Mexican Banks
I wanted to post a comment about the Monex scandal but it seems threads are easily closed, some without the opportunity to even comment. I think it only fair that Mexican banks, like banks in any o...
Forum Discussion
Investing in Mexico can be tricky, a lawyer is Abogado and then there is the word "licenciado" this is also used to denote a lawyer who practices law and it is also someone that has a licenciatura, it can be in liberal arts or other line of studies but not Law.
Some individuals will use the abbreviation LIC in front of the name,
that does not mean that they are lawyers that practice law it just sounds fancy.
Years ago it is was difficult for foreigners to purchase land in Mexico, specially on the coasts, as in Acapulco and further North so developers would place the property in the name of the company selling the property in a legitimate way in other words the foreigner has documentation that he or she has rights to the property, I do not know if those laws have changed or not.
Then we come to the "presta nombres" (name lenders) this are individuals that will place the property in their name only and the foreigner has absolutely no right at all since there are no documents or they are false and worthless that the individual that invested has to prove the transaction.
Another scheme was used South of Ensenada some years ago, a supposed licenciado sold land to some Americans, they built the houses to enjoy in the retirement years, the land was part of an ejido and when the owner of the ejido passed away the surviving family decided to construct some houses.
Ejidos can not be sold to regular persons other the family or other ejidatarios, and much less foreigners, there was a big brouhaha about this in the courts and eventually the persons that had invested in this project lost everything.
If investing in Mexico one has to check the individual that claims to be a "licenciado" the person might have a licenciatura en letras, this does not mean that they are lawyers they might just be presta nombres or just outright scammers and there are plenty of those.
There is a Bar association in Mexico and each State has a branch accessible via the internet.
Another item that one has to be very careful is with what is called a "fideycomiso" that can get someone in trouble with the law.
Me I am not smart enough to invest in the stock market, so I would rather loose my money in Vegas.
navegator
Some individuals will use the abbreviation LIC in front of the name,
that does not mean that they are lawyers that practice law it just sounds fancy.
Years ago it is was difficult for foreigners to purchase land in Mexico, specially on the coasts, as in Acapulco and further North so developers would place the property in the name of the company selling the property in a legitimate way in other words the foreigner has documentation that he or she has rights to the property, I do not know if those laws have changed or not.
Then we come to the "presta nombres" (name lenders) this are individuals that will place the property in their name only and the foreigner has absolutely no right at all since there are no documents or they are false and worthless that the individual that invested has to prove the transaction.
Another scheme was used South of Ensenada some years ago, a supposed licenciado sold land to some Americans, they built the houses to enjoy in the retirement years, the land was part of an ejido and when the owner of the ejido passed away the surviving family decided to construct some houses.
Ejidos can not be sold to regular persons other the family or other ejidatarios, and much less foreigners, there was a big brouhaha about this in the courts and eventually the persons that had invested in this project lost everything.
If investing in Mexico one has to check the individual that claims to be a "licenciado" the person might have a licenciatura en letras, this does not mean that they are lawyers they might just be presta nombres or just outright scammers and there are plenty of those.
There is a Bar association in Mexico and each State has a branch accessible via the internet.
Another item that one has to be very careful is with what is called a "fideycomiso" that can get someone in trouble with the law.
Me I am not smart enough to invest in the stock market, so I would rather loose my money in Vegas.
navegator
