BajaNomad

Beautiful Home 4 Sale in Bahia Asuncion...CASA CARDON

shari - 11-29-2013 at 12:35 PM

Some Non-Nomad friends of ours have decided to sell their 2 bedroom house so I am posting this for them. We will miss them & all the nice parties we had on their patio! It is a wonderful property with ample room to build more, store boat or trailers, make more gardens..so much potential! Here is what Sandra wrote about their decision to sell.

"It is with very mixed feelings that we are selling our lovely home in Bahia Asuncion. We have thoroughly enjoyed our 5 years travelling here and the many friends, both ex-pat and Mexican, we have met.

But grandchildren and other adventures are calling and it is time to leave this beautiful, safe, friendly town with its great year round weather, fabulous fishing, endless beaches and desert hikes.
Located in a quiet, residential area of town, our home is being sold “Turn Key”.
The asking price is $80,000 US and includes a Mexican Corporation. All taxes on the property are current.



Here is a little video of the property.
http://www.youtube.com/watch?v=WJtlpR0NOi4

the place comes with
• a very large lot – 1,551.350m2 with for development
• 2 bedrooms 1 bathroom, large kitchen, living room – (80m2) 861 sq. ft.
• carport, workshop with work bench and plenty of storage, (workshop & carport 44.2m2 - 476 sq. ft.) pump/pressure water system and large water storage tank, washing machine,
• 40 inch TV-VCR, Shaw Direct dish,
• Telmex telephone - land-line with high speed internet connection,
• fridge, propane stove, microwave,
• large kitchen table with 6 chairs, bookcase, desk, and leather sofa, beds,
• custom made cupboards, a hutch and book case, 3 ceiling fans
• outdoor wicker furniture, like new propane bbq,
• linens, towels, dishes, glassware, cutlery, pots and pans, and even a crock pot
• large top deck ready for additional bedrooms or other building projects, or just relaxing
• gardens and large patio areas
• cardon fences and gates
A Mexican Corporation so no fideicomiso






[Edited on 11-29-2013 by shari]

Timo1 - 11-29-2013 at 03:49 PM

We were fortunate enough to be invited to this beautiful home for dinner the other night

Wow wow and WOW !!!

Udo - 11-29-2013 at 04:04 PM

Very nice place Shari!

55steve - 11-29-2013 at 07:23 PM

I WANT that place!

Bajaboy - 11-29-2013 at 07:39 PM

Sorry to see you leave but best wishes for a quick sale.

DianaT - 11-30-2013 at 09:11 AM

It is a very, very nice place. They did a lot of work and did it well. And we liked the open space in the yard with the unique fence that provides nice privacy.

We hope the right buyer will come along quickly.

[Edited on 11-30-2013 by DianaT]

danaeb - 11-30-2013 at 09:42 AM

I'm confused about the Mexican Corporation vs fideicomiso. I thought the Mexican Corporation law only applies to non-residential property in the restricted zone. From the Baja Insider:

"The Mexican corporation as a vehicle for acquisition of “restricted” property: Under the 1993 Foreign Investment Law, a corporation established in Mexico is considered Mexican under the law, even if all shareholders are foreign. Thus a Mexican corporation with 100% foreign ownership can acquire property in the restricted zone. This applies only to non-residential property: such as a hotel, restaurant or other type of business. It is a violation of the foreign investment law to place a retirement or vacation home in the name of a Mexican corporation."

Am I missing something here?

danaeb

bajaguy - 11-30-2013 at 09:49 AM

Similar things being discussed in this thread:

http://forums.bajanomad.com/viewthread.php?tid=70718

Sweetwater - 11-30-2013 at 10:30 AM

Quote:
Originally posted by Hook
I had always heard ( there's no shortage of chismorreo in Mexico) that you can't LEGALLY have your primary residence in Mexico tied up in a Mexican corporation. Can anyone refute or substantiate this with chapter and verse from a Mexican government website?

Just saying your abogado told you it was legal has a little less clout, IMO. :biggrin:


So, from the other thread, it would appear that this arrangement would put the property in legal jeopardy?

shari - 11-30-2013 at 05:51 PM

Having a corporation give you lots of flexibility & options to decide what you want to do with the property...perhaps a market garden, cooking school, english classes, fish smoking, falafel stand, sail repair, B&B, website hosting, boat & RV storage....the possibilities to make ends meet with a little business are endless in baja. The corporation can always be dissolved too if you dont want it...no problema.

