Recently I was speaking with the bank that handles our fideicomiso about the details of adding a second property. It turns out that the second property can be administered by the bank as part of a package, and the annual fee for the second property is reduced to about 25% of the first. The approval process costs is similar, but there is a savings on the administration. Banco del Bajio in Cancun is offering an annual fee of $400 USD plus IVA. They reserve the right to raise the annual fee by $50 every five years, as I understand it. Their charges to initiate a new fideicomiso are similar to ScotiaBank, but their administration costs are considerably less. Has anybody had any experience with this bank? __________________
I've had them since we bought 7 years ago. They have never increased my fee. ($400 + $40 tax). They are fantastic! Professional to the hilt. I highly recommend them. I lucked out for sure when I got them. Tell Yazmin I Donovan said hola - and thank her please for the Xmas card!
T.J. once speculated on whether a business couldn't be established here to hold title for foreigners as a way to avoid the expensive fideicomiso processing, followed by years of high annual fees. My guess is there is, but the challenge would be how to market it, and how to establish enough trust in potential buyers to induce them to try it. I would think what buyer would have to do is allow a Mexican Corporation to purchase the property on their behalf, on a promise to convey title when the property was later sold so, just as banks do now. (How many people consider that it is the bank that is buying the property: it's your money, but the property is passed to the bank, in trust, for your benefit.) But, in the case of a corporation, government control would be lacking, and with it, the guarantee of the solvency would also be lacking. In the case of banks, regulated by the Mexican Government, my guess is that if the bank failed, and could no longer administer the fideicomisos, the responsibility would be passed to another bank. You wouldn't have this level of protection if dealing with a corporation set up to invest in real estate (with side agreements respecting how the property was to be administered, and for whose benefit). A group of people who knew and trusted each other well could do it; but the issues of solvency, security, and durability of the corporation as founders moved on, sold off, or died, would still remain.
I own 2 properties under one Fideicomisos I have mine with Soctiabank. the fees I pay on the 2 properties is only slightly more then the cost when I had only 1. I paid last year 6962 pesos
