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MEXLAW > Blog (Page 11)

ONGOING TRAINING AND DEVELOPMENT AT MEXLAW AND MEXTAX

To be reliable and competent, professionals must continue to enhance their education and not rely exclusively on personal experiences. Everywhere else in North America, professionals such as lawyers and accountants must maintain current knowledge of the law and accounting rules to better advise and serve their clients. MexLaw and MexTax observe this international principle by requiring that lawyers and accountants on their team must complete a minimum of 30 hours per year of advanced training or refresh their knowledge to better serve our clients. We would like to congratulate those members of our team, pictured above, that recently dedicated 15 hours...

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BECOMING A NON-RESIDENT OF CANADA FOR TAX PURPOSES

If you are a Canadian residing in Mexico, you should consider the possibility of becoming a non-resident Canadian for tax purposes only. This article will explain how to do that. It will not consider the benefits or advantages for making this selection. This is always a personal decision and will be based on individual choices, values, and priorities. We will review the practical steps and will attempt to eliminate common myths regarding non-residency status for Canadians. Other than the tax benefits of renouncing their residency status, Canadians should remember that, if they reside outside of Canada for more than 183 days,...

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5 Most Important Points to Review in a Promissory Agreement

Once an offer to purchase has been accepted, the next step is to complete a promissory agreement. The promissory agreement in Mexico is a formal and legally binding document that outlines the details and terms of the real estate transaction once all negotiations are final. It outlines details such as the legal description of the property, the final price, any penalties and other clauses agreed on by both parties. This agreement is the foundation of the transaction as the details of this contract will be used later to complete the sale and transfer the Title Deed. In the process of purchasing...

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LAWYERS VERSUS CLOSING COMPANIES

Although they have been around for some time, closing companies are now becoming more and more prevalent. Essentially, these closing companies or “settlement” companies, are operated by ex-patriots that believe that, because they have experienced firsthand the process of purchasing real estate in Mexico, they can advise and consult others on the process. For a fixed fee, they will read the offer provided by a realtor, make some comments, and then introduce you to a preselected notary and bank to finalize the process. They will, essentially, transfer the most critical part of the process to the notary and the bank...

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Applying for a Job Offer Visa in Mexico

If you are a foreigner and have received a job offer in Mexico, or you are a foreigner with a business in Mexico and plan on working in this country, you will need permission to work. The official name is “Visa por oferta de empleo” (Job Offer Visa). This procedure allows you to live and work in Mexico. The process consists of two steps which are completed in Mexico and one step to be completed outside the country at a Mexican consulate. The process will begin in Mexico. It requires a job offer from a Mexican company; this company should have “Constancia...

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