Since I own property in Mexico within 50 kilometers of the coastline, I am forced to use a bank trust for my real estate transaction. Thinking that a Fideicomiso from any Mexican bank would be the same, I chose Banco Santander. After paying their steadily rising fee for the last 8 years (it doubled after the first 3 years, once they had me "hooked"), I was told that I had to pay them another $1,500 when I wanted to sell my property. That made me wonder what I was already paying $1,000 annually for in the first place, but since they basically hold you hostage, I made the payment. I was then told that they will only process my papers in Mexico City and cannot mail them for signatures, so I would need to send my notary to Mexico City. Fine. If that will actually work, I'll do it. BUT. . .

Banco Santander Refuses All Fideicomiso Requests

During a 2 month period in which I repeatedly contacted the bank about my situation, I was told by my agent, Gloria Ariadna Islas Garcia, and then an employee that temporarily replaced her, that they would "work on it" when they had time. Basically all they have to do is print and sign a document or two, but even this proved too much for Banco Santander to handle. Meanwhile, the buyer of my property is understandably upset because the process is taking so long. This puts the entire transaction at risk, and I have already lost one prospective buyer to the bank's negligence.

When I asked to speak to a supervisor at Banco Santander about my Fideicomiso, I was not given a name or number for many weeks. After finally reaching the voicemail of the agent's supervisor, Pedro Salazar Gonzalez, to leave a message about the situation, my agent now tells me that she refuses to work on my file. Period. I am currently trying to reach my agent's supervisor to speak with him live, but I have not had any luck.

The result. . . ? After paying nearly $10,000 to Banco Santander to simply file my Fideicomiso in their archives over the last decade, the bank essentially has confiscated my property. My only recourse is to initiate a lengthy and costly legal proceeding to attempt to regain control over my property.

The Santander Bank Property Trust - Deceptive Practices

Banco Santander never contacted me during the entire 2 months, and they avoided all calls and emails from my property attorney (a "notatio" in Mexico). Essentially the bank is holding my property captive for an unknown personal or fiscal motive. All I know is based on my experiences, and they are telling me that the Banco Santander Fideicomiso department is an extremely unprofessional and questionably shady organization. They advertise that they do Fideicomisos, but in reality all they do is collect money from unsuspecting foreigners and sequester their properties.

Bottom Line: If you are planning on buying property in Mexico, DO NOT use Banco Santander for your Fideicomiso !