the fideicomiso bank update 2016


Important info for foreigners who own property in Baja… 
Some banks are getting out of the fideicomiso business and some are only getting partially out. If you are selling your property and the bank that holds your fideicomiso will not transfer ownership, at the time of the sale you will be required to cancel your existing fideicomiso (seller’s expense), and the buyers will have to start a new one (buyer’s expense). This can add $1,000-$3,000 total to the cost of the transaction in closing.

Here is the current status of the major players:

HSBC
No new Fideicomisos.
Need to change banks when you transfer ownership or your existing fideicomiso expires.

It may be a cause for delay, as this bank moves very slowly on transactions.

Banamex
No new Fideicomisos.
Need to change banks when you transfer ownership.
Can extend existing fidei for the original term 30 or 50 years when it expires.

Bancomer
No new Fideicomisos.
They allow assignation (Cession) of Fideicomiso rights.
Can extend existing fidei for the original term 30 or 50 years when it expires.

Banorte
No new Fideicomisos.
They allow assignation (Cession) of Fideicomiso rights.
Can extend existing fidei for the original term 30 or 50 years when it expires.

Santander
No new Fideicomisos.
They allow assignation (Cession) of Fideicomiso rights.
Can extend existing fideicomiso for the original term 30 or 50 years when it expires.

Scotia Bank
OK

Any transfer, change or extinction may be a cause for delay, as this bank moves very slowly on transactions.

Banco del Bajio
OK

Banco Interacciones
OK

Interacciones now requires an original signature(s) from each of their Beneficiaries on a KYC form in order to accept new payments, as well as to process any transaction.

Intercam

OK; all forms of trusts