[ManHammer]

Moving to Cabo on temporary residential visa and for now hoping to move to permanent status. We will rent for a few months then buy a home. I know that the home will be in a trust that most refer to as a 50 year "lease" that can be renewed another 50 years.

My question is if I am able to finally become a permanent resident will I then be able have full ownership of the home? If so, would it be a simple as filling out some paper work? :fingerscrossed:

 

[RVGRINGO]

Moving to Cabo on temporary residential visa and for now hoping to move to permanent status. We will rent for a few months then buy a home. I know that the home will be in a trust that most refer to as a 50 year "lease" that can be renewed another 50 years.

My question is if I am able to finally become a permanent resident will I then be able have full ownership of the home? If so, would it be a simple as filling out some paper work? :fingerscrossed:

No, unfortunately you must wait until your are a naturalized citizen before you may own such coastal or near-border property in fee simple. Until then, you must use the bank trust/fideacomiso.

 

[TundraGreen]

No, unfortunately you must wait until your are a naturalized citizen before you may own such coastal or near-border property in fee simple. Until then, you must use the bank trust/fideacomiso.

As RV said, you would need to be a citizen to own a home outright near the coast or border. That requires 5 years as a Permanent Resident or 2 years if you have a close relative that is a Mexican citizen. If you have sufficient income or assets you can apply for permanent residency immediately instead of waiting for four years on a temporary residence visa.

 

[ManHammer]

As RV said, you would need to be a citizen to own a home outright near the coast or border. That requires 5 years as a Permanent Resident or 2 years if you have a close relative that is a Mexican citizen. If you have sufficient income or assets you can apply for permanent residency immediately instead of waiting for four years on a temporary residence visa.

Thank you both! Wow so 4 years TR plus 5 PR. Not really a major concern for us today but who knows what political events could transpire in 9 years. Thank you again!

 

[TundraGreen]

Thank you both! Wow so 4 years TR plus 5 PR. Not really a major concern for us today but who knows what political events could transpire in 9 years. Thank you again!

I spent 2 years on a Temporary, then went to a Permanent visa. So at the end of 7 years I was eligible to apply for citizenship. The application process took over a year from start to finish. So I became a citizen shortly before the end of my 9th year here. If you marry a Mexican, you can speed the process up. (ala the movie "Green Card" with Gérard Depardieu, Andie MacDowell).

I don't live on the coast so it did not affect home ownership for me. And I did not have a US or Canadian vehicle, so the Permanent visa was no problem. Now I could have either although I can't think of a reason why I would want a US plated vehicle.

 

[citlali]

If you are married to a Mexican you can put the property in the name of your spouse and do not need a trust on the coast or near the border.

 

[TundraGreen]

If you are married to a Mexican you can put the property in the name of your spouse and do not need a trust on the coast or near the border.

As someone who went through a messy property settlement during a divorce, that would make me nervous. My ex-wife and I just celebrated our 50th wedding anniversary —25 years together and 25 years apart. She came to Mexico for the celebration. We get along fine now but there were a couple of contentious years in the middle.

 

[citlali]

Well if you buy a house together you only own half of it anyways and then the rest depends on your mariage contract. In Mexico the status of the union is checked community property or separate on the marriage license.

We own one house together and one house is in my name. I just went to a lawyer and notario to check out how Mexico looked at our marriage contract since we are Mexican citizens and it was interesting..

We were married in Alabama which is not a community property State and lived there 1 year after our marriage then we lived 30 years in California that is a community property
Our marriage is registered in France where if you do not have a contract you are married under community property.

I inherited some money in France and there , I think for my convenience sake the Notaire declared us married under community property although we were married in Alabama because we only lived in Alabama for one year and 30 in California.

In Mexico the notario went by the Alabama law and we are NOT married under property community .

I do not want to think how this would go down if we had kids and wanted to get a divorce recognized in the 3 countries..

Better stay married split things and stay married at this stage, no point giving everything to the lawyers..

So one house is mine and totally mine here and I have to have my husband as a benificiary in case of my death. I also have a will.. and if I sell I can only get a 4M capital gain exemption

The other house is 50% mine and we are each other benificiaries, have a will and we can each get a 4M capital gain exemption if we sell.

Divorces are complicated enough in one country but I would think of it in my situation..I can imagine the paperwork and headaches if we did not agree on splitting the assets

 

[perropedorro]

As someone who went through a messy property settlement during a divorce, that would make me nervous. My ex-wife and I just celebrated our 50th wedding anniversary —25 years together and 25 years apart. She came to Mexico for the celebration. We get along fine now but there were a couple of contentious years in the middle.

Uff, that's food for thought. House in Mexico is in wife's name because we purchased it 20 years ago. Never had a couple of contentious years, just a couple of contentious days every week-- other than we're passionately in love. I'm still a few months from applying for naturalization. One house NOB fully paid for, another about half, assets we're putting in trust for the kids. I suspect the old lady's worried about me going senile and losing it all on the lottery or table dance.

 

[ManHammer]

Uff, that's food for thought. House in Mexico is in wife's name because we purchased it 20 years ago. Never had a couple of contentious years, just a couple of contentious days every week-- other than we're passionately in love. I'm still a few months from applying for naturalization. One house NOB fully paid for, another about half, assets we're putting in trust for the kids. I suspect the old lady's worried about me going senile and losing it all on the lottery or table dance.

I will have to meet you when I get down there. Your marriage, hobbies and establishments you sometime frequent tells me we would get along just fine! ha!!!