Home

Mexico Real Estate Articles

Real Estate Articles

Playa del Carmen Real Estate - The Logistics of Changing Residency


Thomas L. Lloyd, mazatlan Broker By Thomas L. Lloyd
2012-01-04

One of the most important steps of making Playa del Carmen your new home is to find an ideal piece of Playa del Carmen real estate.  Yet there are also other very important steps to take, including working out the logistics of official processes you will need to consider.  The fact is that the sooner you begin with these processes, the smoother the beginning of your stay or new life in Playa del Carmen will be.  While searching for your dream home, begin to consider the following items.

 

Official Residency – Especially if you are planning on staying in Mexico permanently or long-term (i.e. longer than 6 months consecutively) you will want to begin working out your visa requirements.  In simplified terms, Mexico’s visas progress from tourist (FMM) to temporary resident (FM3) to permanent resident (FM2.) Generally, you should begin processes for temporary residency within 3 months of arrival. In Playa del Carmen, there are experienced lawyers who speak English fluently who can handle these processes.

 

Banking – While you can’t open a bank immediately (you have to wait till you have your FM3), there are still items to plan from the beginning. For example, you might consider the most cost effective and safest way to access funds from back home.  Wire transfers are highly recommended.  A less costly and secure way to access funds is by means of an ATM.  If you have an account with a bank that has special arrangements with a bank in Mexico, you can make withdrawals without fees.  In Playa del Carmen, Scotiabank has such arrangements with Scotiabank (Canada) and Bank of America and Banamex with Citibank.

 Related: Banking for Foreigners in the Riviera Maya: My Personal Journey

Bills – Regardless of whether you are living in Mexico full time or part time, you will have bills associated with your property.  Online banking with a Mexican bank helps pay these when you are not there.  Annual property taxes (which are very low) are due in April in Playa del Carmen, and discounts are available for early payments during December-February.

 

Insurance – Having insurance for your property, healthcare, your car (if you are going to have one) and other such items is important.  Start looking early to find good coverage at reasonable prices so when your relaxing lifestyle in Mexico begins, you can really just relax with confidence.

 

For any of these items, your real estate agent should be able to point you in the right direction to get a good start on getting the paperwork out of the way so you can focus on relaxation when the time comes!

 

Mexico Real Estate NETWORK; "Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!"

 

Region:  Mazatlan real estate Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. A Mexican Certified Realtor he is the current president of TOPmexicorealestate, you can contact him at (512) 879-6546.

Find Thomas Lloyd on Google+

 

Thomas L. Lloyd, call2