BajaNomad

Transferring a fideicomiso

Riom - 2-17-2010 at 02:16 AM

I'm looking into buying a lot that has a two-year-old HSBC fideicomiso on it, in a good development where I already own another property.

It appears the simplest (maybe...) option is to transfer the ownership of the existing fideicomiso.

Has anybody done this recently? How much easier, cheaper, faster than a new fideicomiso should a transfer be? Will I still need the foreign investment approval, to take over an existing fideicomiso? (I already have another fideicomiso with HSBC as well). What would be a normal timescale?

To be honest, after buying one property with a fideicomiso I vowed never to do it again (way too timewasting and stressful). But this lot is tempting - but ONLY if there's a simpler process than starting a whole new fideicomiso!

longlegsinlapaz - 2-17-2010 at 07:49 AM

Riom, in really simplified terms, a fideicomiso is associated with a specific piece of land moreso than an individual owner. The first time the land is purchased by a non-Mexican, a fideicomiso is issued; because of the registration process required, the initial fideicomiso takes a little longer to complete & it costs more because of the additional fees associated with originating & registering the new document.

Thereafter, on most subsequent sales, the fideiocmiso stays with the property & the entire document is reissued to the latest buyer. In my personal experience, the cost difference between obtaining a new fideiocmiso vs transferring is roughly $1K.

I know that there was a post within the past year showing detailed actual cost breakdown of the associated costs of each. If you want more specific information, try doing a search for fideicomiso fees.

For more accurate current information, I'd suggest you ask your HSCB fideicomiso rep.

roamingthroughbaja - 2-17-2010 at 09:33 AM

I am in the process of dealing with HSBC on a change of beneficiary for a fidiecomiso. I cannot believe how much I have been jerked around by that bank. They told me it was a simple process, but so far it has lasted for 8 months, asking for more paper, losing paper, replacing paper, unanswered phone calls, unanswered emails. So frustrating. Check with Interacciones and see what the difference in cost would be to get a new one with them. Only 3 weeks, they're very efficient. IMHO

Riom - 2-17-2010 at 11:44 AM

Thanks for those comments. I have found a thread from 2006 that mentions the transfer process could be a little cheaper, but nothing more recent.

It's not really the cost (although that helps), but the timescale and hassle factor. If transferring a beneficiary can be as inefficient and slow as a whole new fideicomiso then this isn't going to work.

Do I still need the foreign investment approval to take over an existing fideicomiso? That's one of the major delays.

Thanks for the mention of Interacciones, but transferring the fideicomiso to another bank is something I'm try to avoid, as HSBC (like the other banks!) has a reputation for delaying and dragging out releasing a fideicomiso. So however efficient Interacciones are (if they even operate in San Felipe), there's still HSBC to deal with.

[Edited on 2010-2-18 by Riom]

BAJA.DESERT.RAT - 2-18-2010 at 02:03 PM

Hola, has anyone considered being a mexican corporation and buying property in the corporations name thereby avoiding the fide process ?

when i formed my corporation, since made inactive, the notario told me that i can just buy property outright without the fide hassles. even though it is currently inactive, i must renew it nonetheless as well as my fm-3. cost of renewal for each is about $ 175.00 U. S. although there are less expensive alternatives.

i am not sure if i can buy property with an inactive corp. ?

it does cost about $ 2,000.00 U.S. to form the corporation but there are no fide fees to the bank.

just a thought.

BIEN SALUD, DA RAT

Donjulio - 2-18-2010 at 02:22 PM

Quote:
Originally posted by BAJA.DESERT.RAT
Hola, has anyone considered being a mexican corporation and buying property in the corporations name thereby avoiding the fide process ?

when i formed my corporation, since made inactive, the notario told me that i can just buy property outright without the fide hassles. even though it is currently inactive, i must renew it nonetheless as well as my fm-3. cost of renewal for each is about $ 175.00 U. S. although there are less expensive alternatives.

i am not sure if i can buy property with an inactive corp. ?

it does cost about $ 2,000.00 U.S. to form the corporation but there are no fide fees to the bank.

just a thought.

BIEN SALUD, DA RAT


If you live in the property or personally use the property for vacations it has to be in a fideicomiso. Corporations are only for commercial property. They don't usually enforce this too much right now but if they decide to, they can seize your property. Not worth the risk.

Riom - 2-18-2010 at 03:06 PM

As Donjulio said, a MX corporation isn't a viable option for residential (and does have a lot of on-going paperwork for commercial).

The lot I'm looking at is currently in a US LLC (Limited Liability Corporation), so I did consider simply buying that. In the US it makes sense to hold investment property that way, but here it adds more annual costs and another layer of complexity for little apparent benefit (transfer tax should still technically be paid).

I'm still getting conflicting opinions on whether the SRE approval process is needed to take over an existing fideicomiso, makes a difference to the costs and maybe timescale. Has anybody done this recently?

BAJA.DESERT.RAT - 2-18-2010 at 03:47 PM

DONJULIO, i thank you for the feedback as i did receive incorrect information if you are right. i will check with my accountant and notario when i return to the east cape next month.

BIEN SALUD, DA RAT

heike - 2-20-2010 at 07:54 AM

We recently had a lot changed to new owners, it was about 1,800.00. Had our Lawyer in LaPaz do it, no hassles, about 2 hrs in Lapaz to do it all. We recieved the new Fidio about 3 months later... No problemo

BAJA.DESERT.RAT - 2-20-2010 at 12:40 PM

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i understand sergio has oved his office.

BIEN SALUD, DA RAT

Riom - 2-20-2010 at 04:54 PM

Quote:
Originally posted by heike
We recently had a lot changed to new owners, it was about 1,800.00. Had our Lawyer in LaPaz do it, no hassles, about 2 hrs in Lapaz to do it all. We recieved the new Fidio about 3 months later...


When you say you received the new fideicomiso about three months later, was that back from the bank, or back from the public registry, or both?

What did the $1800 include? I'm working on the basis there is a fee charged by the bank, a notario, appraisal, public registry 0.65% of price, no liens certifcates, a fee for the lawyer, and (the big one) 2% transfer tax on the assessed value. It would have to be a cheap lot to get all those within $1800, but maybe there are some that are not needed?