BajaNomad - ALL FIDEICOMISOS HAVE A TOTAL LIFESPAN OF 100 YEARS

ALL FIDEICOMISOS HAVE A TOTAL LIFESPAN OF 100 YEARS

Marla Daily - 10-14-2008 at 12:59 PM

We read with GREAT interest the Mexican federal law which states that all Fideicomisos have a total life span of 100 years (including transfers, extensions and renewals), after which the property reverts to the Mexican government. Anyone have more info on this?

Bob and Susan - 10-14-2008 at 01:09 PM

no it just need to be redone in a different name

who will live a hundred years anyway...
the rules MAY change...remember we are in mexico :saint:

Cypress - 10-14-2008 at 01:15 PM

Marla Daily, The Mexican govt.? Asking the Mexican govt. will take you down a worm hole that goes on forever, with lawyers aplenty. :lol:

NO FIDEICOMISO PROPERTY CAN BE HELD FOR MORE THAN 100 YEARS!

Marla Daily - 10-14-2008 at 02:26 PM

Here is what we read. The 100 years INCLUDES all name transfers, extensions, and renewals. 100 years and the property reverts to Mexico. That was my point! NO PIECE OF PROPERTY CAN BE HELD FOR MORE THAN 100 YEARS!

FIDEOCOMISOS: "The buyer's beneficiary rights are limited to a period of 50 years. Trusts may be renewed one time only, and must be renewed before the expiration of the 50 year period, making the potential life of any given trust 100 years in total. This means that if a foreign buyer wishes to purchase residential property in the restricted zone that was previously held in a trust, the potential life of the buyer's trust will be diminished by the period of time that the property was previously held in trust. For example, if a buyer wishes to acquire beachfront residential property that was previously held in a trust for 15 years, the buyer will be able to establish a Fideicomiso for 50 years initially, but would then only be able to renew the trust one time for only 35 additional years. No piece of property can be held for longer than 100 years, even if there are various beneficiaries and different foreign buyers along the line. At the end of the 100 year period, the property will revert back to the Mexican government and no foreign buyer will be able to acquire the property through a Fideicomiso at that time. However, Mexican property laws have been evolving in this area for the past 30 years, so by the time any of the 100 year trust limits are expired, the law may very well change and allow either an extension of the trust period, as has recently been the trend, or will potentially allow for new buyers to establish Fideicomisos and become beneficiaries." [Illinois Business Law Journal] [iblsjournal.typepad.com/illinois_business_law_soc/2006/03/purchasing_beac.html]

CaboRon - 10-14-2008 at 02:31 PM

Fidecomiso is not ownership .... You do not have the title .... You will never hold the title in your hands .... The bank holds title .... you will never OWN the property .... it is a huge scam ... believe me , it you don't posess the title you do NOT own anything .... it is all a bad joke on us gringos .... if you own it why can't you posses the title ???

CaboRon

gnukid - 10-14-2008 at 02:42 PM

How many US Americans hold title? Practically none. In most every case the bank holds title and sells the title many times over so you have no idea who even holds the title.

In Mexico the same thing occurs, a bank holds your title if you have a fidi.

BMG - 10-14-2008 at 02:49 PM

Quote:

Originally posted by CaboRon
Fidecomiso is not ownership .... You do not have the title .... You will never hold the title in your hands .... The bank holds title .... you will never OWN the property .... it is a huge scam ... believe me , it you don't posess the title you do NOT own anything .... it is all a bad joke on us gringos .... if you own it why can't you posses the title ???

CaboRon

All property ownership is at the whim of the current government in power in whatever country you want to pick.

My wife has the title to our property in La Paz. It doesn't make me feel any more secure than if we owned the house under a fideocomiso, although it's nice not having to pay the banking fees.

bajabeachbabe - 10-14-2008 at 03:06 PM

This raises a good question. Could the property held by a fidi later be sold to a Mexican corporation? At that point, the fidi would terminate and the corporation would hold the title. Anyone out there know if this might be a solution to the 100 year issue?

