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The fishing village of San Felipe lies between the San Pedro Martir Mountains and the Sea of Cortez. This small town traditionally depended upon fishing for their livelihood. More recently, tourism has replaced fishing as the primary industry and more and more foreigners are buying beachfront property and vacation homes in San Felipe. The fish taco was invented in San Felipe and is now served all over the U.S. Playa Del Carmen provides an excellent central location to visit San Felipe.

The tourist season runs from October to May and many Snowbirds stay in Mexico for months at a time during the winter season. The average year-round temperature is 75 degrees Fahrenheit. The eco-system of San Felipe is unique with the desert running right into the sea. It is only 10 feet above sea level. Sometimes temperatures can reach 115 degrees Fahrenheit in the shade during the summer months. Winter temperatures can reach 40 degrees Fahrenheit at night, but both of these are extremes. Your Mexico Real Estate Agent can help you with climate expectations year round.

San Felipe offers many activities for the visitor and resident alike. Beachcombers revel in 23-foot tides that expose a half-mile of ocean floor. San Felipe experiences one of the largest tidal bores in the world due, in part, to the Colorado River delta. A local Mexico Realtor can give you more information on things to do in San Felipe.

The weather is gorgeous and just what one would expect in paradise – sunny skies, gentle evening breezes and warm ocean waters. The beautiful beaches are what attract many to San Felipe. Many retirees buy real estate in this area and live part-time in Mexico. The area is also popular with weekend vacationers from southern California and Arizona.

The population is approximately 25,000 but increases significantly on popular weekends and during the tourist season. There are many vacation and retirement homes available in San Felipe. A local professional Mexico real estate agent can provide a list of properties for sale or rent.

Baby Boomer retirees and young investors alike love San Felipe because it has 360 days of sunshine, the beautiful blue sea of Cortez, a peaceful fishing village with shopping, restaurants and nightlife, sea and desert sports, beaches you can camp or walk your dog on and friendly people who understand and respect the importance of tourism to their economy. A retired U.S. physician and his nurse practitioner wife founded a bicultural, bilingual hospital providing care to vacationers and residents from the U.S.

San Felipe offers everything you could ever dream of for your vacation, investment or retirement. Sandy pristine beaches, warm and calm waters, condos, villas, restaurants, hotels, bar, nightclubs, grocery stores, Baja Races, ATV, Tennis, Boating, Fishing, Kayaking, a state of the art new Hospital, International Airport, Harbor, and Golf Course make San Felipe a paradise on earth and one of the best places to buy oceanfront Real Estate in Mexico.

http://www.mexicobestbuy.com is a complete guide to Mexico Real Estate, Rental Property, Condos in Mexico. http://www.playabestbuy.com provides Real Estate in Playa del Carmen, Riviera Maya in Mexico. Contact Tom Budniak for Puerto Vallarta Real Estate, Vacation Rentals in Puerto Vallarta at http://www.Puertovallartabestrealestate.com

Author: Tom Budniak

Mexico Real Estate is always in high demand especially among American citizens. But there are some laws that any foreigner interested in buying Real Estate in Mexico should be familiar with. Though under Mexican law, foreigners may obtain direct ownership of Mexican property in the interior of Mexico, foreigners cannot acquire direct ownership of residential property within the area 100 kilometers from the border and 50 kilometers from the coastline. This zone in Mexico is known as the “Restricted Zone”. But there is an indirect way to purchase and enjoy Mexican property in the restricted zone through a Bank Trust or “Fideicomiso” authorized by the Government of Mexico. Fideicomiso is the legal equivalent of deeded ownership (commonly referred to in the U.S. as fee simple)

Earlier, foreigners were barred from owning Property in Mexico but With the North American Free Trade Agreement beginning January 1, 1994, the Foreign Investment Act of 1993 was passed by the Mexican congress to promote foreign investment into Mexico. This law allowed foreigners to own 100% of the shares of a corporation and purchase property. As a foreigner, you can acquire irrevocable and absolute ownership rights to Mexico Real Estate through a 50 year, and can be renewed every 50 years indefinitely, perpetually irrevocable and transferable Fideicomiso Trust. This enabled foreigners, as beneficiaries of the trusts, to legally enjoy unrestricted use of land located in the restricted area.

The Fideicomiso has couple of advantages of the bank trust. One is avoidance of probate and the second is transfer tax upon sale of Real Estate in Mexico.

How it works. Upon the purchase of Real Estate in Mexico through a Fideicomiso, the Mexican government issues a permit to a Mexican bank of the buyer’s choice. The property Title is then delivered to a Mexican Bank which acts a “Trustee”. The Bank then designates the buyers as the beneficiary of the trust. The beneficiary now can use the property. The Beneficiary has the same rights to lease, mortgaging, selling, inheriting, willing and improving the land as any other Real Estate owner in Mexico.

What Does a Bank do? There are selected banks that are authorized by the Mexican government to hold the Real Estate Fideicomiso. The process of getting authorization is very strict. The bank reviews property documents to ensure that they are complete and legal. Remember, you can tarnsfer Fideicomiso to any authorised Bank. The Property bought in Mexico under Fideicomiso cannot be expropriated by Mexican Government except for public purpose. In such cases Mexican Government has to pay market price with any interest accrued.

What does it costs? The costs incurred include:

1) Permit Fees from Secretary of Foreign Affairs, Mexico
2) Registration fees with National registry, Mexico City and
3) Annual Administration fees for the first year (depending on the bank)
4) The Bank acceptance Fees
5) 10% IVA tax
6) Closing costs which include the title search, appraisal fees, notary fees for the deed, tax certificate, filing fees, transfer taxes(2% of the purchase price) and recording fees.

Hope this clears lot of doubts from a prospective Foreigner Buyer interested in buying Real Estate in Mexico. If you still need a few questions answered about how it works, please call us. We will be happy to go over it personally.

Call us today:

REALTY EXECUTIVES MEXICAN CARIBBEAN
Avenida 5th y 40th
Playa del Carmen, Quintana Roo, Mexico
In Playa del Carmen, Mexico: 984.879.4339 or 984.803.0710
Mexico Fax (551) 084-2852
In Mexico City 55.8525.9035
Email: tom@rex-mexico.com
http://www.mexicobestbuy.com/

Author: Tom Budniak