weebray
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fideicomiso
Anyone out there know or have experience converting a fideicomiso to fee simple after getting Mexican citizenship?
Every beautiful beach in the world needs a few condo towers - NOT.
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tiotomasbcs
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Amigo, recently BajaBlanca mentioned something regarding this topic. I, too, have Naturalized after buying fideicomiso but sold the property since.
I would be interested in the degree of difficulty and/or expense...good luck. Tio
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BajaBlanca
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Write to Les at
bajabocana@gmail.com
He has an incredible memory. I really don't even though we did the whole process together.
Lots of paperwork but really easy. The final binder looks like a college dissertation but voila! It is done.
One bizarre fact, they can only charge you for the last 3 years of property tax if you are behind. That's the law.
Another fact, no changes can have been made to the property since the fide was established.
The bank dragged their feet with some of the paperwork and made us then pay for another year up front even though the fide would be cancelled. I am
sure that was just the roll of the dice (Noooooooooot).
Although he is not here right now and I don't remember the cost, it was not nearly as expensive as we had heard rumored.
Good luck and happy thanksgiving.
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larryC
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One down side to consider is if you should die after you change the property to a fee simple you can't leave/will the property to a family member
unless they are also Mexican citizens, or they will have to pay to do a fide on the property. Probably not a big deal to a lot of people but you never
know.
Off grid, 12-190 watt evergreen solar panels on solar trackers, 2-3648 stacked Outback inverters, 610ah LiFePo4 48v battery bank, FM 60 and MX60
Outback charge controllers, X-240 Outback transformer for 240v from inverters, 6500 watt Kubota diesel generator.
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Beagle
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Blanca, On this what do you mean? So if someone built on it or improved it, they can't switch it over? That seems really odd.
Is that what you mean?
Thanks
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weebray
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Quote: Originally posted by larryC  | | One down side to consider is if you should die after you change the property to a fee simple you can't leave/will the property to a family member
unless they are also Mexican citizens, or they will have to pay to do a fide on the property. Probably not a big deal to a lot of people but you never
know. |
Very good point and something to consider.
Every beautiful beach in the world needs a few condo towers - NOT.
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weebray
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The whole point in this exercise is due to the fact that HSBC holds my fidei. Were it not for their complete failure as a service to their customers
we would be happy to continue with the fideicomiso. We know two people in person and have heard several stories of others that are unable to get HSBC
to process their escrow's. In one case this cost a friend several million dollars. (Not pesos) Basically his buyer backed out after waiting over 7
months for HSBC to process the fideicomiso. In another cast it has been over a year, my friend has taken possession of the property and the seller
has moved to Canada. HSBC still has not processed the paperwork. Anyway, this year it took us many phone calls and emails to even get HSBC to come
up with a cuenta. After 3 attempts they finally got it correct according to our contract. It makes us nervous. I thought of changing banks. My
thinking: Citizenship costs from $1000 to $3000 depending on your participation in the process. Maybe it would be less expensive to get Mexican
citizenship?? Blanca makes a case for this avenue. No???
Every beautiful beach in the world needs a few condo towers - NOT.
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BajaBlanca
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I am so for becoming a citizen. Many advantages from very inexpensive health insurance to half off water bills and free museums on the mainland.
I am pretty sure the guy who did our paperwork said that we could "will" the property to anyone. He never mentioned that they had to be a Mexican
citizen. I can dbl check that.
We were indeed told that NO IMPROVEMENTS could have been made to the property after fide established. Maybe it was just our fide, but I doubt that
very much. It says so right in the fidecomiso.
Stranger than all of this is that if one dies, houses go to kids and not to spouse, unless you have a will stating otherwise. That is my
understanding but I am no expert for sure. November is half off all will charges in Mexico - run!
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surabi
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| Quote: Originally posted by BajaBlanca | I am so for becoming a citizen. Many advantages from very inexpensive health insurance to half off water bills and free museums on the mainland.
I am pretty sure the guy who did our paperwork said that we could "will" the property to anyone. He never mentioned that they had to be a Mexican
citizen. I can dbl check that.