Better check your facts!!!

thebajarunner - 10-14-2008 at 03:31 PM

Quote:

Originally posted by gnukid
How many US Americans hold title? Practically none. In most every case the bank holds title and sells the title many times over so you have no idea who even holds the title.

In Mexico the same thing occurs, a bank holds your title if you have a fidi.

In the US the "owner" of the property holds the title.
The lender holds a "note secured by a deed of trust"

Ask any title officer, ask your County Clerk.

Check your County records and see who is "of title" on your property- you are, regardless of whether or not it has a mortgage.

Title is not "sold and resold"
but surely a lien against the title is and ever shall be saleable, until fully repaid.

This may sound like quibbling, but it is a huge distinction from the Mexican way of doing real estate biz.

CaboRon - 10-14-2008 at 03:57 PM

Quote:

gnukid,

In the US you do hold title once you have paid fully for the property ... if you have a mortage the bank owns the property until you have paid for it, then you actually receive the deed.

I will bet that the holders of these fidecomisos have paid fully....

They can't ever show a title ....

There will be a lot of winers on this thread , they are the ones that have bought into the lie ....
:lol:

CaboRon

Facts- Facts- check your facts

thebajarunner - 10-14-2008 at 03:59 PM

Quote:

Originally posted by CaboRon

Quote:

CaboRon

See my post above.
The bank does NOT own your property!!!
They own a claim against your property.

This is an important distinction, and you have not got it right.

gnukid - 10-14-2008 at 04:24 PM

Quote:

Originally posted by CaboRon

Quote:

CaboRon

The path for many foreigners in Mexico is similar, you move to Mexico and after 5 years become naturalized and transfer the Fidi to yourself as a Mexican.

At least there is no early payment mortgage penalty in Mexico.

comitan - 10-14-2008 at 04:26 PM

Sorry for you Ron, I remember your early posts and your looking forward to retiring in the Baja, Its really to bad its not working out to your liking, we will certainly miss you when you go back NOB to the country that is so perfect for you. We will have to stay here and suffer with this intolerable weather and living conditions and end up with nothing when the government takes everything we have. O but we will still have the memories of Ron and his bitter posts of Baja living and Mexican Law, and last but not least that awful experience with Immigration. :mad:

slimshady - 10-14-2008 at 04:33 PM

In the end we own nothing. In the U.S. we have the estate tax to deal with and in Mexico the fido. Just enjoy it while you can.

Marla Daily - 10-14-2008 at 05:05 PM

What I find MOST interesting about the 100 year rule is that this is the first we've heard of it in over three decades in Baja California Sur. It came up because our fideicomiso for 30 years with Bancomer expires this year and we need to figure out how to extend or renew it. I am waiting for a response from Raul Leon who posted here a few weeks ago and whom I emailed for directions on how to proceed. The local bank branches do not have a clue!

Anyone out there had their first fideicomiso expire or are we the first?

danaeb - 10-14-2008 at 05:26 PM

Here's more information on the Article 13 provisions with no mention of 100 year limit:

"F. Fideicomiso Extensions

Originally, fideicomisos were created for a period of thirty years.(135) The 1989 Regulations added for the first time in Mexico's legislative history on foreign investment, that this period may be extendable under certain conditions.(136) Article 13 of the 1993 L.I.E. extended the fideicomisos period, specifying that fideicomisos may be valid "for a maximum period of fifty years," clarifying that "this period may be extended at the request of the interested party."(137)

The 1998 Regulations explain that, the interested parties, through fiduciary institutions, should apply to the SRE for an extension of the fideicomiso within ninety working days prior to the termination of the respective contract.(138) Interestingly, the Regulations state that the extension shall be granted provided that the original conditions imposed by the SRE remain in place and are being complied with."

