This is an amazing statistic borne from urban legends and misunderstandings. This does mean that you have an advantage of the 97% if you are one of the 3% who can have the knowledge that you can own real estate in Baja and in all of Mexico.
Here are the facts: For over 30 years foreigners have been allowed to own property through a bank trust modeled after the U.S. family trust. This instrument known as a fideiecomiso has been deemed the equivalent of U.S. fee simple title by the California Department of Real Estate and the Securities and Exchange Commission. This mean you can sell the property, rent it, gift it and pass it on to your heirs. You own it.
You do not have to lease the land - you can own it through a bank trust.
www.beachfrontbaja.com
www.elmilagrobaja.com
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This is a very common misconception. I also sell real estate in Baja and I hear this daily from people who have been visiting for many years never knew that you could own in Baja without having to-do a land lease. If you don't have a Baja real estate agent yet, you can find lots of helpful facts from many of the title companies and loan companies offering USA title insurance & USA dollar loans to confirm all the details.
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