Forging my Future in Mexico

(Published in International Living magazine, November 2021)

The warm Caribbean breeze whips palm fronds overhead. A regal 3 foot long iguana stands guard on a grassy median. Nearby spider monkeys cavort through shade covered vines above a slow moving river. At a little past 5 PM, dozens of dusty, grinning workers pour from a sleek, stucco construction site called La Luna, soon to be my new home.

Wildlife sanctuary Akumal is firmly rooted in Mexico’s Riviera Maya, midway between two chic vacation destinations, Tulum and Playa del Carmen. I look forward to moving into this eco-friendly, gated community but before that must absorb buckets of information regarding buying property in Mexico as a US citizen. Luckily, many astute experts guide the way.

I have built, purchased, renovated and sold several houses in the US but this is my first abroad. Thanks to a corps of experienced professionals (realtors, attorneys, financial advisors, at home and out of country) the process is surprisingly smooth despite bumpy detours along the way.

Welcome to Akumal

As a subscriber to International Living Magazine, I am aware of life style and financial advantages expats enjoy living in other countries. And as a reader of Ronan McMahon’s RETA (Real Estate Trend Alert) through the years I am invited to attend unique gatherings in order to visit well-priced real estate developments.

Early in 2020, with my partner Peggy, I take advantage of one of these opportunities called a MOST, a “ Members Only Scouting Trip.” Boy, am I glad I do.

As evergreens in Northern Virginia toss off the last snowy remnants of winter, we catch a late night flight to Cancun. It’s a great time to come. The airport is uncommonly serene, nearly deserted. In little more than an hour, but well after midnight, our complementary pickup deposits us at the entrance to Akumal Bay Beach and Wellness Resort.

All is quiet except for deep, rhythmic throbbing of nearby surf. The dramatically lit, open air, thatch-roof reception area looks like a stage set. But, there are no other players apparent. At the registration desk, a perfectly bilingual young man greets us like he’s been waiting all night for our arrival. Soon, we are in a spacious suite with moonlit ocean view. There is a 24-hour, on-site restaurant nearby.

Making our way there, sounds and scent of the sea grow stronger. We sit down for a late dinner (or early breakfast) welcomed by an attentive staff entirely at our disposal. No matter the time is 2 AM. This is just the appetizer for a sumptuous feast of sensory excitements to come.

Following a short, sound sleep we emerge from our room and are stunned to find hundreds of vacationers here. We don’t feel crowded, just surprised. What a difference 6 hours can make.

Along the coral strewn shore, families stake claim to loungers and curtained tent beds. A beach shack offers free gear for snorkeling. Broad brimmed workers tidy up the beach. We will make time for a dip later but right now we are on a mission to learn about local real estate.

Multiple restaurants at the resort serve breakfast. We select the lavish bar buffet with hearty choices and healthy ones. An open air terrace facing the Sea is a perfect spot to fortify for the obvious “hard sell” to come.

Touring Investment Properties

But the “hard sell” never comes.

Instead, we join a small band of intrepid scouts like ourselves in the hotel lobby. Our party of 5 is ushered aboard a comfortable van by lead guide Pati, a local real estate expert, born in Mexico City, and schooled in southern California. For the next 2 days, she and associates roll out a thick welcome mat to an enormous, ocean front residential complex called Sirenis (or Mermaids in English).

This is one of several, highly integrated, gated communities developed by Tao Mexico. Since 2006, this company has created master-planned neighborhoods up and down the Riviera Maya blending them “ harmoniously” with the indigenous Mayan Jungle. The Sirenis project is particularly dedicated to conservation and well being as a sanctuary for local species: iguanas, agouti, monkeys and sea turtles.

Our tour takes us to several different properties interspersed between handsome single family residences. Some are complete and fully occupied. Others are rapidly underway, while still more have yet to break ground.

Community amenities include a beach club called Jungle Fish, a holistic Wellness Center with gym, fresh and saltwater pools. Community members can also access the 4 Star Grand Sirenis Hotel and Spa at discounted rates.

