SDRonni
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Fideicomiso
There was talk of the Mexican government eliminating the need for fideicomisos. I heard they were to vote on it this past October. Has anyone heard
any word on this?
Thanks!
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Udo
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Mood: TEQUILA!
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It has not totally passed yet, and the President has not signed the bill.
Udo
Youth is wasted on the young!
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SDRonni
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Rats!
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Lengua
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What impact will getting rid of the fideicomiso have ? Will it get easier to own real estate in Mexico ? harder ? more complicated etc....?
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Sandlefoot
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I did hear that if the owners of the property without a fideicomiso were to die the property would go onto Meixican probate. What that involves is
only speculation!!!! I know several Mexicans that have opted to purchase with a fideicomiso just for that reason. Just a thought.
Happy Trails
" Don't find fault, find a remedy; anyone can complain." Henry Ford
If you are not living on the edge...you are taking up to much space!
Just because it may not be a good idea does not mean it will not be fun!!!
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CortezBlue
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I have been keeping a close eye on this and from some of the locals in San Felipe, that have political connections, they think it will go through but
will take about 18 months or more.
The process is similar to ours.
It has to go through Congress, which it has passed.
It now has to be ratified by the 32 governors with a majority approval
It then has to be passed by the Senate
It then has to be signed by El Presidente
I have heard from some folks that the ratification comes after the Senate vote, so this may be out of wack
Note: This change to the Article 27 of the Mex Constitution is on for non commercial property. Also, it can not be used for profit. So if you are
renting out your casa that may be a problem. Also, I am told that with this change the owner, if a foreigner, gives up the right to have their home
country USA or Canada, etc., interact with them in any cases that would include a problem with their property in Mexico. And from what I have read,
if any of these problems arise the response is, "And Mexico will take the property back!!"
I am good either way, but, my Fidi sure went up this year!! I think the banks want to get as much as they can as fast as they can
“Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.”
- Albert Einstein
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prt328
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My understanding is once you get the Permanent Resident card (new FM2) you don't need a fidi anymore. Still looking into it. Would probably cost $$$
to drop it though..
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monoloco
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| Quote: | Originally posted by CortezBlue
Also, I am told that with this change the owner, if a foreigner, gives up the right to have their home country USA or Canada, etc., interact with
them in any cases that would include a problem with their property in Mexico. |
Your have no "right" to
have your home country "interact" in property matters in Mexico now, so how would it be any different?
"The future ain't what it used to be"
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monoloco
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| Quote: | Originally posted by prt328
My understanding is once you get the Permanent Resident card (new FM2) you don't need a fidi anymore. Still looking into it. Would probably cost $$$
to drop it though.. |
Permanent residency currently gives foreigners no right to hold title to real property.
"The future ain't what it used to be"
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CortezBlue
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| Quote: | Originally posted by monoloco
| Quote: | Originally posted by CortezBlue
Also, I am told that with this change the owner, if a foreigner, gives up the right to have their home country USA or Canada, etc., interact with
them in any cases that would include a problem with their property in Mexico. |
Your have no "right" to
have your home country "interact" in property matters in Mexico now, so how would it be any different? |
Yes and no. My point is this, they are advertising the limitations that will be in place if the Fidi is dismissed. Like our development, all of the
contracts are linked to US based companies and all of the contracts stipulate that any legal actions against the developer would take place, in our
case, in Seattle WA.
I think this will eliminate these type of contracts
“Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.”
- Albert Einstein
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CortezBlue
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| Quote: | Originally posted by monoloco
| Quote: | Originally posted by prt328
My understanding is once you get the Permanent Resident card (new FM2) you don't need a fidi anymore. Still looking into it. Would probably cost $$$
to drop it though.. |
Permanent residency currently gives foreigners no right to hold title to real property.
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I am a Perm Resd in Mexico but you must have a Fidi, unless you take the next step and become a citizen of Mexico. However, in our case, if we
removed the Fidi and something happened to us, it would go to my son. If the Fidi's don't get removed he would have to place the property back into a
Fidi. So at this time, I will be a resident and not a citizen.
“Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.”
- Albert Einstein
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We put the FUNK in disFUNKtion |
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