A usufruct is an agreement through which one can obtain the rights of possessing, managing, using, and enjoying the benefits of a property. You have the same rights to usage as an owner but without buying the land. A usufruct is for your lifetime so gives peace of mind for house owners.
Although the law does not prevent Foreigners from being able to apply to register a usufruct on a land, however, this is still subject to the discretion of the Land Officer.
The person who enters into a contractual agreement with the owner for this right is called the “usufructuary”. A usufruct will be registered in a similar manner to a lease of up to 30 years or for the life of the usufructuary.
Once registered, it will have effects as a servitude on the title. The owner of the land cannot sell or transfer the land until the servitude has been terminated.
The usufructuary must also keep the property intact and returned in the same position that it was when the usufruct was granted.
The usufructuary is responsible for the expenses for the management of the property, paying taxes and duties, and being responsible for interests payable on debts charged to it.
If required by the owner, the usufructuary is bound to insure the property against loss for the benefit of the owner. They must pay the insurance premiums for the duration of their usufruct and your right is also registered on the title deed.
A usufruct interest expires upon the death of the holder of the usufruct and therefore cannot be inherited.
As stated in the Civil and Commercial Code of section 1422, the beneficiary can transfer his rights to a third party. In fact, the usufructuary can get into a lease of 30 years with the third party. Nevertheless, the usufruct grantor will still claim for the damages that are induced by the third party.
The usufructuary has the right to transfer the land via inheritance although the decision is ultimately depending on the Land Department officials.
The best way to get guidance on your specific legal issue is to contact a lawyer.