Here's the link to the article from the Houston Journal of International Law:

http://www.entrepreneur.com/tradejournals/article/69203227_5...

cabobaja - 10-14-2008 at 06:24 PM

Yea, poor CaboRon. Still cannot find a clean bathroom in Todos or a cafe to get an American breakfast.

Pescador - 10-14-2008 at 06:43 PM

Poor little Cabo Ronnie, can't find a beach to lay his eggs on. On another topic he states, "never buy what you can not afford to lose."
My daddy used to have a great saying that covered that. Everyone in the whole army is out of step, except me. Time to get out of the army.

Bob and Susan - 10-14-2008 at 07:02 PM

since no one has had a fido for a hundred years we don't know what would happen...

I'll bet marla is one of the first 30 year people to deal with the hassel of "renewing"

she'll have to tell us how it goes...

the law is written so AFTER 100 years the fido MUST be re-written NOT extended

when you sell your property the buyer CAN assume a fido for the balance of the term or create a NEW one.

i'll see you in 2109 and well talk :lol:

Why Do You Need to Shout With All Caps?

Gypsy Jan - 10-14-2008 at 07:27 PM

Nothing that I have read from your post proves anything or cites Mexican law.

When I see these "ALL CAPS" posts, it immediately gives me a headache and an aversion to the poster.

gnukid - 10-14-2008 at 07:31 PM

Quote:

Originally posted by thebajarunner

See my post above.
The bank does NOT own your property!!!
They own a claim against your property.

This is an important distinction, and you have not got it right.

Thanks for correcting me, I did seem to recall that I did have a title in my possession for my CA home. Whoops.

Easy to Fix Problem

Bomberro - 10-15-2008 at 06:41 AM

We became dual citizens a while back and are now at the final point of converting our Fidio's to simple title, all fees have been paid, approx 900 dollars to each bank and 1200 for each to the notary. The escrituras are now at each bank for final signatures so we can have them recorded. Took a while at HSBC, almost 5 months to get to this point, Bancomer was much faster and less hassle about 5 weeks. We hope this solves the 100 year problem as well as ends the annual payments also when we sell we 'should' avoid capital gains after two more years. We will see in a week or so if the banks have returned the escrituras to our Notary. We are both over 65 and since Medicare will not pay for any health care in Mexico, we plan to end our Mexican Vacation and return to the States in another 4 or 5 years.

oladulce - 10-15-2008 at 07:47 AM

Quote:

Originally posted by Bomberro
We became dual citizens a while back and are now at the final point of converting our Fidio's to simple title..

We hope this solves the 100 year problem as well as ends the annual payments also when we sell we 'should' avoid capital gains after two more years.

That's good to know Bomberro. We had a notario tell us that only native-born Mexicans can ever avoid capital gains taxes on their property. Why "2 more years" before you won't be liable for cap gains? Are you required to hold the property with as escritura for a certain period of time?

The Gull - 10-15-2008 at 09:24 AM

Quote:

Originally posted by comitan
Sorry for you Ron, I remember your early posts and your looking forward to retiring in the Baja, Its really to bad its not working out to your liking, we will certainly miss you when you go back NOB to the country that is so perfect for you. We will have to stay here and suffer with this intolerable weather and living conditions and end up with nothing when the government takes everything we have. O but we will still have the memories of Ron and his bitter posts of Baja living and Mexican Law, and last but not least that awful experience with Immigration. :mad:

Excellent post

No problemo, amigo

thebajarunner - 10-15-2008 at 09:33 AM

Quote:

Originally posted by gnukid

Quote:

Thanks for correcting me, I did seem to recall that I did have a title in my possession for my CA home. Whoops.

Our US real estate law is just as complicated as Mexico, we just have learned to live with it and to rely on title companies to keep us straight.

(For instance, in between you the owner in title, and the beneficiary of the note - probably the mortgage company- there is a "trustee" which kicks into gear on foreclosures, etc.)

which is way past TMI as the kids all say

<"too much information, Dad">

The Gull - 10-15-2008 at 09:48 AM

Quote:

Originally posted by Gypsy Jan
Nothing that I have read from your post proves anything or cites Mexican law.

