There appears to be some confusion as to what needs to be reported to the IRS by US citizens owning property in Mexico. Some US based accountants and tax preparers provide contradictory information and instructions to their clients. ...
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While working remotely has been commonplace in some countries, the COVID-19 pandemic saw workers across the globe working from home in unprecedented numbers. And while the pandemic has been devastating for millions, it has also created opportunities for improving the way we work and live. Let’s take a look at just a few of these benefits. Benefits of Remote Work - Shorter commute times: Depending on where you live, your commute may have consumed a few hours of your day - every day! Remote work means no commute. No commute means less wear and tear on your car, less money spent on...
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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...
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If you are selling your property in Mexico, you may get an excellent offer from a buyer looking for a rent to own situation. The potential buyer may want to live on the property while making substantial payments. How do you protect your investment and not waste time and money if the buyer defaults? You will need to take extra precautions to protect your interests. We recommend you hire a Mexican lawyer to draw up or at least review any legal agreement you make to ensure you and your investments are fully protected. What type of agreement will protect the potential buyer...
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Purchasing a condominium in Mexico is an exciting venture, and there are plenty of new buildings on the market. Before handing over your money consider these 5 points and as always we remind our readers to hire a lawyer licensed in Mexico to review the sales agreement and carry out due diligence on the property. Can you trust the developer? What is the business model and are their other projects successful? Check out the developer's reputation and experience before you invest. Does the property have a business model that guarantees long-term appreciation? Who is the administrator and what is their...
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