The fideicomiso, explained without fear

The fideicomiso is the word that frightens people the most and the one that should frighten them the least. In short: an authorized Mexican bank appears as the holder of the property before the registry, but you are the beneficiary, and as the beneficiary you have all the rights of an owner. You decide everything, you enjoy the property, you keep whatever it earns if you rent it, and you decide when and to whom to sell it. The bank cannot use it, sell it or touch it: it only follows your instructions. Think of it as a title deed in your favor placed in the safekeeping of a serious institution.

To set it up you need a permit from the Ministry of Foreign Affairs (Secretaría de Relaciones Exteriores), which the notary and the bank obtain for you. The fideicomiso lasts 50 years and is renewed for another 50 as many times as needed, so in practice it is indefinite; renewing it is a formality, not a new purchase.

It has an advantage that surprises many people: in the trust agreement itself you name who the property passes to if you are gone (your children, your partner, whomever you decide). This avoids probate proceedings in Mexico and saves your family time and money. For many foreign buyers, it is one of the best reasons to use it even when it would not be required.

• You are the beneficiary and you are in charge of everything: using, renting, remodeling, selling, passing it on.
• The bank is only the holder for safekeeping; it cannot dispose of the property.
• It lasts 50 years, renewable for another 50, as many times as you wish.
• It has an initial cost (to open it) and an annual fee to the bank; these vary from one bank to another, so it is worth comparing. We help you request quotes.
• It lets you name substitute beneficiaries and skip probate proceedings.

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