When I see these "ALL CAPS" posts, it immediately gives me a headache and an aversion to the poster.

GYPSY JAN, YOU CAN CONTACT MARLA DIRECTLY :lol:

Marla Daily, President, Santa Cruz Island Foundation
www.marladaily.com

I AGREE, EXPRESS YOUR AVERSION

stanburn - 10-15-2008 at 11:21 AM

Cabo Ron,

You might try reading the constitution of the country you live in. Though in all honesty with all of your negative comments about Mexico, I don't understand why you live here. If you are looking for cheap places to live, I would recommend the Appalachian portion of the US. I think your views would be quite welcome there.

I am quite comfortable with my Fideocomiso and hold an FM-2 on my way to citizenship. That will allow me to drop the Fido and hold the property in my name.

CaboRon - 10-15-2008 at 11:27 AM

Quote:

Originally posted by stanburn
Cabo Ron,

You might try reading the constitution of the country you live in. Though in all honesty with all of your negative comments about Mexico, I don't understand why you live here. If you are looking for cheap places to live, I would recommend the Appalachian portion of the US. I think your views would be quite welcome there.

I am quite comfortable with my Fideocomiso and hold an FM-2 on my way to citizenship. That will allow me to drop the Fido and hold the property in my name.

Good for You !

However, criticism is not negative, but positive ...

CaboRon

stanburn - 10-15-2008 at 12:31 PM

whatever gets you through the day. The bottom line is that your posts are full of hate towards Mexico and I am not the first one to notice this.

Why do you live here?

The Gull - 10-15-2008 at 04:07 PM

Quote:

Originally posted by stanburn
whatever gets you through the day. The bottom line is that your posts are full of hate towards Mexico and I am not the first one to notice this.

Why do you live here?

Small world, small mind.

roundtuit - 10-15-2008 at 04:18 PM

You don't clearly own you land in the US. Don't believe me don't pay your taxes for 6 years see what happens.

Huh???

thebajarunner - 10-15-2008 at 07:49 PM

Quote:

Originally posted by roundtuit
You don't clearly own you land in the US. Don't believe me don't pay your taxes for 6 years see what happens.

Upon that twisted piece of logic.....

if you don't file with the IRS they can put you in jail,
ergo, you don't even own yourself.
ad infinitum...

bajamigo - 10-15-2008 at 10:06 PM

Quote:

Originally posted by morgaine7

Quote:

Originally posted by CaboRon
There will be a lot of winers on this thread , they are the ones that have bought into the lie ....
:lol:

Yeah, that's me, I'm wining as I write (sorry, couldn't resist). Cheers! :bounce:

Of course, I also bought into "sixpack abs in 10 days".

Kate

Dennis asked me to ask you to send some pictures.
:lol:

Bob and Susan - 10-16-2008 at 05:05 AM

we'll all "go blind"!!!

Packoderm - 10-16-2008 at 06:56 AM

"In the end we own nothing. In the U.S. we have the estate tax to deal with and in Mexico the fido. Just enjoy it while you can."

The estate tax exemption is 2 million dollars and is increasing to 3.5 million. That means that if you inherit an estate worth 4 million, you only pay taxes for 500 thousand of it. Anyway, who is the "we" who are going to deal with this sort of thing?

Two Year Wait

Bomberro - 10-16-2008 at 07:08 AM

As we have been told by friends that are in the process of selling their home, there are several tests that allow one to not pay capital gains, the escritura needs to be two years old is one, there is a value cap I think and also there is a size of property to house size factor and if one pays taxes with a tax number this can play into it also. The best way is to talk to a Notary that speaks English and or a real estate professional that has experience in dealing with the tax issue. There are other ways to lessen the tax impact we have heard, however, its very hard to get documented information on the subject. Most information we have available to us here in Mexico seems to run in the vein of 'folk lore', very simular to how the American Indians used story tellers to convey their history. Lots depends on who you talked to, getting it done is another thing, a Notary will be the one to determine the amount of taxes to be paid at the time of sale. Never have seen one haul out the tax code when asked a question.

