CP
Nomad
Posts: 434
Registered: 7-19-2006
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Reporting Construction End Manifesto to Fidei Holding Bank?
We received our manifesto de construccion earlier this year. I gave a copy to our town tax office and they adjusted my taxes per. I KNOW I am
supposed to now tell Bancomer who holds our fidei comiso... just wondering if anyone can tell me how this will effect my annual fees. The manifesto
did not increase my property value by too much, maybe four times previous value.
And any other tips on how I should go about this with Bancomer. Going to Los Cabos isn't an option right now (though if I have to I have to). Loreto
and Cd. C branches make me nervous as I generally have problems just having my fee checks received without event there. La Paz is do-able.
Thanks for helping me with my dirty laundry that I keep shoving back under the bed. I want to clean this up before year end...
-CP
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bajajudy
Elite Nomad
Posts: 6886
Registered: 10-4-2004
Location: San Jose del Cabo,BCS
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Your bank fee is not based on the value of the property...or at least mine isnt. I have never notified the bank that my property has been manifested.
I did make sure that our fees cannot be raised when we signed the papers.
Usually there is a statement that says that the bank has the right to raise their fees in certain increments...like 5% a year every 5 years. Or
something similiar. I made sure that was removed...slowed the process down by 6 mos but well worth the wait since we are locked in at $300/year
forever.
Check your trust agreement.
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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Your fideicomiso has nothing to do with your construction....or vise versa....only the land. Trust me on this one....I've had 3 fideicomisos &
build 3 casas & the bank is not in the notification loop for manifesto de construccion. Bancomer included. And actually, you didn't need to take
a copy to the tax office, it'd eventually have made it's way there internally through Catastro; but since you did, it might be a good idea to double
check next year that they didn't apply your construction value TWICE for property tax purposes! And I concur with Judy, your annnual fideicomiso fee is not affected by your construction.
You are now free to relax & enjoy the fruits of your labor!
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CortezBlue
Super Nomad
Posts: 2213
Registered: 11-14-2006
Location: Fenix/San Phelipe
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Is the document you are talking about the same as the Letter of Liberation?
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CortezBlue
Super Nomad
Posts: 2213
Registered: 11-14-2006
Location: Fenix/San Phelipe
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The Letter of Liberation is the document I received from Mex. Social Security when my house was finished. It shows that I paid all of my SS taxes?
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oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
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| Quote: | Originally posted by CortezBlue
Is the document you are talking about the same as the Letter of Liberation? |
No, although both occur when you're finished with construction.
To Manifest your construction, you contact your local catastro office and inform them of the total cost of your project. They'll give you a
manifestation receipt and will re-appraise your property. As CP says, your property taxes will go up to reflect the increase in your property value.
When you sell your home, this manifested cost is added to the amount you spent on the land ( documented in your fideicomiso) and both will be used to
determine how much capital gains tax you'll owe.
If you have not manifested your construction, Mexican Tax Law will not recognize your construction costs and you will not be able to use them as a
deductible expense. All your receipts, cancelled checks and bank statements will not help, unless you have completed your manifestation.
From personal experience I can say: if you want credit for all the money you put in to your Mexican property when capital gains tax time rolls around,
Manifestation es muy importante.
CP- I agree with LLinLP and Kate that your annual fidei fee should not be effected by the completion of your lovely casa. Banorte told us to give him
a call when we're finished building and he'll make a note of the total amount we spend on construction for our file, but it would have no impact on
our payment.
Maybe the banks were responsible for keeping record of property improvements back when all foreigners had an "Investment clause" requirement imposed
by the Minister of foreign relations (?) Our lots have investment clauses in the fideis and maybe that's another reason they want to be in the loop.
I can't imagine your annual fee will go up CP and it seems like you should be able to email a copy of the Manifest doc to Bancomer without
having to go in to the big city.
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CP
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Posts: 434
Registered: 7-19-2006
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Thanks oladulce,
The manifesto is signed and stamped by the Catastro director so I think I am square on that end. I will e-mail Bancomer and ask now that I feel
assured that my fees may not be influenced.
Thanks everyone. What a beautiful morning it is!
-CP
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