I had been living in Puerto Vallarta for several years and thought I was doing a pretty good job understanding the culture, when a casual statement made me realize I still had a lot to learn. A well-traveled lady looking at real estate that afternoon mentioned that when residents of Mexico go to the US, they can get a case of “tourista” or upset stomach.
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Mexico’s Anti-Money Laundering RegulationsMoney laundering is considered to be the crime of operations with money from illegal means under article 400 of the Federal Criminal Code. The money laundering offense is also complemented by the Federal Law Against Organized Crime, which provides higher criminal sanctions for money laundering offenders considered to be members of a criminal organization. The Federal Criminal Procedures Code considers money laundering offense to be a serious, and they limit a charged defendant the ability to obtain release on bail prior to conviction.
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Buyers’ Rights and Privileges
Can Foreigners Buy Property in Mexico?Foreigners (non-Mexican) are able to purchase real estate in Mexico. They may directly own rural or urban land in the interior of Mexico with certain limitations on specific agricultural tracts. What is the Restricted Zone? In the restricted protected zone, a Trust Deed is used. These protected areas include 100 kilometers along all-natural borders, 50 kilometers along coastlines, and all of Baja California. Banderas Bay is primarily in the restricted zone.
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Importance of Choosing Your Agent
Buying Pre-Construction Condominiums in Puerto VallartaIn my opinion, it is most important that you interview and select an agent who will represent you, because they have experience here representing buyers and not the seller. This agent should also have the degree of ethics and professional behavior, to put you first in this transaction. This is, of course, what you want from an agent, whether you are looking at resales or new. But there is more risk for you buying property which does not legally exist when you have an accepted offer. The contracts of the developers will not have the elements in them which we use in resale contracts.
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Contact us today to get started
Harriet Murray
Owner / Agent
Email: harriet@casasandvillas.com
USA/Canada: +1 (504) 298-6730
Puerto Vallarta: +52 (322) 223-4027
Puerto Vallarta Cel: +52 (322) 205-7550
