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 … [Read more...] about Mexico Real Estate and U.S. Taxes: Land Trust not a “Trust”
Mexico Bank Trusts
On Tuesday afternoon, we shared the exciting news that Mexico's Chamber of Deputies (equivalent to House of Representatives) passed a bill to allow for direct ownership of Mexico real estate by non-Mexicans, eliminating the need for ownership by means of a bank trust. Yesterday, I did some research on the remaining … [Read more...] about Bill To Eliminate Bank Trust – What’s the Next Step?Reforma al artículo 27, ¿qué sigue?.
A few days ago, I was very proud of our team here at TOPMexicoRealEstate when we got the following comment on our blog: I would just like to say thank you to the people at topmexicorealestate.com (Jacob Wall and Bjoern Koch) and BBVA Bancomer (Denisse Paredes, Alejandra Villafuerte and Laizmy Sandoval) for all their … [Read more...] about Your Top Source for Mexico Real Estate Information – What Shannon Has to Say About Our Service …
Per Internal Revenue Code Section 6048 any trust established in a foreign country including the Mexico real estate region or its US beneficiary must file certain forms with the US department of the treasury (Internal Revenue Service) each year.. Forms 3520 and 3520A must be filed by anyone who holds an … [Read more...] about THE FIDEICOMISO (MEXICAN BANK TRUST) CONTROVERSY and FORMS 3520 and 3520A is it? or is it not??
U.S. taxpayers are required to file certain reports with the U.S. government if they own property in Mexico, have a business in the country, or are shareholders in Mexican corporations Uncle Sam, U.S. tax watchdog, has instituted a voluntary disclosure program for those people who may have omitted reporting in the … [Read more...] about Mexico Real Estate Tax Requirements in the U.S.
If the Mexico real estate property you are purchasing is already in a trust (fedeicomiso) you may either: request assignment of the rights to you, or may request a new trust for fifty years If a new trust, a permit from the Secretary of Foreign Relations is required Whether a new trust or an assignment of rights, the … [Read more...] about Mexico Real Estate Purchasing Process; The Foreign Relations Permit
All too often citizens of the United States, Canada and other countries ASSUME that property purchases are carried out automatically in Mexico in a manner similar to that of their native countries The first law of property purchase in Mexico is DON`T ASSUME anything! Purchasing property is NOT the same as in other … [Read more...] about How Secure Is Your Mexico Real Estate Investment
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 … [Read more...] about When To Pay Your Mexico Real Estate Bank Trust Maintenance Fees