In Mexico, the Restricted Zone is 50km from the Ocean and 100km from the borders. All foreigners owning property in Puerto Vallarta do so through a Bank Trust or Fideicomiso.
The bank is Trustee of the property and the buyer is the prime beneficiary. The buyer has all the rights and obligations of ownership -- can mortgage, rent, remodel, and sell the property. The substitute beneficiaries are the heirs that the buyer chooses and are named in the Trust. This is a great way to own property as there is no probate or lengthy legal work involved in order to will a property. The Trust term is for 50 years and can be renewed.
There is a yearly bank fee -- the Trust set-up and first year payment is included in the closing costs. A Trust is not an asset of the bank, nor is it leasing a property!
The property is deeded by a Notary, which in Mexico is a government appointed attorney, and then sent to be recorded at the Public Registry office.
Property taxes in Mexico are very low. As this tax is based on the assessed value of the property (valor catastral) and as the assessments are usually very low, the taxes are low as well. Payment is due the within the first 2 months of each year and there is usually a discount for prompt payment.