Mexican fintech company will offer digital mortgages to foreigners
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Loading... - Daas Christina
- 17 Feb 2023
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Foreigners with official permanent or temporary residence in México who are registered with the tax authority (SAT) will now be able to get a mortgage loan online with the Mexican fintech Yave, a company that grants digital mortgage loans.
According to Yave’s cofounder Bernardo Silva, the opportunity for his company in this area is wide.
Bernardo Silva is the founder and CEO of the Mexican fintech real estate company Yave.
“The pandemic triggered digital nomads to start looking for other housing opportunities,” Silva said in a recent interview on the Mexican podcast Centro Urbano Home. “We decided to go for this niche.”
Yave will be the first property technology company to offer a 100% digital mortgage in Mexico. It recently raised capital that will be allocated to improve the platform’s processes and customer service, according to Silva.
Interior Ministry figures list 543,000 foreign residents in Mexico in 2022. The number of digital nomads is not recorded in government figures, but a resource for digital nomads, Nomad List, said in a 2022 report that Playa del Carmen was a top destinations among its 10,000 subscribers, and Mexico City was No. 5 on its lists of the fastest-growing remote work hubs in the last five years.
Mexican government data published in November showed a 48% increase in residency visas issued to U.S. citizens in 2022 compared to 2019, and those to Canadians increased by 137%.
However, there can be some obstacles for foreigners who wish to buy a home here. One has been the need to purchase property through a real estate trust (fideicomiso), a contract that allows foreigners to buy within Mexico’s restricted zones, which includes any land within 50 kilometers of the coast and 100 kilometers of any national border. With a fideicomiso, a Mexican bank acquires real estate property on behalf of the foreign buyer. Read More…
