Bank Trust / Fideicomiso

Hi Everyone
My wife and I are considering Colima as a retirement destination. I've been told that the 50klm exclusion zone for direct foreign ownership runs right through Colima,so that in some areas a foreign buyer doesn't need to register a Fedeicomiso. If this is the case, can anyone tell me where the "line" lies? If we can determine there's a specific street that represents the cut off we can concentrate on properties that won't require the registration of a trust.

On this same topic, if you live in Colima, I'd really appreciate any advice or recommendations on areas to avoid and/or areas that are desirable. Our three biggest "must haves" are security, because the house will be vacant for five months a year, something that will have good re-sale appeal and room for a pool.

Thanks very much
Dale

We own a house just outside of Nogueras which is about a mile from Comala which is about 3-4 miles from Colima. We were able to buy it outright since it was 54 km from the coast. I don’t know how they figured it but it was done by a Notario which is essential to use when buying a property here.
Comala might be a good option to consider since it has small town ambience and a large and prosperous city nearby. I assume you are already familiar with the area already but if not most people recommend you spend some time any new location before moving/retiring there. Also, it often gets unpleasantly hot and humid hot here in the summer and is pretty warm the rest of the year. If you don’t have a problem with that it’s a beautiful and delightful area!

I was told by the developers at Alta Zona (the new golf course and recreation development north of Liverpool shopping centre) that all of Colima city was past the 50 km area where Trusts are required.

If you want to make the transfer of your real property to your heirs as easy as possible in Mexico, use a trust. Consult an attorney, and he or she will specifically tell you why the trust is actually a good way to avoid hassles when you pass on. Be sure to have a Mexican will which makes reference to your will in Canada or the United States for all personal property that is outside the trust -- contents of the house, car, bank accounts, etc.