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...

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