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shari
Select Nomad
Posts: 13048
Registered: 3-10-2006
Location: bahia asuncion, baja sur
Member Is Offline
Mood: there is no reality except the one contained within us "Herman Hesse"
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Beautiful Home 4 Sale in Bahia Asuncion...CASA CARDON
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]
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Timo1
Senior Nomad
Posts: 742
Registered: 11-2-2007
Location: Homeless
Member Is Offline
Mood: Lovin every minute of it
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We were fortunate enough to be invited to this beautiful home for dinner the other night
Wow wow and WOW !!!
sold out and got out !!!
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Udo
Elite Nomad
Posts: 6346
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
Member Is Offline
Mood: TEQUILA!
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Very nice place Shari!
Udo
Youth is wasted on the young!
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55steve
Senior Nomad
Posts: 857
Registered: 4-24-2006
Location: Warner Springs, CA
Member Is Offline
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I WANT that place!
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Bajaboy
Ultra Nomad
Posts: 4375
Registered: 10-9-2003
Location: Bahia Asuncion, BCS, Mexico
Member Is Offline
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Sorry to see you leave but best wishes for a quick sale.
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DianaT
Select Nomad
Posts: 10020
Registered: 12-17-2004
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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]
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danaeb
Senior Nomad
Posts: 991
Registered: 11-13-2006
Location: San Diego; El Centenario
Member Is Offline
Mood: groovy
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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?
Experience enables you to recognize a mistake every time you repeat it.
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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danaeb
Similar things being discussed in this thread:
http://forums.bajanomad.com/viewthread.php?tid=70718
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Sweetwater
Senior Nomad
Posts: 915
Registered: 11-26-2010
Member Is Offline
Mood: chilly today hot tomale
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| 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.  |
So, from the other thread, it would appear that this arrangement would put the property in legal jeopardy?
Everbody\'s preachin\' at me that we all wanna git to heaven, trouble is, nobody wants to die to git there.-BB King
Reality is what does not go away when you stop believing in it. -Philip K Dick
Nothing is worse than active ignorance. Johann Wolfgang von Goethe(1749-1832, German writer, artist and politician)
When choosing between two evils, I always like to try the one I\'ve never tried before. - Mae West
Experience is what keeps a man who makes the same mistake twice from admitting it the third time around.
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shari
Select Nomad
Posts: 13048
Registered: 3-10-2006
Location: bahia asuncion, baja sur
Member Is Offline
Mood: there is no reality except the one contained within us "Herman Hesse"
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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.
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BajaRat
Super Nomad
Posts: 1303
Registered: 3-2-2010
Location: SW Four Corners / Bahia Asuncion BCS
Member Is Offline
Mood: Ready for some salt water with my Tecate
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Great property with huge curb appeal. The landscape and hard scape are years in the making.
Does the Landcruiser wagon come with ?
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shari
Select Nomad
Posts: 13048
Registered: 3-10-2006
Location: bahia asuncion, baja sur
Member Is Offline
Mood: there is no reality except the one contained within us "Herman Hesse"
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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!
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RnR
Senior Nomad
Posts: 836
Registered: 5-1-2010
Member Is Offline
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| 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.
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shari
Select Nomad
Posts: 13048
Registered: 3-10-2006
Location: bahia asuncion, baja sur
Member Is Offline
Mood: there is no reality except the one contained within us "Herman Hesse"
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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.
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tripledigitken
Ultra Nomad
Posts: 4848
Registered: 9-27-2006
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Does a house owned under a mex corp req filing taxes with the IRS?
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Udo
Elite Nomad
Posts: 6346
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
Member Is Offline
Mood: TEQUILA!
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NO.
Udo
Youth is wasted on the young!
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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| 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]
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BFS
Senior Nomad
Posts: 520
Registered: 9-28-2006
Location: Todos Santos
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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.
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monoloco
Elite Nomad
Posts: 6667
Registered: 7-13-2009
Location: Pescadero BCS
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| 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.
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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.
"The future ain't what it used to be"
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Udo
Elite Nomad
Posts: 6346
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
Member Is Offline
Mood: TEQUILA!
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That is what I was thinking about since I read all the IRS (US) posts here on Nomads.
Udo
Youth is wasted on the young!
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