Baja California Sur Property Ownership
Baja Sur Property Ownership
During the last ten years, property in Mexico has become a lucrative investment bringing a new breed of sophisticated investors to the market. The Mexican government has realized it is now essential to make owning property in Mexico safer and easier than ever before with new rules in place to protect the non-Mexican landowner. These rules have been formed to protect ownership rights and to promote the sale of Mexican real estate to foreign investors.
The Mexican constitution prohibits foreigners from purchasing or owning real estate within 60 miles of an international border or 30 miles of a coastline and Baja Sur property ownership is not exempt. Because of these restrictions a new safer method of ownership was needed to allow investment and safer ownership within these areas. The creation of an instrument called The Fideicomiso now allows safe ownership for foreigners within these areas. This Mexican property trust is much like an estate trust giving a foreigner full rights of ownership within the restricted areas. Read more…
When it comes to selling your home or lot in Baja, the most critical first decision you can make is in deciding which agency and agent you will list your property with. Trust and confidence is crucial in this decision so your financial interests will be properly represented with possibly your most valuable assets.
We believe a good agent and agency will open all avenues possible to sell your property, cooperating with other agents and agencies to find the right buyer for your property. Equally important we think the right agent will be knowledgeable and professional to prepare your property and paperwork, so when the right buyer is located nothing will stand in the way of a smooth closing process. Contracting and handling offers, in a fashion that creates a secure environment for all involved in the transaction. This is what a professional listing agent does and this is why they sell and close many real estate transactions, while maintaining a good reputation with happy clients. Read more…
Taxes in Mexico
The Mexican tax system has been subject to comprehensive tax reform legislation enacted principally in 1986 and 1988. Although this tax law is subject to change we have supplied this information to better help our customers understand the basic tax laws with the emphasis on your real estate purchases and sales. Taxes are always to be considered in your real estate transactions and this is even truer when as a foreigner it is possible that two countries may claim tax jurisdiction over you and your property. Various taxes and procedures with regards to your transactions are calculated somewhat different here in Mexico, with the key points being; can you be claimed as a tax resident? When is a property subject to tax? And knowing exactly what taxes you can be subject too. As always Diamante Associates feels it is very important to always consult with a local tax consultant or Notario for up to date information. Read more…