After touring several properties, Peggy and I gravitate toward La Luna, a 24 condo complex just emerging from the sunbleached sand. We pour over floorplans and architectural renderings of a 2 bedroom, 2 bath unit with 860 square feet interior and 200 square foot terrace. This is perfect for us and will well suit visiting family members.

There is an on-site pool, rooftop terrace and only a short, 5 minute drive to the beach. Our friends at RETA have negotiated a special discounted sales price just for members like us.

Money Matters

Lunch is served at the Wellness Center, a glassy structure tucked into the Mayan jungle, easily accessible by rustic walkways. Here, over tacos, quesadillas, frijoles and fresh fruit, our party learns basics of property investing in Mexico.

Attorney Ernesto Patron (a specialist in real estate law) provides an easy to understand, step by step explanation of real estate acquisition here. His firm conducts business in English and Spanish and is dedicated to closing deals “…quickly, correctly and legally.” We don’t care much about the speed of acquiring a home in Mexico, but know it must conform to Mexican and US laws.

One particular detail is discussed at length. Property purchased within 50 miles of any Mexican border must be done through a bank trust. It is a prerequisite designed to reenforce national security. This requirement in no way limits property owner rights and in fact facilitates smooth currency exchange by having bankers shaking hands with bankers across borders. (For more detail contact Inter Lex Mexico, Real Estate Closing Attorneys)

Next, over dessert of creamy caramel flan and coffee, we learn about financial packages and how best to take advantage of a highly favorable currency exchange rate.

The Tao Real Estate Manager presents different financial options. The most appealing for us begins with a fully refundable 30 day deposit. He then outlines a package with financing at a rate slightly higher than we are accustomed, but resulting in full ownership within 5 years. This sounds good to us. (To learn more go to Tao Mexico.com)

Guide Pati ends this informative session by saying, “Enough business. Let’s go have some fun.” We return to the resort with plans to meet later for dinner.

Lounging on the beach, our “Scouting Team” discusses what we have learned. All are smitten with the people, culture and attractions of Riviera Maya. Most have been here before. Peggy remembers her first visit to Merida and Cozumel, circa 1980, when the omnipresent Maya population was shy and spoke only halting Spanish. Now they are quite engaged, the backbone of a booming real estate market and many also speak English.

A casual surf side banquet caps this day’s adventure. Restaurant La Lunita perches on a coral outcrop elevated above Akumal’s choppy surf. Our group sits outdoors dining on local seafood: ceviche, octopus, lobster and sea bass. All the while our guides, Pati and team, serve up cheery answers to heaps of pointed questions about properties visited today.

Just as the sun goes down, and main dishes are served, there is a brief power failure. But no worries. Servers dash from table to table with lighted lanterns. Clearly, they are prepared for this mild inconvenience. Reflections of a rising moon, warm wash of candle light and the satisfied glow of contented diners give this day a postcard ending.

Rising Out of the Sand

Six weeks later I return to Akumal to sign documents and conclude the purchase. While back in the States I have consulted with an accountant and an attorney regarding my decision to buy a home abroad. They conclude this seems to be a good idea for me.

The site of La Luna has made remarkable progress in my absence. What was recently a field of bonded re-inforced steel bar is now a pair of stucco swathed structures. Terraces protrude from faces of each building. A crane hoists concrete block to the roof. Various teams work inside and out. One hard hat workman feeds sand into a cement mixer non-stop. Bucket brigades across the site transport materials hand to hand, up and up as my new home takes shape. It’s noisy and very busy.

I meet again with the Tao Mexico real estate team. Once again there is absolutely no pressure. In the time since our last meeting I have asked many questions by telephone and WhatsApp which they promptly answer. This is a moment of reckoning. All are ready.

Document signing takes about an hour. Once again I read every page transcribed both in Spanish and English. There is a 72 hour period for reflection but I never experience cold feet. The documents will now be formally submitted. I will receive copies by courier within a week in the States.

I make regular installments for 6 months by wire transfer from my bank to theirs. Payments are expedited by their bank branch in Texas. These remittances account for one half of the purchase price. The rest will be financed at 6.5 percent for a period of 5 years. At that point, there will be no more mortgage. My seaside home in Akumal will be completely mine.

Next objective, furnishing our vacation home with locally crafted pieces. But that’s a story for another day.