If you are buying a home right now or have recently done so, the first thing you should do is change the utilities over to your name. I hope that this information will speed up the process in getting you set up! When you have purchased a new home in Playa del Carmen, and the title has been transferred and you become the official owner, one of many post-closing tasks you’ll have … [Read more...] about Setting Up Utilities in Playa Del Carmen
Mexico Real Estate Taxes
It’s not uncommon to hear your neighbors, friends and family in America complain about paying high taxes on everything. Perhaps even you are complaining. When it comes to property, no one is sure about what to do anymore. But some thousands of people have hit the nail on the head and found the easy solution: moving! According to CNBC news, the states with the highest taxes also … [Read more...] about Moving Is the Solution to High Property Taxes
With the incredible coastlines, attractions, weather, low cost of living and healthcare, Mexico has become a preferred destination for retirement, full time residency and real estate ownership for Americans and Canadians. Friday November 1st the Mexican Congress passed the first part of the proposed Mexican reforms to increase taxes in a number of categories in order to … [Read more...] about Mexico’s New Tax Reforms – Could They Affect Interest in Foreign Real Estate Purchases?
On a fairly regular basis – in fact, whenever I write about the cost of living or property expenses in Mexico, I emphasize that property taxes are virtually a non-expense in Mexico. However, it's always necessary to see cold, hard numbers. While there are variables in the calculation, I find that property taxes are usually under 0.1% per year, often somewhere around … [Read more...] about How Much Are Property Taxes in Mexico?
Having information on what to do with your U.S. taxes when you own a property in Mexico is always helpful. Recently, the IRS has announced that Mexico's Bank Trusts (“fideicomisos”) are not “trusts” in the proper sense of the word for U.S. taxes. It seems that this is good news, making for less paper work, at least. Here's an excerpt from an article from KPMG … [Read more...] about Mexico Real Estate and U.S. Taxes: Land Trust not a “Trust”