Effective July 4, 2025, Mexico's Ministry of Finance and Public Credit (SHCP) announced the temporary transfer of management of the fiduciary funds of CIBanco and Intercam Banco to the state-owned bank NaFin (Nacional Financiera). This decision applies to all types of trusts (fideicomisos) previously administered by these institutions, including real estate trusts that foreign citizens use to purchase housing in «restricted areas» - on the coasts and near the borders of Mexico.
The move comes after the US Financial Crimes Enforcement Enforcement Agency (FinCEN) accused both banks, as well as brokerage firm Vector Casa de Bolsa, of being involved in money laundering schemes allegedly linked to drug trafficking and organized crime. These allegations led to the downgrading of the credit ratings of CIBanco and Intercam by S&P and Fitch, restrictions on card transactions of these banks, and in addition to the intervention of the National Banking and Securities Commission (CNBV), which initiated supervisory intervention.
Among the most sensitive consequences is the fate of trusts (fideicomisos) formed by foreigners to own real estate in coastal zones, where direct ownership of land by citizens of other countries is prohibited by the Constitution. Let us remind you that such trusts are legal, recognized by federal law and provide:
- buy, own, inherit and sell real estate,
- in this case, the property is legally located on the balance sheet of the bank (fiduciary), and the foreign citizen is considered a beneficiary with all rights of disposal.
CIBanco and Intercam are among the largest players in the fideicomiso market for foreigners, especially in the states of Quintana Roo, Baja California Sur, Nayarit and Yucatan. As of April 2025, CIBanco controlled nearly 28% of the country's total trust portfolio, according to industry data.
SHCP emphasizes that the purpose of the transfer is to ensure continuity of performance of obligations under all trusts, including real estate transactions, and to ensure that the rights of settlors and beneficiaries are protected. It means:
- Trusts are not revoked. All fideicomisos continue to operate according to the same criteria.
- The bank's ownership and responsibilities as a fiduciary are retained. Foreigners remain the legal beneficiaries.
- Management simply passes under the control of another institution - in such circumstances, the state bank NaFin.
- At the second stage, it will be possible to distribute the portfolio among private banks not involved in the FinCEN investigation.
However, experts warn that operational support (eg, trust renewals, amendments, registration of sales) may be slowed down due to the transition period.
Some companies have already begun replacing CIBanco as trustee in securitizations. This could mean that foreigners wishing to sell a property or change the fideicomiso criteria should consider transferring the trust to another bank - say BBVA, Scotia or Banco del Bajío, which also deal with foreigners.
Fitch Ratings has previously emphasized that Mexico's strong legal framework minimizes risks associated with fiduciary governance. However, the real situation will depend on the speed of response from CNBV, Hacienda and NaFin itself.
What should foreign owners do?
1. Check the status of your fideicomiso. Contact your bank representative or real estate agent.
2. Don't take hasty steps. The beneficiary's rights are preserved, but temporary delays may occur.
3. Prepare for a permissible trust transfer. If NaFin delays servicing, you have the option to transfer the trust to another authorized bank (with SRE approval and new registration).
Although at first glance the news about the transfer of trusts to a state bank may sound alarming, for foreign property owners this does not mean a loss of rights, but only a temporary change of manager. It is important to monitor the situation as it develops and, where appropriate, to consult with experts familiar with the fideicomisos mechanism in Mexico.
How to buy real estate in Mexico, we told in thispublications.