How to set up a trust in Mexico? Steps and requirements to buy your property without problems
If you already know that buying property in restricted areas of Mexico as a foreigner requires a trust, the next step is understanding how to process it easily, quickly, and securely. Don't worry! Here we explain step by step what you need to do to make your dream of owning a home in Mazatlán or anywhere else in Mexico a reality without complications.
Step 1: Gather the necessary documentation
Before starting any procedure, make sure you have the following on hand:
- Valid passport.
- Mexican immigration form or visa (can be tourist or resident).
- Proof of address (electricity bill, water bill or bank statement).
- Details and documents of the property you wish to buy.
Having everything ready speeds up the process and avoids setbacks.
Step 2: Select an authorized trustee bank
The trust must be established through a Mexican bank authorized to administer it. Some popular banks include BBVA, Banorte, Santander, and HSBC. You can compare fees and services to choose the one that best suits your needs.
Step 3: Sign the trust agreement
With the chosen bank, the trust agreement is signed before a notary public in Mexico. This document establishes the rights and obligations of both parties: the bank (trustee) and you (beneficiary).
This contract specifies the property that will be held in trust and the duration, which is usually 50 years with an option to renew.
Step 4: Request permission from the Ministry of Foreign Affairs (SRE)
After signing, the bank will submit the application to obtain the official permit from the Ministry of Foreign Affairs (SRE) authorizing the establishment of the trust. This process typically takes between 15 and 30 business days and is mandatory for the trust to be valid.
Step 5: Pay the fees and commissions
During the process, you will need to cover:
- Initial bank fees for opening and reviewing the trust.
- Notary fees.
- Payment of the procedure before the SRE.
- Annual trust maintenance fee (generally between $450 and $555 USD).
These costs may vary depending on the bank and the area.
Step 6: Enjoy and manage your property with confidence
Once the trust is approved, it's yours to use however you like! You can live in it, rent it out, sell it, or even bequeath it to your children. Plus, the bank will be responsible for managing everything related to the trust, giving you peace of mind and legal security.
The trust process may seem complicated, but with the correct documentation and proper advice, it is an accessible process that opens doors for foreigners like you to legally acquire property in Mexico without surprises.
