Changes in Mexican Migratory Law, part two
This is part two of my series on the new Mexican Migratory Law; it deals with the classification of TEMPORARY RESIDENT. The previous article dealt with the classification of VISITOR as explained in the first part of Article 52 of the new Mexican Migratory Law and the following article will deal with the classification of...
Mexico’s Economy is Strong, says central bank
Augustin Carstens, the Governor of the Central Bank of Mexico (Banxico) said last week that the country has the elements necessary to face the problems generated by the U.S. debt and the Euro zone nations. In a media conference, Carstens said that the accumulation of international reserves, low interest rates and fiscal consolidation are some...
New Changes to Mexican Immigration Law
On May 25th, 2011, Mexico published its new migratory law (Ley de Migración) in response to glaring human rights violations, but as well as the human rights protections, the new law also includes some changes that affect expat foreigners. This is part one of a series of articles explaining the changes in the new migratory...
Owning Property In Mexico
Ley De Fideicomiso
http://youtu.be/lKGgxj4OZkk How many times have you heard, you can’t own property in Mexico, you can only get a long term lease! Real property ownership is not the same in Mexico article 27 of the Mexican constitution of 1917 decrees that no foreign person may be registered as the owner of any real property...
Ask An Expert
SAT on Timeshare sales
Question: I have been contacted about selling my timeshare in Mexico. The firm claims that I must pay 12.5% tax on this sale. Can you confirm that? Answer #1 Rory King: The answer to the question is a little complicated because it depends on the type of timeshare. Most timeshares or fractional ownership packages...
Realtors® Congregate In Washington
More than 8,000 members of The National Association of Realtors® met in Washington, D.C. for the mid year meetings held each year in May. While most were from the United States, others were from around the world including Mexico. Sergio Gomez, Vice President of the Association of Mexican Real Estate Processionals (AMPI) and John Glaab...
Purchasing Mexican Real Estate
Buyer Beware and other Common Sense Tips
Those of us working in the Mexican real estate industry are frequently asked the same question. “Is it safe to buy real estate in Mexico?” The answer is “Yes, if you follow certain guidelines.” In which case, your purchase is as safe as it would be in Canada, the United States, or elsewhere. Only a...
Buying on the Beach
Defining Mexico’s Federal Maritime Zone
Defining and measuring the Federal Maritime Zone The Federal Maritime Zone is legally described as the 20 meter wide strip of land that is transitable and next to the beach (playa mar). Let’s break this down to make sure we are clear on what we are talking about: 1. The Federal Maritime Zone is...
Mexico Rental Income
Paying Tax Is Now Easier Than Ever and with Stateside Benefits!
http://youtu.be/UJUrtLMJByw Those who have rental properties in Mexico can now rest easy. SAT, Mexico’s Uncle Sam, has provided a straightforward and relatively simple way to declare and pay taxes on rental income for those foreigners who have long wished to be in compliance but did not know the way to do so. As of February...
The Fideicomiso Controversy
and Forms 3520 and 3520A
Per Internal Revenue Code Section 6048, any trust established in a foreign country by a United States citizen requires filing certain forms with the U.S. Department of the Treasury (Internal Revenue Service) each year. Forms 3520 and 3520A must be filed by anyone who holds an interest in a foreign trust as a beneficiary. These...
Avoid Dual Agency
Consider a Buyer’s Agent
Dual agency arises when a real estate broker or salesperson represents adverse parties (e.g., a buyer and seller) in the same transaction. In real estate the party that represents a buyer and or a seller in the purchase or sale of a property, is called an agent. In Mexico, as in other countries of the...
AMPI National Inauguration
New Leadership
The Mexican Association of Mexican Real Estate Professionals (AMPI) has a new President: Adan Larracilla of Puebla, Puebla, has been sworn in, replacing outgoing President Hector Obregon of Leon, Guanajuato Also at the ceremony, Sergio Gomez became AMPI’s new Vice President and ten members representing a broad cross section of the Republic, joined the National...
