Lake Chapala Ajijic Mexico Information

Lake Chapala Mexico FAQs

Looking for quick information to FAQs about living and retiring at Lake Chapala? This will get you started off on the right foot for your journey:

Real Estate

1. As a foreigner, can I acquire Mexican property in my name?

Yes, for a number of years foreigners could only acquire property through a Trust, but now you are permitted to acquire through a Direct Deed. The legal requirement is to advise the Foreign Relations Department, of your desire to acquire property. All this must be done through a Notary.

2. What is a Trust?

A Trust is a way of purchasing for foreigners. There are various banks who handle Trusts. Acquiring through a Trust gives you the advantage of First, Second and Third place beneficiaries. Husband and wife teams can acquire in First Place in a Joint Ownership with rights of survivorship, and normally you would put your children in second place. The advantage of a Trust:
You can set it up as you wish. Beneficiaries do not necessarily have to be direct blood line.

3. How many beneficiaries can I have in my deed?

In a Direct Deed you can only have direct blood line (children or parents) as beneficiaries. In a Trust you have the option of putting as many beneficiaries in Second and Third place as you wish.

4. Are there chauffeurs available?

Yes, some locals chauffeur retirees to Guadalajara and some drive all the way up to the border.

5. Do you have gate-in communities?

Yes, there are various gated in communities in the area. Many more are to come.

6. Can I feel safe leaving my property unattended for several months a year?

It is best to hire the services of a Real Estate agency to provide a Management service. This way your utilities, maid and gardener are paid and a qualified person will be making a biweekly inspection of your property.l of your property if you so desire.

Banks

1. What banks in Mexico handle Trust needs?

The main banks handling Trusts are: Banca Serfin, Banorte, Banamex and Bancomer. Bancomer is the most inexpensive.

2. Can I have a dollar account in a Mexican bank?

You can have an investment dollar account in a Mexican bank, but only corporations can have dollar checking accounts.

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