How To Purchase Caribbean Real Estate: Riviera Maya
According to Wikipedia the Riviera Maya is a stretch of Caribbean coastline on Mexico’s northeastern Yucatán Peninsula. It’s known for its numerous all-inclusive resorts, such as those in the town of Playa del Carmen, and its long beaches. To the south, Tulum is home to yoga retreats and the preserved ruins of an ancient Mayan port city, perched on an outcrop above a white-sand beach.
In a continued effort to bring value to you, the potential home buyer in the Caribbean, we have secured a partnership with another real estate law firm in Playa del Carmen to help you when it comes to purchasing real estate, Sekura Law in Playa del Camren, Mexico. Luis Elizalde is the Founder of Sekura Law . You can reach out to Luis here and here as well.
Make sure you check out Sekura Law’s FAQ section here. This can answer some of your preliminary questions about tax, escrow, due diligence, etc.. you may have about purchasing real estate in the Rivera Maya.
When it comes to purchasing Caribbean real estate in the Riviera Maya the smartest way we suggest opening a Trust. Here is the Sekura Law Closing Guide that they provide to anyone looking to make a purchase. Sekura Law says that “The purpose of the Fideicomiso (Trust) is only residential, it is necessary in order to buy your property. The Trust will be established in the same document as your Title; therefore you will always have the name of the trustee bank in your hands. The Fideicomiso fee has to be paid every year.” To see the price breakdown check out the Closing Guide.
*As a foreigner purchasing real estate in the Riviera Maya you must purchase using a Trust (Fideicomiso) or by opening a Corporation. As far as tax advantages are concerned, speak to your accountant in the USA and the lawyers at Sekura Law about forming an international partnership between the two LLCs. You should explore all tax advantages in the USA concerning forming a partnership with an international entity.*
Check out this article from the IRS, it may be beneficial for you.
If you have any questions about purchasing real estate in Cancun or anywhere in the Riviera Maya then feel free to reach out to us so we can help you.