If I chose retirement in México, will my Social Security benefits allow me to live comfortably?
Yes, there are a lot of retirees in Baja California who have a great lifestyle on their benefits.
Is it really expensive to call the US from Mexico?
There have recently been some new companies that provide excellent service. You have many options, from the traditional telephone service, to a modern internet telephone system that gives you unlimited call to anywhere in the US and Canada.
Can I have a USD bank account?
Yes. There are a few rules you have to follow to open a Mexican account.
How much cheaper are prescription drugs in Baja?
Much cheaper but you need to find a pharmacy that has good quality medications.
Do I need a Mexican drivers’ license?
If you are going to live here permanently it’s a good idea, but not required to have a Mexican license. A Mexican license is required if you have Mexican plates on your car.
What I need to know about buying Real Estate in Mexico?
Contrary to what you may have heard, Americans are now able to purchase property in Mexico without the problems that have made investors wary in the past. In fact, FONATUR, Mexico’s tourism development agency, has partnered with reputable companies to design and develop environmentally conscientious, sustainable resort properties that are attractive to America homebuyers.
It is now possible for Americans to own property in what is called the “restricted zone” along the coast, meaning areas that fall within approximately 62 miles from the Mexican border and approximately 31 miles from the coast. To own property in these areas, foreigners can obtain all rights of ownership through a bank trust or what is called a fideicomiso. This trust is established companies to design and develop environmentally conscientious, sustainable resort properties that are attractive to American homebuyers.
It is now possible for Americans to own property in what is called the “restricted zone’’ along the coast, meaning areas that fall within approximately 62 miles from the Mexican border and approximately 31 miles from the coast. To own property in these areas, foreigners can obtain all rights of ownership through a bank trust or what is called a fideicomiso. This trust is established by the government and gives the purchaser the same rights of ownership that a Mexican citizen would have, including the ability to enjoy, upgrade, lease, rent or sell the property whenever they want. The foreign investment law, a Constitutional Amendment created in 1971 and amended in 1993, allows for a trust to be established for a term of 50 years, at which point it is perpetually and easily renewable.
If all appropriate governmental procedures are followed correctly, and the developer or seller has proper title to the land, buyers should not have any trouble obtaining legal ownership. Also, American title companies are now offering investors title insurance policies for their properties in Mexico, just as they do in the U.S.
Title companies conduct the necessary background checks to ensure that the property can sold without the risk of future problems. The title insurance policies ensure the property has a free and clear title, and gives the owner no-fault recourse in the event of any issues that may arise.
It is very important to works with qualified real estate professionals when purchasing any type of property in Mexico and when you work whit Baja’s Best Real Estate Services, you have the peace of mind knowing that you are working with one of the very best.
What documents should I ask for when considering purchasing a property?
You need to see the title, the last tax bill and a bank trust, if available.
What are the property taxes in Baja Mexico?
Your yearly property taxes will run you about ¼ %( 0. 25%) of the total purchase price of Baja California real estate.