A client who recently bought a condo in Puerto Vallarta, called and said, “Please write a summary of the basic points of foreign ownership: so that not only I can speak about it better, but to teach or remind other foreigners what a unique opportunity we have to own properties near the ocean in Mexico.” This is a summary of the characteristics of a fideicomiso trust: Legal ownership of real estate in Mexico for foreigners comes from the Foreign Investment Law, which was approved by President Luis Echeverria in 1971, and became law in 1973.
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Buying or Selling Property in Mexico
Utilities and Real Estate ClosingsBuying and selling real estate in Mexico is similar to the closing process in Europe and South American countries: A notary (specialized attorney appointed for life) is empowered to transfer real estate. Using a notary for closing is different from US and Canadian transactions. The notary in most of the world is the highly trained and paid professional we use here in Mexico. Notary public in our experience is not by any means the same profession even though the names are the same.
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Not the country you hear about on the nightly news
Mexico’s Growth in Global Manufacturing & ProductionWhat country has enhanced its position in global manufacturing and design for appliances to aircraft parts? Mexico. Surprised?
In the past Mexico, has had troubles competing for business development because of the lack of standards met for international competitiveness, but things have changed.
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Beware the Coyotes
Before You Choose Your Real Estate AgentWe 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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Contact us today to get started
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
