UPDATE - FEB 2021: We are launching a Dream Retirement in Mexico Program this spring!! Stay tuned. Go to thisismodernaging.com and sign up for our email list to get updates.
I’m a Mexican born, but lived in the US for many many years, and thinking of moving back to retire in Puerto Vallarta! Your information it’s very helpful! Thank you
I’m a Mexican citizen through my mother I was wondering since we have dual citizenship is there better options where we could put a down payment on a house and pay Mortgage like back here in Canada/USA since we are Mexicans
In you are Mexican and wish to retire in Mexico, I have a question for you, in what way have you contributed to the Mexican economy to deserve to take advantage of cheap prices? If you grew up and lived in the States through your whole life then you are not Mexican, don't come to Mexico just because is cheaper.
im moving to mexico next to vallarta in about 2 years or less ! im 26 right now and im from Long beach ca born and raised . going to start building my house this year ! thanks for making this video ! appreciate it !!
I highly recommend MexLaw to assist Canadians getting through this. We just closed on our stunning condo in ElCielo , stunning...playa del carmen is great and the locals just awesome.
Thanks for taking the time to make this interview. Taniel is always pleasant to watch and today the detailed information was valuable. Hoping to make the move to Mazatlan in the next year or so.
I like that Taniel said work with someone who is an AMPI-registered agent. I also like that he has a buyer's guide. He explained everything very clearly, but it is a lot to digest. Sounds to me like definitely go with somebody who knows the ropes. I would love to see some of Taniel's properties to get a visual idea of what you would get for the money, with a breakdown on annual carrying charges. The taxes, water, gas, elec, Taniel went over in this video, but I'd love to see the maint charges for specific properties, as well as, do you need insurance for the property, and how much would that cost? If you're not a citizen of Mexico, do you have to leave the country every six months, and reapply for a visa every time? How long would it take to get dual citizenship, and would you have to pay double income tax/tax to both countries?
Thanks so much for this info. My husband & I have been looking into moving to Puerto Vallarta within the next 3 years & this information was beyond helpful. I'll be emailing Tim for his guide :)
Just came across this and this was a great interview, lots of good information. Would be great to do an update as this was 2 years ago if there are any new changes. Thank-you very much, dispels some of the beliefs I had about buy a Mexican property.
Excellent video. I just returned from my first visit to PVR. Enjoyed watching it. Very succinct, targeted, and relaxed with useful information. Thanks. I am checking your website now. Best,
@@ModernAging Thank you Not only snowbirds looking to spend the winter in PV, but expats looking to live there, and maybe either don't want to buy yet or prefer to rent, would get a lot out of how to rent, where to find rents, what utilities do you pay and what legal protection do you have after signing a lease. Your interviews are very good so I'm sure you have plenty of questions to add.
Hi HamiltonRB - Feel free to email me at taniel@timothyrealestategroup.com so that I can get you in contact with rental agents in town to help answer your questions.
i'm happy that you found it helpful! we are having a free live webinar may 15, 18, and 19 - how to buy property in mexico and healthcare options for expats - if you are interested you can sign up at www.dreamretirementinmexico.com/webinar
That you Madame for this interesting video. Mr. Taniel Chemsian impresses me as a man of Integrity and decency. God willing, I hope one day to contact him and hopefully do some Real Estate business with him and his Company. Your videos are truly an eye- opener as well as an education for all of us who love Mexico and the Mexican people!
thank you so much! We are in the middle of developing a program that will do a deeper dive into moving/retiring in mexico. Stay tuned for all the details!
If you guys actually loves this place and his ppl, you should be aware of how your condos are turning an actual paradise into a shitty place. So sad be witness of how this place is losing his magic.
Yeah Taniel has been in real estate for 15 years in Puerto Vallarta so knows his stuff and really passionate about making sure his clients get the info they need.
Really great information! I’m looking for vacant land near a small town where I can do permaculture. Sadly, not many videos cover such things, always the more expensive properties up to a half million. A lot of us just don’t have that kind of nest egg or want that kind of life.
What a great n informative video. Lots of wonderful ideas. I'm planning to retire to Mexico shortly. Though not sure about buying land or home (condo). Will need to research more on the areas in Mexico.
