Frequently Asked Questions About Cancun
I always thought that foreigners couldn't own property in Mexico.
Thousands of foreigners from all over the world own property in Mexico and hold title in their names or in a fiduciary trust agreement with a Mexican bank.
Foreigners can buy or invest in real estate in Mexico without any restriction, except in the coastal and border areas. If a foreigner purchases in a coastal or border area, they can have 100% control of their property through a real estate bank trust.
It is completely legal for the foreigner to sell his property in Mexico and profit by it, even if it is held in trust by a bank.
Is Title Insurance Available in Cancun?
Title insurance is available in Mexico through Stewart Title Insurance and First American Title Insurance Company.
Can I rent out my property?
You may rent out your home or property to anyone, for periods not exceeding ten years.
How much are the real estate taxes?
Real estate taxes are less than 0.2% of the home's value in Mexico, as compared to the typical 2-3% in the United States.
Is purchasing a property in Monarch Cancun a good investment?
Traditionally real estate anywhere in the world returns higher yields than banks or the stock market. In the past five years, properties in the Cancun area have averaged a 15% increase per year. Mexican real estate is generally regarded as a yield or absolute return enhancer within a diversified real estate portfolio. Mexico is now rated as one of the best countries for investment in real estate growth and as one of the safest for real estate investments.
What will my monthly expenses be?
It depends on if you are trying to downscale your cost of living or live it up. It is possible to live economically in Mexico, and it is also possible to live lavishly. But either way, you will live luxuriously. A warm breeze, beautiful sunny weather, the rustle of palm trees, the piquant turquoise of the Caribbean - these are priceless sensations that make everyone feel like a million.
In Mexico, generally you get more for your U.S. dollar, paying far less for land, construction, property taxes, utilities, health care, domestic help, etc.
What about hurricanes?
Hurricanes are a reality of tropical life. However, the position of the Yucatan Peninsula is such that the winds blow most hurricanes away, with the result being that a hurricane actually touches the Peninsula on average, once every 15 years.
The Monarch Cancun resort is not located in a coastal region and would not be subject to any flooding. There is sufficient notice when a hurricane approaches to evacuate. Homes at Monarch Cancun are built to withstand hurricane force winds and damage.
Is the water safe to drink?
Monarch Cancun has an ample supply of water thanks to the natural formations of underground "cenotes" on site. As in Cancun's major hotels, the water will be treated in Monarch's own purification plants, with filtration and reverse osmosis. In addition, you can have bottled water delivered to your home.
Can I bring my favorite pet with me to Mexico?
Bringing your best friend into Mexico is easy. There is no quarantine requirement.
Visitors to Mexico may bring a dog or cat by presenting the following certificates at the border:
• A pet health certificate signed by a registered veterinarian and issued not more than 72 hours before the animal enters Mexico; and
• A pet vaccination certificate showing that the animal has been treated for rabies, hepatitis, pip and leptospirosis.
Certification by Mexican consular authorities is not required for the health or vaccination certificate. A permit fee is charged at the time of entry into Mexico.