It is important for foreigners who own a Mexican property in the Restricted Zone to remember to pay their annual trust fees, the annual trust fee is due on the anniversary of the property owner’s closing date or official registry of the property in the purchasers name.
Keep in mind; your trust account number generated by the bank is not the same as your deed (escritura) number. You need to obtain your trust account number from your trustee bank, so you can get proper credit when you make your annual trust fee payments.
Even though one might expect to be notified by the trust bank of upcoming trust payment, it is not a guarantee. It is the property owner’s responsibility to remember to pay all fees corresponding to their property. As such, you should make a note of the due date in your calendar so as not to forget and consequently risk having late charges, interest or penalites for not paying on time. Most banks accept payments via check or wire transfers, many have various electronic means to make paying easier or ask your property manager to make the payment for you. You can also make the payment yourself in person at any branch of your trust bank in Mexico as long as you have your Trust Number. Make sure you receive a copy of the payment receipt for your records. Keep any receipts, bank statements, checks as proof of your payment. Trust Banks often do not provide payment receipts by mail, you can however request an electronic statement be provided for your records.
Your annual trust fee is charged annually every year of your ownership. Upon death the trust fee will be the obligation of your substitute beneficiaries or heirs, or if you sell the new owner will be responsible to continue the annual fee.
