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"South of the Border" |
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"South of the Border" Retirement
Options by Mark Venegas With the ever-increasing cost of health care and retirement in the US, countless boomers and those nearing the age of retirement, have been looking South of the border to maximize the "Quality of Life" in their golden years. With thriving communities of American retirees already living in cities such as San Miguel de Allende, Acapulco and Puerto Vallarta, Mexico, the option of retiring into "affordable luxury" is often a topic in newspapers like the New York Times, Wall Street Journal and USA Today. Although foreigners can own inland, the costal areas of Mexico are under protection, but the “Fedicomiso” is a law enacted where foreigners have their property held in a “trust” by a bank, the buyer being the beneficiary of that trust, and can buy, sell, renovate and exploit that property in any way they see fit, as if they actually owned the land. Within Banderas Bays’ uniquely protective waters, Puerto Vallarta has always been a destination for a myriad of travelers. Once here, foreigners fall in love with the friendly people and lifestyles which are particularly unique to Mexico. Always a playground to the international jet set, and once the home to Richard Burton, Elizabeth Taylor; Puerto Vallarta has once again become the destination for second-home ownership to wise retirees looking for a lifestyle, above and beyond what most people only dream of. Another benefit to choosing to retire in Puerto Vallarta and its environs is the cities close proximity to an international airport, and several world class hospitals in the area. Familiar American chain-stores such as Wal-Mart and Office Max, all add to city's reputation of being "First-World." The process of purchasing property in Mexico was once fraught with the stigma of unscrupulous sellers deceiving less than knowledgeable foreign investors. With the establishment of the Fedicomiso, the fear of safely purchasing property has been laid to rest. The process of purchasing and maintaining your property in Mexico is much easier now for foreign investors, and thousands of buyers are going through the process each year. Mexico has become a haven for countless retirees who have chosen a low cost of living as the key benefit to reevaluating their retirement needs. The high resale value of property is also an added benefit, as well as the potential of income bearing properties in vacation areas such as the Puerto Vallarta, Punta Mita area. Venegas Realty has quickly become the first stop on savvy second-home buyer’s itinerary on their vacation itinerary. |
