Banamex Trust Renewal Information

This page is provided in an effort to provide assistance to owners whose Condominium is held by the Banamex Trust. Please note however that it is the sole responsibility of each Owner to make their own arrangements to renew their trust. Any penalties or fess which are assessed by the existing trustee or the Mexican Government as a result of non compliance will be solely their own responsibility. Notwithstanding this, the Administration will try to assist any Owners in answering questions and providing advice and orientation to anyone who requires it.

Why is a trust necessary ?

Foreign nationals are not allowed to directly own property in Mexico in coastal areas. In order to do so, the title to the property must be held in a bank trust, with the foreign national being the beneficiary of the trust.

What is happening to the Banamex Trust ?

The Banamex trust was established by Playasol, the building's developer, 30 years ago. The 30 year term of the trust expires this year. We do not know the exact date on which the trust expires since Banamex has refused to give the Administration this information since we are not a party to the trust and therefore due to bank secrecy laws, they claim they cannot give us this piece of information. We would appreciate if any Owner has contacted Banamex and know this information, please advise us so we can update this page. The contacts in Mexico City are Gabriela Rodriguez who can be reached at  (55) 2262-5935 or (55) 2262-5923 and in Acapulco with Gabriela Fuentes at (744) 485-4135 or 485-3413 or 485-9155 or 485-9049 or 485-9051.

What do you need to do to renew your trust ?

Your trust must be renewed to avoid penalties and problems in event you wish to sell your unit. The notice to extend the trust must be given to the Mexican authorities by the Trustee bank at least 90 working days prior to the trust's expiry date. Your may renew the trust with any Mexican Bank you wish based on the prices that they quote you and other service factors which you deem applicable. You are not required to renew with Banamex if you do not wish to do so.

We have requested various banks to provide us with their offers and you will find these offers at the following links:

                                                                                                    Renewal Fee                Yearly Fee

Banamex                                                                  Mex$12,000                 N/A

Gabriela Adriana Fuentes -  Tel: (744) 469-4135 Fax (744) 485-3413 email: gafuentegu@banamex.com

Banca Afirme                                                            Mex$23,000            Mex$2,500

Iraìs López Rodríguez -  Tel : (55) 52-67-67-00 Fax (55) 52-67-67-67 email: ilopezr@afirme.com.mx

Bancomer (to be available in the next 2 days)

Scotiabank Inverlat                                                  Mex$11,600             Mex$3,500

Violeta Montufar Ochoa Tel (744) 484-7200 Fax (744) 484-7211 email: vmontufar@scotiabankinverlat.com

Once you have selected the option that you wish, please contact the Bank as follows and provide them with the documentation which is listed on their offer page.

If you require any further assistance or have questions, we will be happy to try to answer them. Please contact Rafael or Andrea at the collections office in Acapulco at (744) 435-0300 or at rafael@lastorresgemelas.org or email the Administration at kim@lastorresgemelas.com