We were indeed told that NO IMPROVEMENTS could have been made to the property after fide established. Maybe it was just our fide, but I doubt that
very much. It says so right in the fidecomiso.
Stranger than all of this is that if one dies, houses go to kids and not to spouse, unless you have a will stating otherwise. That is my
understanding but I am no expert for sure. November is half off all will charges in Mexico - run! |
Seguro Popular health insurance is available to permanent residents as well as citizens. The bus, water, museum discounts are also available to
residents who hold an INAPAM seniors card.
Discount will month is traditionally September. First I've heard about it being in November.
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weebray
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| Quote: Originally posted by BajaBlanca | I am so for becoming a citizen. Many advantages from very inexpensive health insurance to half off water bills and free museums on the mainland.
I am pretty sure the guy who did our paperwork said that we could "will" the property to anyone. He never mentioned that they had to be a Mexican
citizen. I can dbl check that.
We were indeed told that NO IMPROVEMENTS could have been made to the property after fide established. Maybe it was just our fide, but I doubt that
very much. It says so right in the fidecomiso.
Stranger than all of this is that if one dies, houses go to kids and not to spouse, unless you have a will stating otherwise. That is my
understanding but I am no expert for sure. November is half off all will charges in Mexico - run! |
Interesting Blanca, No improvements with a fidei? In that case I would guess that 90% of holders are illegal. (contra contact). I believe if you
have your fidei set up as "tenants in common" the property passes to the spouse. Just my assumption. The fidei also lists the beneficiaries. In leu
of that it passes to the kids after the 2nd spouse dies. In a women's case she gets to live there until she dies. I'm still investigating - will
report back.
Every beautiful beach in the world needs a few condo towers - NOT.
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BajaBlanca
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You would think that tenents in common would revert to the spouse but I am under the impression that it doesn't.
and yes, you can name anyone (Les had his kids as he set up fide way before we met) as a beneficiary -which begs the question: how can you leave it
to American kids if they can't own in Mexico? Not an issue for us anymore but still curious. Would they have to do a fide themselves...it seems so.
Mexican law is quite different from anything I have ever encountered.
Check your fidecomisos to see if it says NO IMPROVEMENTS. Les's was quite clear.
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rts551
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You are absolutely correct. Blanca. With a Fideo the trust (you don't own the title, the trust does) can be willed to anyone as a named
beneficiary.
A title does not come with a beneficiary. Therefore it goes to the oldest son, unless willed otherwise, and that person MUST be a citizen to take
over (be named) on the title.
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AKgringo
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"IMPROVEMENTS"
I don't pretend to know anything about legal terms in Mexico (or the US for that matter) but I suspect that 'improvements' refers to land use.
I don't think that doing a makeover of an existing building would be prohibited, but any grading, paving or new construction probably would be.
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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weebray
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| Quote: Originally posted by rts551 | You are absolutely correct. Blanca. With a Fideo the trust (you don't own the title, the trust does) can be willed to anyone as a named
beneficiary.
A title does not come with a beneficiary. Therefore it goes to the oldest son, unless willed otherwise, and that person MUST be a citizen to take
over (be named) on the title. |
Could not the beneficiary of your will could get a fideicomiso as posted by Larry C? I understand that the fidei passes to the beneficiary named in
it so that would be easier than having to establish a new fideicomiso.
Every beautiful beach in the world needs a few condo towers - NOT.
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rts551
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| Quote: Originally posted by weebray | | Quote: Originally posted by rts551 | You are absolutely correct. Blanca. With a Fideo the trust (you don't own the title, the trust does) can be willed to anyone as a named
beneficiary.
A title does not come with a beneficiary. Therefore it goes to the oldest son, unless willed otherwise, and that person MUST be a citizen to take
over (be named) on the title. |
Could not the beneficiary of your will could get a fideicomiso as posted by Larry C? I understand that the fidei passes to the beneficiary named in
it so that would be easier than having to establish a new fideicomiso. |
Yes. They could establish a new Fidei. They just would not be able to hold title.
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