Shop around

Dave - 10-16-2008 at 12:55 PM

Quote:

Originally posted by Bomberro
As we have been told by friends that are in the process of selling their home, there are several tests that allow one to not pay capital gains

The single test is to find the notario that will allow homestead. It don't matter diddley about the qualifications. :rolleyes:

cajhawk - 10-16-2008 at 01:53 PM

I'm not sure where your information came from, but all of the documents I have seen do not jive with this information. Fideicomisos are of 50 year duration with renewal timeframe of 50 years. According to multiple sources, there is no limit to the number of renewals available to one property. I can cite website after website as well as my Mexican Real Estate Attorney's opinions on this.

Cypress - 10-16-2008 at 02:15 PM

If you need a "Mexican Real Estate Attorney", at $300 to $500 per hour to determine whether or not you own what you've paid for? You're done. Time to move on.

CaboRon - 10-16-2008 at 02:56 PM

Quote:

Originally posted by Cypress
If you need a "Mexican Real Estate Attorney", at $300 to $500 per hour to determine whether or not you own what you've paid for? You're done. Time to move on.

sylens - 10-16-2008 at 03:52 PM

Quote:

Originally posted by oladulce

That's good to know Bomberro. We had a notario tell us that only native-born Mexicans can ever avoid capital gains taxes on their property. Why "2 more years" before you won't be liable for cap gains? Are you required to hold the property with as escritura for a certain period of time?

here we go again. i'm sure it depends on who you know, where you are, stage of moon and tides... :lol:

but three months ago we were at the closing of a sale of a house of a former nomad who bought july 2006 and sold july 2008 and because her fm3 was in place and she had evidence of having lived in her home (telephone and water and electric bills), there was no capital gains tax. nada. zero. rien de tout.

there were other complications too crazy to go into here, :fire:

but bottom line is in ensenada with notaria #3, she paid no tax in mexico.

Still no response from Bancomer

Marla Daily - 10-20-2008 at 06:22 AM

After four trips to our local Bancomer rep. in Loreto, we were instructed to direct all of our fideicomiso issues to Raul Leon at Bancomer in Cabo San Lucas. As originally noted, our 30 year fideicomiso expires this year and we need to extend or renew it. Apparently we are among the first to do so. We were told our extension will be good for only 20 years (30 original years + 20 year extension). Our emails to Sr. Leon asking the following questions continue to remain unanswered. This is like Waiting for Godot!

1. What paperwork do we need to provide for the renewal and to whom do we give it?
(Please be very specific with an exact list of things required.)
2. What are the costs of the renewal or extension?
3. How many years will this be good for?
4. What happens at the end of this term? Can it be renewed again, and of so, for how long?
5. What happens after 100 years?
6. Is there a penalty if we go to another bank instead of Bancomer?

The Gull - 10-20-2008 at 06:31 AM

There must be a decent real estate attorney in BCS. If you value something that you want to keep for 100 years, spend $200 and get real help with this situation. If there are other foreigners in need of the same result, join up and lower the cost if the $200 is too steep of a price to pay, alone.

If you like performing brain surgery on yourself - keep doing what you are doing.

I applied for six trusts after the original 30 years had expired. I now have 50 year trusts. I don't figure to worry about 100 years as I always have the option of selling the remaining portion of the 50 year trust to another foreigner before I turn 100.

tripledigitken - 10-20-2008 at 08:25 AM

Why don't you try the Notario in Loreto first? They should be able to give you the correct answer as to the length of renewal and probably do the bulk of the paperwork for you.

