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!
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. Sorry, only registered users may post in this forum.
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