One attractive location in the world that has become popular in terms of purchasing or investing in either a vacation property or second home is Sayulita, Mexico. Chances are that you may know at least one individual who has visited this area or has made some sort of real estate investment in Mexico itself. There are actually many different reasons behind this particular trend.
One reason is that the prices of properties in Sayulita are said to be rather favorable in comparison to other different destinations around the world. Now that more people are starting to discover Mexico, there are experts who feel that long-term investment prospects are a lot more attractive.
Another great reason has to do with the region’s culture and services, which are highly welcoming of all foreigners. While Spanish is the main language that is spoken here, there are more people who actually speak English, which allows Americans, and even Canadians, to have a much more welcoming experience whenever they visit here. This helps make Sayulita feel like a much more accessible and comfortable area than ever before.
It’s estimated that over 70 million people across the United States are over the age of 50 years old. This group of people are more likely to seek out retirement homes, vacation homes, and other similar retirement opportunities. At the same time, there is also more wealth than previously, and a lot of this wealth seeks to invest in real estate. The more people invest in the Sayulita area, the more services that are being built to help support this kind of trend, which will only make things more appealing to investors.
All in all, the overall future of Sayulita certainly looks very promising indeed, as the entire village is starting to becoming stronger economically. Furthermore, investing in many different real estate opportunities in the area is becoming more and more favorable.
The warmer climate of this area is also extremely attractive to many individuals as well, regardless of where they’re from. While they may enjoy vacationing in Sayulita, they really seek to purchase a property of some sort here. In fact, there are approximately over a million Americans who live in Mexico on a full-time basis.
This area also provides a vast variety of many different fun and interesting things to do on a regular basis, ranging from golf to tennis to various beach activities. Furthermore, Sayulita is also a great place to seek out rest and relaxation.
There are properties such as condos, homes, villas, and other similar developments that provide a variety of amenities for those who are seeking them. This helps to provide a steady inventory for those who are looking to invest in some sort of real estate in the area.
The overall process of purchasing a property in Sayulita is similar to making an offer in either the United States or Canada. The only things that are slightly different are the title and escrow processes. There are many self-proclaimed real estate agents and professionals who claim to know what they’re doing thanks to all of Mexico’s low standards and requirements for entering this actual profession.
It’s important that you work with only the highest quality professionals in all aspects of the business. Take the time to perform your own background checking of anyone that you are thinking of working with in order to determine whether or not they are legitimate.
General Investing Information
Previously limited to 49%, allowances of foreign ownership of companies in Mexico were raised to 100% in many different enterprises. This includes aspects such as hotels, development companies, and more, which is important because a lot of companies now no longer require permission either the Foreign Investment Commission or any of the company’s investment partners.
Federal Income Corporate Tax also ranges from approximately 25% to 38%. Furthermore, it also allows for different provisions to help offset effects on inflation, liabilities, etc. This makes Mexico’s economy great for all foreign investors. Furthermore, the country’s government has also dedicated money and time to helping develop new tourist destinations that contain more modern infrastructure and facilities to help promote the tourism industry.
Separating Fact from Fiction
There are a lot of rumors regarding foreign investors getting scammed out of all of their money when it comes to real estate in Mexico. Owning land here isn’t as strange as it was a long time ago – in fact, owning land is safer than ever thanks to well defined and established rules in terms of non-Mexicans owning land. These rules are designed to protect foreign ownership rights as well as promote foreign investments. Investors are now protected by United States title insurances, as well as bonded escrow accounts and extensive title searches, among other aspects.
Another aspect that protects investors is a fideicomiso, which is a form of Mexican property trust that is designed to specifically protect foreign investors.
What All is Involved in Real Estate Transactions
In all, there are two to four different entities involved in real estate transactions in restricted zones:
- Real estate companies
- Public notaries
Any transactions outside of a restricted zone never require a bank since real estate trusts aren’t required to be established in these areas. Furthermore, since transaction similarities are similar, the basic terms and principles found in the United States can likely be found in Mexico as well, including paperwork. However, there are likely some aspects that will be different, which means that foreigners should never simply assume anything.
Buyers should always retain the services of a professional to assist in any transactions. It’s also worth noting that Mexico has yet to regulate any and all real estate transactions, as agents and brokers alike are not legally licensed in the country. This means that anyone and everyone can obtain a license and establish a real estate company if they wish to do so.
Similarly, American attorneys are not licensed to practice law in Mexico and should never attempt to provide advice regarding laws in the country. These include laws pertaining to any and all real estate issues.Therefore, you need a lawyer from Mexico to accomplish these tasks.