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MexLaw

MEXLAW > MexLaw (Page 17)

Closing the Deal – Real Estate in Mexico

Did you know foreigners can buy property in Mexico without holding resident status? Although visitors to Mexico can purchase real estate without applying for temporary or permanent residence, holding a resident card will benefit you when it comes time to sell. Claiming the property as your principal residence may exempt you from any capital gains tax on the sale. Obtaining Mexican citizenship will allow you to purchase property in the restricted zone, which refers to properties that are 100 kilometers from the border and 50 kilometers from the coastline, without a fideicomiso, bank trust or a Mexican corporation. You have found...

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Tips on Securing Your Vacation Home in Mexico

So you found your dream home in Mexico, now it is time to shop for a homeowners insurance policy to protect your investment. Unexpected loss happens, whether it is loss through robbery, vandalism, fire, flooding or a natural disaster. Vacation homes are at higher risk of loss as some foreigner property owners only stay six months and leave the home vacant for the remainder of the year. A significant portion of real estate purchased by foreigners in Mexico is condominiums. In this case, the condo association will have a blanket policy to insure the structure, common areas, fixtures, and amenities....

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Hiring Legal Counsel For Your Homeowners Association

Serving on a Homeowners Association board can be time-consuming and at times stressful. There are many regulations and laws, including state and condo laws which the complex must abide by; it can be difficult to understand and comply with the various legal obligations. Moreover, since the condominium complex is made up of many different personalities, emotions can run high when you are addressing issues regarding people's homes and their investments. It is always best to have legal counsel on board before problems arise, be prepared and do not wait till there are serious issues before hiring an attorney. Competent legal...

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Americans with Mexican Investments, Do You Know About Form 8938?

U.S. citizens and resident aliens are required by law to report any worldwide income, including any income from foreign trusts and foreign bank and securities accounts. These laws also require all non-US financial institutions to report the identities and assets of any US citizen to the US treasury. Form 8938, is a Statement of Specified Foreign Financial Assets This form is used to report foreign financial assets if the total value of all the foreign financial assets in which you have an interest in exceeds the reporting threshold. U.S. taxpayers living in the US and holding specified foreign financial assets with an...

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Quick Facts About Assemblies for Condominium Owners in Mexico

Foreigners who are thinking about investing in Mexico, whether as a 2nd home or a permanent relocation,  typically have a condo near the beach in mind. Downsizing and enjoying a more affordable lifestyle go hand in hand with living in Mexico. Living in a condominium has many advantages such as easy upkeep, security, amenities, swimming pools and fitness centers,  investment, an opportunity for rental income, and also a social aspect which comes with living in a condo complex. Condominium ownership is best described as real estate of any shape or size available for individual ownership with undividable common areas for...

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