Mexico Connect
Forums  > General > General Forum


Rolly


Aug 7, 2014, 1:45 PM

Post #1 of 20 (10921 views)

Shortcut

Major change in real estate law

Can't Post | Private Reply
No more buying or selling real estate as a tourist. Starting 1 September 2014 you must have a Residente card.
http://www.banderasnews.com/...state-resolution.htm

Rolly Pirate



sparks


Aug 7, 2014, 2:34 PM

Post #2 of 20 (10900 views)

Shortcut

Re: [Rolly] Major change in real estate law

Can't Post | Private Reply
Somebody mentioned if you don't need a tax write off you may slip through. Depends on the Notario or are they forced to insist?

Sparks Mexico Blog - Sparks Costalegre


buffalodon


Aug 7, 2014, 3:54 PM

Post #3 of 20 (10876 views)

Shortcut

Re: [sparks] Major change in real estate law

Can't Post | Private Reply
I don't think there's any wiggle room on this one. I can't see a Notario taking any chances. Times they are a changin'. No more buying in paradise on a whim. I would think time share sales will be the hardest hit, but I guess we will see what shakes out of it. Realtors will be pissed me thinks.





If you didn't know how old you were, how old would you think you were?


chicois8

Aug 7, 2014, 6:55 PM

Post #4 of 20 (10833 views)

Shortcut

Re: [Rolly] Major change in real estate law

Can't Post | Private Reply
I wonder if tourists who bought homes or property years ago will now have to obtain either a permanent or temporary residency card...
It seems the second paragraph is quoting the new law :

" in the future for the party that is purchasing the real estate, the purchaser must provide, at closing, proof of a CURP (Clave Unica de Registro de Población, similar to a Social Security Number of Social Insurance Number) and a RFC (Registro Federal de Contribuyentes or Taxpayer ID Number).

Then the 3rd. paragraph says :

" the current criteria of the local notaries here so far is to insist on having both buyer AND seller show proof of the CURP and RFC"

Seems to me a notario might insist but I think we will just have to see the language of the law when it comes out not just an article in an online magazine...
Rincon de Guayabitos,Nayarit
San Mateo, California


playaboy

Aug 8, 2014, 6:34 AM

Post #5 of 20 (10764 views)

Shortcut

Re: [Rolly] Major change in real estate law

Can't Post | Private Reply
This is just another in a series of major "game changers" in Mexico's laws.

Several months ago, I asked about folks that owned future retirement homes that were now renting them out, and pay taxes without being residents. I never found an answer. How about folks that own rental property and can not meet the requirements for a resident visa? Are they going to be treated as corporations and taxed at the highest rates?

Lots of new coming down that legal pipeline.


mcm

Aug 8, 2014, 12:29 PM

Post #6 of 20 (10714 views)

Shortcut

Re: [Rolly] Major change in real estate law

Can't Post | Private Reply
I'm not convinced, from the article, that this eliminates visitors (people with tourist permit) from buying property. In the past, it was possible to obtain a CURP without a resident visa -- remember when CURPs were required for cel phones, a few years ago, in at least some cases, you could get a CURP from the state Registro Civil with your passport and tourist permit (see this link, second page, where it states what the foreign tourists need to get a CURP -- note that this is from 2009). If you have a CURP, then you can get an RFC.

More information needed before panic sets in (and I'm sure that there are some mexconnect members who have looked into this...).


(This post was edited by mcm on Aug 8, 2014, 12:41 PM)


Rolly


Aug 8, 2014, 12:57 PM

Post #7 of 20 (10709 views)

Shortcut

Re: [mcm] Major change in real estate law

Can't Post | Private Reply
The rules for CURP have changed. Now non-citizens can get a CURP only from INM, and INM requires a Residente.

Rolly Pirate


tashby


Aug 8, 2014, 4:36 PM

Post #8 of 20 (10649 views)

Shortcut

Re: [Rolly] Major change in real estate law

Can't Post | Private Reply
Forgetting for a moment the impact on foreign "tourists" buying or selling property, I've been trying to wrap my head around the motivation for this change. The "why" of it. The only tid-bit offered in the article is this:

The reasoning behind this is to ensure fiscal transparency in all purchase sale operations for everyone - both national and foreigner alike.

