• Can a foreigner own property in Baja Mexico?
YES, you can own property in Mexico. The first question people usually ask about when buying Mexican Real Estate is whether or not they can actually do it and are they at risk of having their property taken away by by the government. The truth is, many non-Mexicans have purchased property in Mexico and the government cannot take your land if you have the proper legal title.
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• How does a foreigner own property in Baja, Mexico?
Foreigners can acquire irrevocable and absolute ownership rights to property in Mexico through a 50 year perpetually renewable and transferable Bank Trust called a Fideicomiso. This Bank Trust is provided specifically for non-nationals to own property in formerly restricted zones (border and beach areas).
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• How does the BankTrust work?
The "Fideicomiso" is basically the same as a trust in the United States. The "Fideicomiso" has a trustee, such as Citibank-Banomex, which acts as a fiduciary on behalf of the homeowner who is the beneficiary of the trust.
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• How long is the Bank Trust valid and how much does it cost to renew?
Your trust is valid for a term of 50 years and renewable for as many more 50-year terms as you wish. You can sell it, rent it or bequest it in your will, just like you would any property you own in the United States. Currently, the price to renew a bank trust is approximately $500.00.
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• How are "The Residences at Playa Blanca" managed?
"Residences at Playa Blanca" is managed by a Homeowners Association. The Association will follow the same guidelines and have the same high standard of property management that Americans are accustomed to.
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• How much will the Association fees be?
The Homeowners association fees are estimated to be .15 cents per square foot per month / per unit. This fee will include an umbrella fire and earthquake insurance policy on the building, landscape and maintenance for all common area, 24-hour security service and garbage pick up.
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• How much will the property taxes cost?
Annual property taxes, together with the federal zone fee will run about ¼% (.25%) of the total purchase price. As an example, a $250,000.00 home would pay approximately $625 per year.
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• How much will the closing costs be?
The price of the Closing costs includes all of the costs involved in establishing the Fedeicomiso (bank trust), real estate acquisition tax, notary fees, government fees, etc... As an example, a $250,000.00 home would have estimated closing costs of approximately 6.5% of the sales price. It is important to note that the MORE expensive the home, the LOWER the percentage rate is.
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• What about homeowners insurance?
A typical homeowners insurance policy will cost approximately $750.00 per year. The coverage would usually include contents, fire, liability, earthquake, etc. A local agent is available to assist you and provide you with an actual quote for your home and coverage requested.
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• Where can I get financing?
The developers of The Residences at Playa Blanca will be offering a special homeowners financing package. At the time of close of escrow, homeowners will be able to obtain no qualifying, no points, 15 year, 9.9% loans for their remainder balances.
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• How do The Residences at Playa Blanca compare in price with oceanfront property in Southern California?
According to recent market studies, The Residences at Playa Blanca are priced at approximately 80% - 90% less than a comparable property in Southern California. In addition, property taxes in California are approximately 1% of the sales price instead of ¼% as they are in Mexico. The above figures represent an average savings of $25,000.00 to $30,000.00 dollars per year.
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• What about weather?
San Diego has been noted to have one of the best climates in the country. The weather in Playa Blanca is similar since we are only 13 miles south of San Diego, Ca. Most days are sunny between 65 to 85 degrees Fahrenheit with a pleasant ocean breeze.
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• What about driving my car across the border?
It is safe for you to drive your car into Mexico. We recommend that you always purchase the additional insurance available either on the internet or at the border. If you wish to leave your car in the United States there are parking lots available. These lots are safe and secure. You can then walk across the border and hire a cab. There are plenty of cabs available at the border and it is approximately a $15.00 cab fare to The Residences at Playa Blanca.
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• Can I live in Mexico and work in the United States?
You can sit in your home with a view of the ocean and do your work. With a computer and a phone line a person can live in Mexico and do business anywhere in the world. The Residences will have all the conveniences of any home or office. High-speed internet, cable TV and telephone services, and a full business center will be at your fingertips. The border is just 13 miles from The Residences, San Diego Airport is conveniently located and offers numerous daily flights.
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• Can I retire and live in Mexico?
Mexico is the number one location to retire abroad by U.S. citizens. The affordable cost of living and accessibility to the United States offer retirees a perfect scenario to live out their golden years.
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• Are there many Americans living in Baja Mexico?
In the past five years approximately 100,000 Americans have re-located to Baja, California. According to the U.S. government, more than 600,000 Americans reside in Mexico year round. The population in Rosarito is estimated at 85,000 with about 25,000 of them being North Americans.
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