Ken

geobas - 10-20-2008 at 09:15 AM

Quote:

Originally posted by cajhawk
I'm not sure where your information came from, but all of the documents I have seen do not jive with this information. Fideicomisos are of 50 year duration with renewal timeframe of 50 years. According to multiple sources, there is no limit to the number of renewals available to one property. I can cite website after website as well as my Mexican Real Estate Attorney's opinions on this.

I see this same myth repeated over and over again on all the Mexican real estate websites targeted at foreigners. It has become so common that people think it is true, apparently even Mexican attorneys. The actual regulations in the Foreign Investment Law are quite different. The FIL says, quite clearly "The maximum initial term of a Fideicomiso is 50 years, which may be extended upon application to the Secretary of Foreign Relations." That is the sum total of the law in the area, there is no higher authority and there are no other modifying regulations.

Read the words carefully. Mexico MAY extend the fideicomiso, it does not say it MUST extend it. The rules also do not say for how long the fideicomiso MAY be extended. It definitely does not say for another 50 years.

Another falsehood is the common statement that at the end of the term of the fideicomiso, the beneficiary can sell the property to anyone. That is not true. At the end of the fideicomiso, the property can only be sold to a qualified person, which is basically a Mexican national, not a foreigner. You also have to look at the wording in the fideicomiso document. If the lawyer who drafted it left a reversionary interest to the original Mexican who sold the property, at the end of the fideicomiso, the Mexican seller gets the property back, for free. If there is not a reversionary interest, the beneficiary will have to find a "qualified" buyer, assuming Mexico chooses not to renew the fideicomiso.

Here is the only place where I have seen the correct explanation of a fideicomiso:

http://www.fredlaw.com/articles/international/inte_0504_pjk_...

Today's Notario and Bancomer information re: Fideicomiso

Marla Daily - 10-20-2008 at 02:02 PM

OK. So today we had visit #5 with the Bancomer representative here in Loreto (who is MOST accommodating). After a visit with her we also paid a visit to Notario #19 in Loreto. Sum total of what we were told to expect:

1. We will be allowed to submit a "letter of instruction" to Bancomer requesting that our 30-year-fideicomiso be extended for an additional 20 years. ( No the bank didn't have a sample letter form available; no they are not available online thru Bancomer; no the notary doesn't have the letter form because it is up to the bank to have it.)

2. This "letter of instruction" needs to be submitted to the bank 90 days in advance of the fideicomiso expiration—not before.

3. There is an 8000 peso fee to be paid to Bancomer for a consulant whom the Bank hires in Mexico city to process our letter of instruction;

4. There is an $800 US fee to be paid to Bancomer;

5. We will need to also submit the usual stack of papers (no hay predial—property is lien free; property tax receipts, etc). We will need a new appraisal.

6. This all goes to the Notario and there will be his fee.

7. A new annual Bancomer fee will be written into the 20-year extension contract.

Cypress - 10-20-2008 at 02:35 PM

The term "Glutton for punishment" comes to mind. :biggrin:

The Gull - 10-20-2008 at 04:40 PM

I know of hundreds of Americans getting 50 more years on their expiring trusts, not just 20 being added to the old 30. many of them chose to switch banks to be the administrator of their trusts at the same time and they still got 50 year trusts.

That list is not the only stuff that the bank will require.

There is a need for a physical survey of the property and some other stuff, but hey, you seem to be happy with partial answers so far.

How's that brain surgery going?

BANCOMER responds because of Baja Nomad!

Marla Daily - 10-20-2008 at 04:53 PM

WOW! I just got a very nice email from Raul Leon at Bancomer in CSL who said he didn't get my email but saw my posts on Baja Nomad. How incredible he responded! And how very nice! I am very happy he has made contact. He confirmed a few things and further explained, as I quote below:

1. Regarding the Letter of Instruction:
"First, you have to beware that this is a process that need to be submitted to Mexican authorities, not depending on Bancomer but on the foreign affairs ministry. The letter of instructions you have to send us you can deliver it trough our Loreto Branch and directed to Ethel Castro (not to me). The time that the permit will be renewed will be 20 years and after that it can be renewed only one and for 50 years, after that, the property can be transfer to a new trust"

2. Regarding submittal of Letter of Instruction:
That’s it and this is a rule given by Mexican authorities, not by Bancomer

3. Regarding payment of $8000 pesos to consultant in Mexico City:
"Yes, we do this trough an outsourcer company or agent because they are experts and are very very fast on this, but beware that Bancomer don’t charge a single coin for this, the majority of the money will be received by the foreign affairs ministry as taxes and only a small fraction are the outsourcers agent fee."