Is this another anti-money-laundering effort?


sparks


Aug 10, 2014, 7:39 AM

Post #9 of 20 (10512 views)

Shortcut

Re: [Rolly] Major change in real estate law

Can't Post | Private Reply
Would be interesting to see how this would effect leaving a house to family members up north and all they want to do is sell it. Fideicomiso or not

Sparks Mexico Blog - Sparks Costalegre


YucaLandia


Aug 10, 2014, 8:20 AM

Post #10 of 20 (10494 views)

Shortcut

Re: [sparks] Major change in real estate law

Can't Post | Private Reply
Good anticipation of what can happen to some under the new law - kind of like how it seems to eliminate the possibility of visitante/tourist visa foreigners buying houses or selling houses in Mexico - since the only path to an RFC & CURP leads through being a resident of Mexico.
-
Read-on MacDuff
E-visit at http://yucalandia.com


chicois8

Aug 10, 2014, 9:49 AM

Post #11 of 20 (10467 views)

Shortcut

Re: [YucaLandia] Major change in real estate law

Can't Post | Private Reply
Wonder when the law will be published so all and read what and how it impacts non residents instead of just an online newspaper article..........
Rincon de Guayabitos,Nayarit
San Mateo, California


cookj5

Aug 10, 2014, 10:58 AM

Post #12 of 20 (10452 views)

Shortcut

Re: [Rolly] Major change in real estate law

Can't Post | Private Reply
Seems like Mexico is bound and determined to slaughter that goose that lays the 14K eggs. This won't affect me, but it's sure to have a negative affect on the real estate folks, as well as prospective buyers.

Just one more reason to rent, I guess...


mcm

Aug 10, 2014, 12:20 PM

Post #13 of 20 (10432 views)

Shortcut

Re: [chicois8] Major change in real estate law

Can't Post | Private Reply
I wondered the same thing, and found The Resolución Miscelánea Fiscal 2014 has been published -- there are two parts, and many anexos. It is a lengthy piece of legislation that SEEMS TO ME to be designed to make sure that any person/business that has anything to do with investment, earnings, etc. is registered with Hacienda, hence the RFC requirement. Here is the link I found at the SAT website -- I looked through the first and second resolutions, and found them pretty impenetrable, but the focus seemed to be on making sure that any and all things having to do with money are registered with SAT.

Rather than speculating here, and especially rather than deciding that this is something aimed at discouraging foreign investment in real estate, I'd like to hear from a Notario knowledgeable about the law, or someone who has spoken to such a person. Anybody?


fugawibill

Aug 10, 2014, 6:11 PM

Post #14 of 20 (10385 views)

Shortcut

Re: [Rolly] Major change in real estate law

Can't Post | Private Reply
Being from Mazatlan, I wonder if this will affect time share sales? Certainly wouldn't break my heart if it does.


CozICan

Aug 10, 2014, 7:35 PM

Post #15 of 20 (10367 views)

Shortcut

Re: [fugawibill] Major change in real estate law

Can't Post | Private Reply
I sure am glad that I got my Residente Permanente and my vehicle nationalized last year before all of these latest changes started to take place. I wonder what is the next surprise to be bestowed upon us ???

CozICan


YucaLandia


Aug 11, 2014, 6:32 AM

Post #16 of 20 (10330 views)

Shortcut

Re: [mcm] Major change in real estate law

Can't Post | Private Reply
Good points. My plate is full today, (so no chance to dig into the details), but this DOF listing from June 2014, has some references to the needs for providing both CURP and RFC numbers: See section 2 for the changes involving CURP & RFC from 2 months ago - taking effect Sept. 1 2014.
https://sppld.sat.gob.mx/...24%20Jul%2014%29.pdf

steve
-
Read-on MacDuff
E-visit at http://yucalandia.com

(This post was edited by Rolly on Aug 11, 2014, 7:45 AM)


Mark E.

Aug 11, 2014, 4:35 PM

Post #17 of 20 (10203 views)

Shortcut

Re: [YucaLandia] Major change in real estate law

Can't Post | Private Reply
This is interesting. My husband and I purchased a house in Mexico in 2001. We were planning to make the permanent move next year. However, due to one of us now having a debilitating illness it is no longer possible to move. We just started looking for a real estate person a week ago.
Thoughts appreciated.


sargentodiaz

Aug 16, 2014, 10:39 AM

Post #18 of 20 (9969 views)

Shortcut

Re: [Rolly] Major change in real estate law

Can't Post | Private Reply
Interesting.

My wife, a Mexican citizen, has ownership from her mother of a large plot of land in Nayarit. She has been offered a good sum of money to sell it. Wondering what, if anything, these changes will do to affect her.
For Information about Antigua y Nueva California, check out my blog, Father Serra's Legacy @ http://msgdaleday.blogspot.com


sparks


Aug 16, 2014, 12:43 PM

Post #19 of 20 (9937 views)

Shortcut

Re: [sargentodiaz] Major change in real estate law

Can't Post | Private Reply
Unless the proposed buyer is a tourist .... I'd guess nothing

Sparks Mexico Blog - Sparks Costalegre


Sonia Diaz


Aug 19, 2014, 6:27 AM

Post #20 of 20 (9752 views)

Shortcut

Re: [Rolly] Major change in real estate law

Can't Post | Private Reply
Local real estate offices are saying they have a way around it and can get a temporary RFC and are not concerned. How they do this I do not know but will ask. Then again, my country Mexico, has many "options" for most processes. :-)

Sonia
https://www.facebook.com/pages/Sonia/252211011634302
 
 
Search for (advanced search) Powered by Gossamer Forum v.1.2.4