Our Real Estate expert Alfredo Barragán González is owner & director of Albago Estates, his experience and awareness of the real estate market, rentals and Administration business has been acquired over the years of working with owners, buyers and sellers. In many different scenarios that has allowed him to gain knowledge and offer you many strategies for the best results, in your real estate needs and or transactions, many clients have become longtime friends over the years because of his way to conduct business.
Albago Estates has built a respectable reputation in consequence most clients it holds have been referred, within friends & clients; we believe that’s the best presentation card and that’s why “the voice of your satisfaction is our success”, was chosen as our company slogan. Once you use our services for the first time we feel responsible to offer you solutions and facilitate the process, understanding your purchasing needs or selling purposes helps us give you the attention and service you expect from us.
We feel when a client returns for a second transaction or for other services, our service offer expectations have been met. When you come to Albago Estates you have the assertiveness of having the best service team, since AE has built solid relationships with many real-estate transaction collaborators such as:
Alfredo is well known to help clients find the right home at the best price , bringing to the
table buyer and sellers, his organized structure is unique making everything clear and
having an easy go process, letting you know you are in the right hands , leave it to his
expertise and Sales Team staff.
Whether you are trying to sell or purchase he can always be a trustful reference and a reliable property manager to come for answers. He is strong and well known in the Marina Vallarta area & Hotel zone, but is limitless when the services are required, he is a self-taught person and his professionalism and service orientated values always allow him to deliver clients expectations.
For more information please contact to Evely Plazola: email@example.com
A deed is a public document submitted by a Public Notary, which state all the information related to the property history, registration on the public register office that give ownership to the owner.
The notary public that signs with the granter or grantors gives faith of the legal capacity of the content and the date that the property change ownership.
Mexican laws state that foreigners are not allowed to acquire real estate directly in certain areas of Mexico. They also state that the purchase or sale of property, located in a strip of 50km along the coast and 100 km along the borders is not permitted in terms of full ownership to foreign individuals or corporations for residential purposes.
The areas above mentioned are legally defined as “prohibited areas” or “restricted Zones”. Potential foreigner investors, who are interested, in purchasing property located in these areas, must channel, their purposes through the establishment of a “TRUST / FIDEICOMISO”, with a Mexican bank. The trust is the only legal instrument, and the most advantageous to foreign investors wishing to buy property, invest in tourism or industrial developments anywhere in Mexico, including the restricted zones, for a time period of 50 years renewable.
The answer is yes, there are legal steps to follow, when buying property in Mexico as a foreigner.
It must be purchased through a bank trust, known as a Fideicomiso. Foreigners need a bank Trust to purchase in Mexico, because of the Mexican constitution of 1917 designated the area within 100 Kilometers 62 miles of Mexico´s borders and within 50 kilometers 31 miles of the coastline as off limits, to direct real estate ownership by foreigners. This is known as the “prohibited Zone” but the new beneficial legislation in place now refer to it as the “restricted Zone”.
The fideicomiso is a legal contract similar to a trust to which which a person gives ownership of certain assets for it to administer. The fideicomiso, sometimes referred to as a bankers trust, is most commonly used to hold real estate in Mexico. Such a fideicomiso is a real estate trust that is held under your name in a Mexican bank. The bank acts as the fiduciary, you and your heirs and assigns are the beneficiaries of the fideicomiso.
As the beneficiary of the fideicomiso you absolutely and irrevocably maintain control of the property, use, maintenance, and control over all property decisions. The fideicomiso is not a lease, it is equivalent to a fiduciary in the US.
The fideicomiso gives the beneficiary absolute control of the property. So you can enjoy it, lease it, improve it, mortgage, sell, inherit, give away. Basically, your property is under a fiduciary of which you are the owner to be managed by a bank in Mexico on your behalf.
A Curp is a formal identification number that all Mexican nationals, acquire at birth (on their birth certificates). Mexican residents acquire this CURP number on their resident cards and foreigners have it on their resident cards and foreigners have it on their resident cards (both permanent and temporary).
In Mexico, a Notary public, is a quasi-governmental official who receives all documents of importance with respect to the sale of real estate.
The Training, function and responsibility of Notary public, in Mexico, Are completely different in North America. In Mexico, a Notary Public, is appointed by the governor of a Mexican state for life. A Notary, must be a Mexico, licensed attorney.
Bancomer is a great back that we recommend, for peso accounts as they offer a fully bilingual service for foreigners, (Preferential Client Section) they have experience dealing with property owners and renters who are not here all year round and give you a Gold card, to have preference on the customer service line. Including other benefits such as, paying bills on line, write checks in pesos, make standing orders for bills to be paid each month, make payments via internet and keep track of your balance, you can make standing order checks for services to be paid when you are not present.
The simple answer is yes, if you made money you need to pay tax.
Yes, if you are not a full time resident and tax payer in Mexico. (You need a valid Permanent Resident immigration card or a Mexican voter card (INE) and all bills in your name as proof of residency).
In Mexico, the concept of capital gain Tax does not apply in the sense in which it is determined in the United States. Here, the tax on the gain is 35%. For example, selling a property for $200,000 USD when was bought for $100,000 usd generates $35,000 usd tax.
However, in order to determine the gain, the following cost and expenses are deducted from the amount for witch property is officially sold:
In order to ensure you are paying what you should be and not being over charged, we work with qualified legal tax accountants to help us ensure the whole process is legal, and straightforward.