We make choices every day. They need to be informed ones. President Kennedy said: “We choose to stay with the comfort of opinion rather than the discomfort of thought.” A recent discussion with a seller made me realize she needed to become aware of misunderstandings which could happen by her not understanding Mexican immigration and tax requirements. In this local real estate market, working nationals and foreigners should all be registered as doing a business and should pay taxes to Hacienda or the Mexican IRS. However, there are people who choose not to be registered and illegally earn income they do not report.
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Coming down with a case of “tourista”
International Transactions in Real EstateI had been living in Puerto Vallarta for several years and thought I was doing a pretty good job understanding the culture, when a casual statement made me realize I still had a lot to learn. A well-traveled lady looking at real estate that afternoon mentioned that when residents of Mexico go to the US, they can get a case of “tourista” or upset stomach.
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Real Estate and
Mexico’s Anti-Money Laundering RegulationsMoney laundering is considered to be the crime of operations with money from illegal means under article 400 of the Federal Criminal Code. The money laundering offense is also complemented by the Federal Law Against Organized Crime, which provides higher criminal sanctions for money laundering offenders considered to be members of a criminal organization. The Federal Criminal Procedures Code considers money laundering offense to be a serious, and they limit a charged defendant the ability to obtain release on bail prior to conviction.
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Buyers’ Rights and Privileges
Can Foreigners Buy Property in Mexico?Foreigners (non-Mexican) are able to purchase real estate in Mexico. They may directly own rural or urban land in the interior of Mexico with certain limitations on specific agricultural tracts. What is the Restricted Zone? In the restricted protected zone, a Trust Deed is used. These protected areas include 100 kilometers along all-natural borders, 50 kilometers along coastlines, and all of Baja California. Banderas Bay is primarily in the restricted zone.
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Harriet Murray
Owner / Agent
Email: harriet@casasandvillas.com
USA/Canada: +1 (504) 298-6730
Puerto Vallarta: +52 (322) 223-4027
Puerto Vallarta Cel: +52 (322) 205-7550
