I recently had the question from a client “When do I need to pay the annual maintenance of my Mexico bank trust of my Mexico property” Yes, it s that time of year again and property taxes and Bank Trust maintenance fees are becoming due Some of you may not be property investors yet but are seriously studying over the information, if you want to learn more on what is a Bank Trust click here Now for you property owners who are looking to pay these fees, the majority of the banks here in Mexico do not have a notification system of these bills due, no sending notification emails, and much less a phone call to remind you of this annual service bill So, it is probably a good idea that you set up an automatic reminder on your computer agenda
Some tips.
BANK TRUST NUMBER
Most banks will give you a small credit card size “Bank Trust Card” This card will list out your trust number for quick referencing by the bank employees Keep this filed with all your Mexico property documents If you do not have this card, file the trust number for easy accessing If you do not have this trust number, the banks can usually look up your account just with your name or the names of the people who appear as the title holder
ANNUAL BANK TRUST MAINTENANCE DUE DATE
Normally the due date for this annual fee is in January It s payment would cover the year in process So this payment in January would cover the entire 2009 calendar year UPDATE: it has been brought to my attention that several banks have their annual maintenance fee due at the date anniversary when the bank trust was established So if you established your Mexico Bank Trust on the 10th of August for example, each August of each year is when the bank would expect payment for this annual fee. Please confirm this with your bank.
ARE THERE ANY PENALTIES FOR LATE PAYMENTS
Yes, and this charge depends on the bank that holds your Title Bancomer for example charges a rate tied to the LIBOR
HOW TO PAY THIS TRUST FEE FROM LONG DISTANCE
There are several options that you can excercise on making the payment from your home country One is to set up an automatic charge on your credit card. Some, not all banks allow this option Second is to call your bank, obtain international wire intstructions for a simple deposit, and execute this transfer from your home country bank (this will generate a international deposit service fee from your home bank) A third option is to open up a banking account within the same bank that holds your REAL ESTATE TRUST, and set up an automatic withdrawl each January Please note, that regardless of the method, most banks will still require a letter of instruction to be signed and sent by you This letter written in spanish, can be requested to be prepared by your bank, take the copy to your home country, and each year make a copy of this original, sign the copy, scan, and email to your bank for their files and to execute the payment.
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 or through the company`s web site www.TOPmexicorealestate.com
