17 March

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Buying Mexican Real Estate – Some Common Real Estate Terms

Posted by Mexlaw

Closing Date The closing date or completion date is the day the property is transfer to the buyer, and the title deed is signed. Condominium Regime This document granted by a Notario Publico and recorded in the Public Property Registry. It contains all the rules and regulations for the development as well as legal matters regarding the complex. The buyers will not receive the title until the regime is registered. Notario Publico A Notario Publico is a licensed attorney, certified, and appointed by the government. The notario acts as an official representative of all parties of the transaction. They do not represent only you; you...

10 March

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Do I Need an Immigration Lawyer?

Posted by Mexlaw

in Immigration, MexLaw

You may have already discovered that many procedures do not go smoothly in Mexico. There is always a certain amount of frustration and wasted time when you are trying to get anything accomplished; the immigration process is certainly no different. Residency visa applications can be a challenging endeavor if you go through the process on your own. It is highly recommended that you hire an experienced immigration lawyer to obtain your residency visa, and save yourself time and aggravation. The Benefits of an Immigration Lawyer A lawyer will perform a personalized analysis to determine the best procedure for you, depending on the...

26 February

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Restrictions of Foreign-Owned Corporations in Mexico

Posted by Mexlaw

in Accounting, Legal Services, MexLaw

According to foreign investment laws in Mexico, foreign investors may hold 100% of a Mexican corporation or partnership. The legal system and tax laws do not discriminate between foreigner business and Mexican National owned businesses. One thing that separates foreign-owned corporations and Mexican owned corporations are the activities they may carry out. Foreign investment is permitted in most sectors except for those activities listed below. Sectors reserved for the Mexican State Oil and other hydrocarbons exploration and extraction Sale of electricity to the public Nuclear power Radioactive minerals Telegraph and radiotelegraph services Postal services Printing money and coin minting Control, supervision, and...

13 February

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How Do Foreigners Lose Their Investment in Mexico?

Posted by Mexlaw

in Legal Services, MexLaw, Real Estate

Foreigners investing in Mexican property need to follow the legal process in order to protect their investment. When you hear reports of a foreigner losing their life savings and getting caught up in a legal battle over the property in Mexico, understand that this situation is entirely avoidable. If you buy real estate through the correct channels and use a Mexican lawyer during your purchase, buying property in Mexico, it is a safe and secure investment. These are a few grave mistakes foreigners make when it comes to buying real estate; They bought the property from someone who is not the legal owner....

10 February

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Residency in Mexico and Abuse of the FMM – Visitor Card

Posted by Mexlaw

in Immigration, MexLaw

It is relatively common for foreigners to take advantage of the visitor card - FMM (Forma Migratoria Múltiple) as a way to live in Mexico. Many foreigners are entering as a tourist and staying the 180 days granted to visitors and then leaving the country and returning for another 180 days, rather than applying for a residency permit. For a few years, there have been rumors that Instituto Nacional de Migración - INM will begin to crack down on this practice and regulate the use of an FMM as a way to live in Mexico. It started with some foreigners receiving...

10 February

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Q&A About the Fideicomiso in Mexico

Posted by Mexlaw

in MexLaw, Real Estate

There are two options for foreigners who want to purchase Mexican property within the restricted zone (100 km of any national border and within 50 km from the coast) either through a Mexican corporation or by obtaining a fideicomiso. The fideicomiso is a trust held by the bank, which provides the buyer with all the benefits of direct ownership. Is the fideicomiso a lease? No, although the term of the trust is 50-year increments, it can be renewed indefinitely. Should I choose one of the larger banks to set up my fideicomiso? No, not necessarily. Since the fideicomiso is not a big part of their...

05 February

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An Important Update About Real Estate Acquisition Tax

Posted by Mexlaw

in MexLaw, Real Estate

Purchasing property in Mexico, like any other country, is associated with added expenses during closing. One of the added costs you should anticipate is the acquisition tax, also known as a transfer tax. Up until this year, the acquisition tax in Playa del Carmen was only 2%, but as of January 2020, the Impuesto Sobre Adquisiciones de Bienes Inmuebles (acquisition tax) has increased from 2% to 3%. The tax will be calculated at 3% of the assessed value of the property at the time of purchase and is the responsibility of the buyer. This increase affects real estate transactions in Playa del Carmen...

22 January

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Power of Attorney in Mexico

Posted by Mexlaw

in Legal Services, MexLaw

Power of Attorney- POA in Mexico, like other countries around the world, can be established by granting one or several people sufficient authorization to represent you in one or more acts to be held in Mexico. We recommend that a POA be tailored to whatever your intentions are in Mexico; these can be divided into: Powers of Ownership - Performing acts related to Real Estate. Banking Powers - Performing all kinds of acts related to opening and managing bank accounts. Administration Power - This power will be used for all types of procedures related to any public administration body and even...

15 January

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Financial Requirements Increase for Residency Visa in Mexico

Posted by Mexlaw

in Immigration, MexLaw

If you intend to stay in Mexico for more than 180 days, you will want to apply for a residency visa. One way to qualify for a residency visa is through economic solvency. The new year brings an increase in the daily minimum wage, and with that increase comes new financial requirements for residential visas in Mexico. The minimum wage will increase to 123.22 pesos a day. Since the visa requirements are based on the minimum wage, this means the criteria for resident visas will also increase. Please check with the Mexican Consulates in your home town area to compare the financial requirements...

13 January

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10 Things You Should Know About the New Health Service in Mexico

Posted by Mexlaw

in Insurance, MexLaw

The new year brings a new health service to Mexico, INSABI - el Instituto Nacional de Salud para el Bienestar has replaced Seguro Popular. INSABI intends to provide quality healthcare to all people living in Mexico who do not have Social Security benefits through their employer. What you need to know about INSABI You do not need to sign up; when you need medical treatment, present a National Electoral Institute INE or CURP or birth certificate at the hospital. This service is free; there are no monthly fees or enrollment fees. The service provides free healthcare on the first and second...

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