4. Regarding the $800 US fee to Bancomer:
"The amount depends on what the trust establishes in the fee’s clause, so whatever is expressed there will prevail (plus outstanding fees, in case they are)"

5. Regarding submitting lots of paperwork, new appraisal etc.:
"As far as I know, Bancomer DOES NOT require the “predial”, nor the appraisal, this documents are required by law by the notary public and I seriously doubt an appraisal is required because there are not ax implications regarding this transaction, I’m sure you had been misunderstanding this part or the notary provide your with no accurate information regarding this. This is not a sale, not a transfer or rights or a property acquisition, it’s only a renewal and I don’t think and appraisal is not needed."

6. Regarding Notary:
"Yes a notary by law must execute the documentation in able to be inscribed on the public register."

7. Regarding annual Bancomer fee:
"Yes, it be standardized with the Bancomer fees."

geobas - 10-20-2008 at 10:24 PM

Quote:

Originally posted by The Gull
I know of hundreds of Americans getting 50 more years on their expiring trusts, not just 20 being added to the old 30.

I think you have that story a little muddled. Let me tell you what really happened. The first law to allow a fideicomiso was passed in 1973. That law allowed for a 30-year trust and at the end of the term the property had to be sold to a qualified individual, e.g a Mexican national. Then in 1989, President Salinas amended that law to allow for a 30+30 year term. However, before the first fideicomiso ever expired, which would have been in 2003, President Salinas amended the law again in 1993 to extend all the original 30-year fideicomiso's to a 50-year term. They also put in the wording I stated above, which said the government MAY extend the 50-year fideicomiso, if requested. The wording does not say the government MUST extend the fideicomiso.

Now, the 100's of people you know who had their fideicomiso' extended are in two projects, San Antonio Del Mar and Las Gaviotas. These two projects were created on 30-year master fideicomiso's in 1973. In 2003, when they expired, they were all extended to 50 years. But it was 50-years from 1973. They were all extended to a 50-year fideicomiso by operation of law in 1993, when the FIL was amended.

And that, Gull, is why Marla is only having her fideicomiso extended for 20 years. It is being extended in accordance with the 1993 amendment to the law which automatically extended all of the 30-year fideicomiso's to 50 years from the original date. Isn't it just a thrill to now know that Marla is being charged all those fees to extend a fideicomiso that was already extended to 50 years by operation of law in 1993?

As far as I know, since no 50-year fideicomiso has yet to expire, none have been extended beyond 50 years. The only ones that were extended were the original 30-year ones, and that was because of an amendment to the law, not a decision by the ministry.

Hook - 10-21-2008 at 06:50 AM

I'd like to recommend this thread for the Nomads Hall of Fame. It contains plenty of twists and turns, the inclusion of a major bank employee and some really great info.

Throw in a rant or two by Cabron, the musings of gnukid, Dave and The Gull and it's raised to five stars !!!!

Nomads is as enlightening and entertaining as ever.

geobas

The Gull - 10-21-2008 at 07:57 AM

Your nicely told story is not supported by the facts. Those communities you cited no longer have master trusts.

dao45 - 10-22-2008 at 01:19 AM

A mexican attoney for $200 to $500 an hour???I think that says it all

The Gull - 10-22-2008 at 06:20 AM

Quote:

Originally posted by dao45
A mexican attoney for $200 to $500 an hour???I think that says it all

Figures posted here rarely are factual. Live and learn.