I know many people who have corporations and stay in their house when they are visiting and rent it out when they are gone.

BajaRat - 11-30-2013 at 09:57 PM

Great property with huge curb appeal. The landscape and hard scape are years in the making.
Does the Landcruiser wagon come with ?

shari - 12-1-2013 at 07:18 AM

their deisel Land Cruiser is for sale..it's a classic!...maybe. It is the vehicle they use for baja fun so they want to keep it around if the house doesnt sell but wont be taking it back to Canada...maybe a deal can be worked out!

RnR - 12-1-2013 at 07:27 AM

Quote:
Originally posted by shari
Having a corporation give you lots of flexibility & options to decide what you want to do with the property...perhaps a market garden, cooking school, english classes, fish smoking, falafel stand, sail repair, B&B, website hosting, boat & RV storage....the possibilities to make ends meet with a little business are endless in baja. The corporation can always be dissolved too if you dont want it...no problema.

I know many people who have corporations and stay in their house when they are visiting and rent it out when they are gone.


And a corporation is a business entity. Must be registered with the Hacienda, (Mexican IRS).

Also, Doesn't a corporation have to file monthly income reports, estimated taxes, maybe use an accountant, etc. ?????

It would be interesting to know all of the ramifications of a corporation -vs- a fidiecomiso.

shari - 12-1-2013 at 08:37 AM

It is my understanding that depending on who you use to form it, the fidiecomiso is for home ownership and costs around 6-8 grand and has a yearly bank maintenance fee...used to be around $500 a year but might be more now.

A corporation costs substantially less to form..somewhere around 2-3 grand and yes you need an accountant that submits monthly statements to the government...I think they are around 600 pesos a month...so either way you have fees to pay and they are nearly the same for both.

I know people who's corporation is dormant as they are not operating the business at the moment...which seems to be fine. The nice thing about a corporation is that you have the freedom to do something down the line if you choose to and can purchase more property and put it in the corporation if you want. Corporations cover a broad list of businesses written into it.

tripledigitken - 12-1-2013 at 08:46 AM

Does a house owned under a mex corp req filing taxes with the IRS?

Udo - 12-1-2013 at 09:33 AM

NO.

Hook - 12-1-2013 at 10:08 AM

Quote:
Originally posted by Udo
NO.


Well, I think the answer is YES, even if the corporation shows no profit.

http://www.irs.gov/pub/irs-pdf/i5471.pdf

http://ustaxinternational.com/tax-information/living-foreign...

Are you possibly thinking of the recent ruling on FIDEICOMISO owners not having to file form 3520? We're talking corporations here.

[Edited on 12-1-2013 by Hook]

BFS - 12-1-2013 at 11:35 AM

You can still rent the house out through a fideicomiso. A Corporation is not a requirement for rental income.
Capital gains through a corporation is MUCH higher than through a fideicomiso and will wipe out any savings received during the purchase process.

monoloco - 12-1-2013 at 11:48 AM

Quote:
Originally posted by BFS
You can still rent the house out through a fideicomiso. A Corporation is not a requirement for rental income.
Capital gains through a corporation is MUCH higher than through a fideicomiso and will wipe out any savings received during the purchase process.
I agree, most of the people I knew with corporations found them to be a PITA and have dissolved them or are looking to get out of them. From what I understand, it is also harder to re-manifest your construction and improvement costs under a corporation.

Udo - 12-1-2013 at 04:13 PM

That is what I was thinking about since I read all the IRS (US) posts here on Nomads.
Quote:
Originally posted by Hook
Quote:
Originally posted by Udo
NO.


Well, I think the answer is YES, even if the corporation shows no profit.

http://www.irs.gov/pub/irs-pdf/i5471.pdf

http://ustaxinternational.com/tax-information/living-foreign...

Are you possibly thinking of the recent ruling on FIDEICOMISO owners not having to file form 3520? We're talking corporations here.

[Edited on 12-1-2013 by Hook]

BajaLuna - 12-2-2013 at 10:53 AM

some lucky person will have a beautiful house!

Great presentation, Shari!!

brewer - 12-2-2013 at 09:23 PM

If the diesel Landcruiser can be sold separate, please let me know.

shari - 12-3-2013 at 07:06 AM

Hola Brewer...OK, I will...like I said, they will sell it when they sell the house and may be used to "sweeten" the pot!

