a Mexican law firm that specializes in such transactions.
Thanks for the heads up and totally agree. It's called fideicomiso (the bank trust needed for property within 100mile of coastline). It's a fairly straightforward process legit realtors/RE attorneys deal with. You can also own interest in a business as a foreigner that holds property, which changes that relationship a bit.
 

bjones9942

TUG Review Crew
TUG Member
Joined
Apr 11, 2010
Messages
844
Reaction score
252
Points
273
Location
Mazatlán, Sinaloa, México
Resorts Owned
Lindo Mar, Puerto Vallarta; Lake Tahoe Beach & Ski, South Lake Tahoe
No. No. No. No. No.

The restricted zone in México is: within 50 KILOMETERS of a coast, or 100 KILOMETERS of a border. Non-citizens CAN own property freely outside that area without a fideicomiso. If you don't want a fideicomiso you can create a corporation in México (with you as the owner) and have the company own the property. This will create annual filing requirements and possible tax obligations - so it's not as convenient as people make it sound. Fideicomiso's are issued for a term of 50 years, and are renewable. The bank is owner in name only and has no rights to the property as long as you're current on your fees. YOU, on the other hand, have free reign over what you can do with the property. And when you die, it will go to whomever you named in your documents - and they can renew the fideicomiso as well.

Also recognize that México has absolutely no requirement for real estate agents to be trained or licensed. Notaries on the other hand are part of the legal structure and do much more here than their counterparts in the USA.
 
Top