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Everything you need to know about buying and selling real estate in Mexico, Puerto Vallarta, and the Banderas Bay region

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Mexican Real Estate Definitions

Terms You Need to Know

Mexican Real Estate Definitions
By

Harriet Cochran Murray

On

Ejido:  Farming land owned by a legal entity, or group called the Ejido. Collective land that can now be privatized.  Foreigners cannot acquire rights to Ejido property.  Through a proper process, the Ejido can sell to a Mexican individual. The Mexican can then sell to a foreigner.

FM3: Foreign Immigration Visa for Foreigners. Issued for retirement or work purposes to non- Mexicans. Persons with FM3’s can stay within Mexico longer than the tourist visa permits. This document establishes residency and is renewable every year.

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Buying Pre-Construction: Cash vs Mortgage

How Mexico Compares to US & Canada

Buying Pre-Construction: Cash vs Mortgage
By

Harriet Cochran Murray

On

Thinking of buying a pre-construction condo in Puerto Vallarta or Riviera Nayarit? As Mexico real estate is largely a cash market, here’s what you should know about the financing of new development projects in Mexico as compared to the US and Canada.

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9 Tips for Successful Condo Living

Condominium Ownership in Mexico

9 Tips for Successful Condo Living
By

Harriet Cochran Murray

On

For most of you who have owned single-family homes, buying a condominium is a new experience.  This type of ownership gives all owners the opportunity to influence core decisions and procedures in managing a joint asset. There are differences in how people respond to owning and sharing the responsibility of joint ownership. The value of your condominium is affected by not only its physical attributes, but by the stability and maturity of your condominium association.

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Taxes Owed for Rental Income Continued

Owning a Vacation Rental Property in Mexico

Taxes Owed for Rental Income Continued
By

Harriet Cochran Murray

On

The law has not changed.  Both residents and non-residents must declare their full income and enforcement will most likely be stricter than ever.  For the non-resident, a Mexican person or entity must be appointed to collect, declare and pay taxes. No RFC is required. The tax is fixed, on the gross, it is a definite tax and no annual declarations need be made. Evasion of tax is a criminal offense. Articles 150 to 178 of the Fiscal Code provide for imprisonment of up to six years for evasion of taxes.  Not only is it a criminal offense but the taxpayer must pay the past due taxes and very substantial interest penalties which amount to 1.3% per month, compounded. 

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Harriet Murray

Owner / Agent

USA/Canada: +1 (504) 298-6730

Puerto Vallarta: +52 (322) 223-4027

Puerto Vallarta Cel: +52 (322) 205-7550