[Edited on 6-4-2013 by Russ]DENNIS - 6-4-2013 at 02:29 PM
Quote:
Originally posted by Russ
This you can take to the bank. Not a rumor or wish. Just the facts.
Maybe not all of the facts. It's interesting that he didn't mention a word about state ratification of a constitutional amendment.DaliDali - 6-4-2013 at 04:20 PM
I hope this change comes about.
$440 USD or equivalent pesos annually for "administration" is outlandish.
Administer what?...the file cabinet rollers? A once a year email telling me I owe?
What I fear is the banks that hold and administer the "trusts" will want a whole passle full of bucks to just tear those up and issue a deed.....if
they in fact they will be the ones who do that.
Those who have homes that they rent out or have "casitas" for rent under a trust might not be able to advantage these new rules. NON commercial seems
to be the sticking point with those.Russ - 6-4-2013 at 04:50 PM
Dennis, I think he did mention that the house voted it in with an overwhelming majority. That, I hope means each State was represented. What each
State government does however would be in question too. I guess like everything else it'll shake out in time. This lawyer is the son old friend of the
family from Laguna so I'm biased.
DaliDali, That's the obvious sticking point to me too.
[Edited on 6-4-2013 by Russ]SFandH - 6-4-2013 at 04:53 PM
Quote:
Originally posted by DENNIS
Quote:
Originally posted by Russ
This you can take to the bank. Not a rumor or wish. Just the facts.
Maybe not all of the facts. It's interesting that he didn't mention a word about state ratification of a constitutional amendment.
Are you sure that's a requirement in Mexico?
We'll see in October when the senate votes on the new law.DENNIS - 6-4-2013 at 05:21 PM
Quote:
Originally posted by SFandH
Are you sure that's a requirement in Mexico?
A oxymarooon if ever I've heard one.
Anyway, the recent chatter has mentioned this as part of the procedure required. It also mentioned a 100% approval being required to amend the
constitution when I've always understood a two thirds vote is the requirement.
Mexico amends their constitution often, unlike the US. They seem to change sections of the articles as the need arises. To date, there are over 500
amendments. That's a lot to a constitution that wasn't written until the early part of the 20th century.SFandH - 6-4-2013 at 05:35 PM
I wonder how much property values in the exclusion zone will increase if it passes. There are a lot of Americans that steer clear of the exclusion
zone. If it disappears demand will increase.BajaRat - 6-4-2013 at 06:37 PM
Quote:
Originally posted by SFandH
I wonder how much property values in the exclusion zone will increase if it passes. There are a lot of Americans that steer clear of the exclusion
zone. If it disappears demand will increase.
And possibly price many Mexican citizens out of property ownership.
After the Japanese couldn't take the Hawaiian Islands they bought a large portion of them and helped price local folks out through property
speculation.DENNIS - 6-4-2013 at 06:39 PM
Quote:
Originally posted by SFandH
If it disappears demand will increase.
So will prices. You can't get ahead of this one. DENNIS - 6-4-2013 at 06:45 PM
Quote:
Originally posted by BajaRat
And possibly price many Mexican citizens out of property ownership.
Gets more like the states all the time.
Aside from that.....there are a lot of nationals with a lot of money. There are even a few who don't wear Huaraches.
I think it's about time for a mortgage company to make its debut.durrelllrobert - 6-4-2013 at 06:46 PM
Quote:
Originally posted by SFandH
I wonder how much property values in the exclusion zone will increase if it passes. There are a lot of Americans that steer clear of the exclusion
zone. If it disappears demand will increase.
With the new amendment and increased property values a lot of Mexican property owners could become wealthy. I'm sure they like this.DENNIS - 6-4-2013 at 09:23 PM
Quote:
Originally posted by lencho
Already happened. Here in La Paz, properties typically marketed to gringos, are currently beyond the reach of most Mexicans.
Exclusivity is what makes it expensive. If everybody could live there, nobody would want to.
You live in that zone, doncha Larry? Gaited, guarded community and all? CortezBlue - 6-4-2013 at 10:15 PM
I like what I am hearing about this proposal. I am not concerned about the "commercial" aspect, unless, commercial means you can't rent out your
property???
I am also curious if there is still the capital gains tax reduction if you have an FM2 or a permanent resident status?RedBear - 6-4-2013 at 10:23 PM
Russ, thanks for posting that video. We were just in Sta. Rosalia dealing with property taxes and got the same information about the new law from a
mutual friend that your atty friend stated in the You Tube video. However, she thought it would be closer to December 2013 and possibly into 2014
before actual law is effective. In addition, there will be a cost to transfer existing bank trusts into a Mexican Title which will probably be
determined by year end.Russ - 6-5-2013 at 09:11 AM
She's probably right as well. I'm thinking that some time in the first quarter of 2014 we'll have some info about how to change over to a title. But
unless that clause about commercial use is revised many may not want to change. You would not be able to rent your titled home while away or as an
investment.schwlind - 6-5-2013 at 11:38 AM
Questions still abound... We have 3 hecteras through a Mexican corporation. We were told the land was too large to put into a fido... I have a
feeling that because of the size of the land, we will have the same problem. Most of the land is not buildable. Maybe in November/December we'll all
know more.