But if the potential new owners dont want it, it will be available...it's a 1984 classic and in great shape! hardly used at all.

shari - 12-7-2013 at 09:33 AM

I forgot to mention something VERY important about this beautiful home...this will be of particular importance to Canadians and a real selling point for sure...

They have the Curling Channel!!!!!!:lol: We had dinner there last night and watched the semi finals to see who goes to the Olympics...whew..really intense!



55steve - 12-7-2013 at 09:57 AM

I LOVE watching curling! It is one of my fav Winter Olympic sports.

[Edited on 12-7-2013 by 55steve]

Terry28 - 12-7-2013 at 11:36 AM

That, and watching paint dry.........

Pompano - 12-7-2013 at 12:38 PM

Quote:
Originally posted by 55steve
I LOVE watching curling! It is one of my fav Winter Olympic sports.

[Edited on 12-7-2013 by 55steve]



Hmmmm...curling, eh?

Curling was one of our high school sports where I grew up in North Dakota. We had many competitions with neighboring towns & villages. (neighboring back there means anything within 200 miles.)

Our very close neighbors were Saskatchewan and Manitoba. by the time I was fifteen I could understand the accents quite well.

bajaguy - 12-7-2013 at 12:45 PM

Ya, sure....don't ya know
Quote:
Originally posted by Pompano

Hmmmm...curling, eh?

Curling was one of our high school sports where I grew up in North Dakota. We had many competitions with neighboring towns & villages. (neighboring back there means anything within 200 miles.)

Our very close neighbors were Saskatchewan and Manitoba. by the time I was fifteen I could understand the accents quite well.

Pompano - 12-7-2013 at 12:48 PM

Ya betcha, bajaguy...

motoged - 12-7-2013 at 12:51 PM

Quote:
Originally posted by Pompano
....Our very close neighbors were Saskatchewan and Manitoba. by the time I was fifteen I could understand the accents quite well.


Roger,
Yes, we had to be patient with the folks from SD....slow learners, but they usually had a grasp on the basics :biggrin:

http://www.youtube.com/watch?v=x-XEHwUBubk

Pompano - 12-7-2013 at 01:22 PM

Quote:
Originally posted by motoged
Quote:
Originally posted by Pompano
....Our very close neighbors were Saskatchewan and Manitoba. by the time I was fifteen I could understand the accents quite well.


Roger,
Yes, we had to be patient with the folks from SD....slow learners, but they usually had a grasp on the basics :biggrin:

http://www.youtube.com/watch?v=x-XEHwUBubk


Ged....I just watched it. I don't get it...??

shari - 12-7-2013 at 08:47 PM

Oh bye the bye Roger....it's neighbOURhood bud. cool that you like it.

Curling is a finesse strategy sport...not unlike chess...only on ice eh. We dont expect southerners to get it.

Bajaboy - 12-7-2013 at 09:44 PM

Quote:
Originally posted by shari
Oh bye the bye Roger....it's neighbOURhood bud. cool that you like it.

Curling is a finesse strategy sport...not unlike chess...only on ice eh. We dont expect southerners to get it.


I suppose with all the snow it's kind of hard to watch the summer's equivalent....watching grass grow....:lol:

Pompano - 12-7-2013 at 09:52 PM

Quote:
Originally posted by shari
Oh bye the bye Roger....it's neighbOURhood bud. cool that you like it.

Curling is a finesse strategy sport...not unlike chess...only on ice eh. We dont expect southerners to get it.


NO - NO - NO - WELL, MAYBE...

Neighbor vs. neighbour


Neighbor is preferred in American English, and neighbour is preferred in all the other main varieties of English. The words are the same in every other respect. The spelling difference extends to derivative words such as neighborhood/neighbourhood, neighborly/neighbourly, neighbored/neighboured, and neighboring/neighbouring.

In the wise words of Mr. Rogers...

It's a beautiful day in this neighborhood,
A beautiful day for a neighbor.
Would you be mine?
Could you be mine?...

shari - 12-8-2013 at 07:24 AM

you say tomawto 'n I say tomehto....potehto, patahto, lets call the whole thing off...it IS a beautiful day in the neighbourhood...full of lovely colours!!!hee hee:yes: