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Author: Subject: Fideicomiso questions
bajabeachbabe
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[*] posted on 5-21-2008 at 01:14 PM


Quote:
Originally posted by Gadget
Bajabeachbabe, I am pretty sure you can only do something through your corporation that does not take a job away from a Local.
Am I wrong anyone?


The corporation language as ours is written, is very broad in what it allows you to do as a business. Maritime activities are not permitted as they would be taking away a job from a local. So, you are correct in your understanding that certain jobs are protected.
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bajalou
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[*] posted on 5-21-2008 at 03:25 PM


Quote:
Originally posted by Gadget

And highsierrabum, as per the info my in-laws have gathered who are in BoLA, there is no fideicomiso process in BCN. As the Diaz family start to sell of their land everyone is having to form corporations to buy.
Or am I wrong again and it is just in BoLA?


People in San Felipe buy using the fideicomiso process for homes. The laws prohibit living on property that your corporation owns in almost all cases..




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[*] posted on 5-22-2008 at 09:10 AM


Quote:
Originally posted by bajabeachbabe
The other side of the Fideicomiso coin is to create a corporation. When we purchased our property we were advised by the real estate agency that a corporation was a better alternative due to the size of our lot(s) and specifically the investment requirement. The inital cost of creating the corporation was possibly greater than a Fideicomiso, but it gives us much more flexibiliity. With a corporation you need to have a business purpose, but our plans always included at least a couple rental cabanas on our lot. We will have monthly accountant fees for reporting, but we won't have trust fees to pay to the bank. I think for us, the corporation will be a better choice, especially considering each of our two lots are about 10,000 sq meters.

Marla, (Hi neighbor, Linda here) that is one scary "required investment" schedule you posted! At least with the corporation we can invest what we want, when we want. Plus, we have the option of having a business doing just about anything other than running a fishing boat.


That is only part of the picture. I have a friend who is doing a property development and he is up for renewal on his FM2 and now he is getting a lot of heat from the immigration office for showing an employee and they are disallowing contracted or pay for fee types of employment.
The second part is that when you close down the corporation it is significantly more expensive to do that than it was to open it up in the first place. Failing to properly close down the corporation allows the gov. to take title to the property for fees and owed moneys.
So what looks good at the outset may not be the best overall solution.
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