@@stunnak1006 In Mexico you'd only get in trouble if you put yourself in a bad situation such making deals with cartel people, or if it's obvious that you have money (big ass truck, your loud, showing off, etc), or if you explore remote areas. People that keep a low profile, stay in "nice" areas, or know how to blend in almost any area, are NOT in danger, there is way more freedom here than in the US, here basically they'll kill you if you own someone something or piss some one off big time unlike the US that you just might get shot for no reason. Poor areas are noisy AF, mexicans drink religiously on the weekends and are loud AF, but if there are enough quiet serious people on the hood talking to the noisy people it can be stopped by the quiet neighbors, there are a lot of beggars in most main roads, just tell then No politely like:"maybe the next time", if they are your neighbors is ok every once in a while give them small jobs like sweeping infront of your house for a couple of bucks. On the other hand"nice" private areas(middle class) are usually quiet and crime is low. Weather is nice(california like weather) all year round in most of the country, if you can afford AC youd could live anywhere in the country(some places are hot and humid). Food is of the best the world have to offer. People is friendly in general. There a reason why the best beaches of Mexico are full of foreigners year round. Fly as much as possible for long distances. And dont take my word for it, try it yourself and let's us know.
A native Mexican Real Estate Agent/Attorney in another video said that closing costs should only be like $2500. (not including real estate commission and notary fees). He indicated that if it's like $10k or more your Real Estate agent is scamming you. He also said AMPI may have ethics, rules and training, but since no real estate agents are licensed...they too, can do whatever they want and be dishonest if they want. He also said there is no such thing as an escrow account in Mexico. So don't send money anywhere to the real estate agent or to an account in America. He said you get an attorney who is legally a notary appointed by Government of Mexico. There are a limited amount of attorney/notaries.
Hi Marilynn - Good afternoon. Thank you for taking the time to post your comment. I don't know who this "native Mexican real estate agent/attorney" is, but I will be happy to speak with him/her and provide him/her with current information regarding our market in Banderas Bay/Puerto Vallarta and the ownership process. There are a number of escrow companies that provide services in our region, including but not limited to TLC, Secure Escrow and Armour Secure to name a few. There are others, but we've typically seen these three more often than not. Since selling real estate in Vallarta since 2006, I have not seen a buyer closing cost at around $2,500 USD. There are a number of itemized expenses that makes up the buyer closing costs, the largest being the Patrimony Tax/Transfer Tax and the Notary's legal fees for their services. Please keep in mind, when a foreigner acquires a property in the Restricted Zone, which is 50 km from the coastline and 100 km from the USA an Central American border, they need to have a real estate trust with a Mexican bank. The one-time cost to set up the trust, and the first year annual trust feel can be around $22,000-$27,00 pesos (as of today, June 10, 2020). As with hiring any service provider, wether it is a plumber, accountant, attorney, real estate agent, painter, dentist, to name a few, it might be best to interview a few candidates and ask for referrals/references, and do your due diligence before making a decision. As with any profession in any part of the world, there are honest hard working individuals/companies with a great track record, and those that aren't as ethical or honest. I will be happy to discuss further with you if you'd like. I can be reached at info@tanielchemsian.com. Wishing you a great evening.
OK, I bought a two-bedroom condo inside the Marina (Marina Vallarta, where the fishing boats are) back in 2016. The price was $140,000 sold "as is." I intended to completely remodel it, so took advantage of a good price, given that I was going to tear everything out after closing. Looking at my closing statement, the largest expense next to the apartment itself were the Notary's fees. He's a public attorney who closes and records all real estate sales. His fees for title work, an appraisal, various taxes and fees, came to $10,290. I also paid a 2.5% transfer tax, which all buyers must pay. In my case it was $3,552. If you add those fees together, my closing costs were a little less than ten percent of the price of the house. Good luck, whatever you do.
I own four homes in Mexico. For most U.S. retirees, I would not recommend it. Unless you have the extra $$$ and have made a major commitment to remaining in Mexico, you are better off renting short term. '
@@Deltron6060 It is all a matter of numbers and risk. Suppose you can purchase a house, cash, for $100k. You now have zero mortgage payments, but are you going to see that $100k again? Not if some branch of the government (perhaps an ejido) challenges your ownership, or some squatter or cartel takes it over. Suppose there is a toxic chemical spill or a new local arbovirus? Suppose rent is $500 a month. That could go up with inflation, but how much are you risking in each of the above scenarios?
Very informative video and fantastic interview. I saved this Real estate group in my rolodex and will be contacting them the day I make it down there if it is meant to be. 🙏
that's great! well feel free to join our free upcoming webinar in June (8, 9, 13 or 16) - Dream Retirement in Mexico. You can sign up and get more info at DreamRetirementInMexico.com... that'll just be some more info for you -- we will talk about some of the different cities as well as real estate and healthcare. :)
At first I was gung ho about buying real estate in Mexico, but if I can rent something for $300 US a month, I can essentially live for decades in a place that I can fix up the way I want but NOT have the headaches of paying for repairs, etc. My advice is to live there for at least a few years before you choose to buy. For that cheap rent, I can also live all around Mexico instead of being stuck in one city.
This was very very helpful. Thank you. I just retired and am seriously considering moving to Mexico, PV or Cabo, lake chapala or some place similar. So this is very informative. For a subsequent video, perhaps you could go over finances for expats. What do we do with stocks, investments in the States. How to access them in Mexico. I understand a lot of on line web sites won't work for financial transactions from a foreign country. What about transferring money from USA to Mexico. I hear you take a big conversion hit. Can we use American bank accounts in Mexico? Is it better to use credit cards from states w/o fees? Is it best to open Mexican bank account and transfer $? How with minimal or no fees? What about filing taxes? How does that work for USA citizens? How about mail and bills? How to receive them if in Mexico? So many questions. Thanks in advance. Oh and one more thing. Do we have to leave and go back to USA every so often? If so can you outline? Is that different if apply for Mexican citizenship?
Hi Kirk - Feel free to email at taniel@timothyrealestategroup.com so I can get you in contact with appropriate professionals that can assist you with the above.
We just concluded an extensive condominium search in PV. HOA fees vary by property, but are generally $200-$600 per month. We saw one unit where the HOA was $1,000 per month, but that was the only one and was clearly an outlier. HOA fees typically include water, and sometimes gas, in addition to the usual common area stuff, building insurance, etc.
I would never buy a place with an HOA. I've heard nightmares about these funds being mishandled and then one day the building needs a new roof,they don't have enough money and then they raise the HOAs by hundreds of dollars overnight.
If you are considered a resident of Mexico, then you are going to be taxed on your worldwide income, ranging progressively from 1.92% - 35% depending on income level, regardless of your nationality or where the income was earned. On top of your obligation to file and pay US taxes, Mexico has income taxes of its own. For 2020, the national income rates for resident expats are as follows: Earnings in Pesos Rate Applicable to Income Level (%) 0 - 125,900: Exempt 125,900 - 1,000,000: 15% 1,000,000 and above: 30% Expatriates also pay local taxes to their state in Mexico. These rates are different in each state and generally range from 1% to 3%. Capital Gains Tax in Mexico If you are a resident, capital gains apply to worldwide income. Currently, the rate is 25% on the gross amount of the transaction or 30% of the total capital gain. For expatriates, the capital gains tax will depend on the tax cost basis, the type of asset to be liquidated and the sale price.
Do you have any recommendations for an immigration attorney in the US who can help answer questions and give advice to Americans who want to get permanent residency in Mexico?
Finiquito is different, not really how you explained it. It could be that way, but it is not necessary, and it won't be a problem. Mexican here who studied laws.
Extremely informative! I have subscribed! Thank you so much for posting with this gentleman! No accent easy to understand! I’m a senior citizen on fixed income so not sure I can afford to buy, but what about renting? I rent here in California, and it’s much to expensive anymore, what’s Available? Plus I have all furnishings. Thank you !🙏🇺🇸
Several of my girlfriends took trips to a number of countries and looked into moving and retiring in various foreign countries. What they found was that the infrastructure was not what they expected or were used to, nor the hospitals, nor the retirement homes nor the general quality of the life they felt they needed, esp. as they aged. Then the real issue also became living that far away from their children and grandchildren in their aging years. In the end they decided against this option.
There are trust fees too that they didn't mention. We owned a property in Cabo area bought through the main realtor in San Jose. The bank (and other aspects) proved to be very third world, really a nightmare to be honest. We live in Canada and their mail to us was constantly mislabeled, wrong address, name misspelled. Despite many attempts to correct the bank information they never got it right. Road washed out and took a very long time to fix. This was land that was 2 hundred yards from the ocean BTW. All in all it was a really big pain
what about if I have a dual citizenship between the United States and Mexico. , my mother was Mexican so I have dual citizenship now. Does this restricted zone applied to me as well, or just residents or tourists?
Do you suggest or recommend any general contractors out in Baja Mexico I have a lot in puerto Nuevo and want to build a nice beautiful two story home but I don’t know anybody out there.
Great info. I’m already a temporal visa, living in Ajijic area. I can not find a. Agent who works for cheap lots for sale. I do not want a 300,000 house. Just a small thing to possibly put a geodome , geodesic dome house on. Yes the ones here are not trained or no license, one I went with couldn’t drive, couldn’t Find the lot. I am getting the feeling there are gringo properties, then no land for small money for us, like keep out?
If there is a list of closing Lawyers in the PV area that you would recommend I would appreciate some names to contact for a property purchase. Thanks Robert W
What is the difference for purchasing in Mexico if for example I was born in the USA but my parents were both born in MX and they are both now USA citizens. I heard that it is an easier process to get MX residency and/or temporary residency to be able to open a bank account and purchase property out there.
Ve a la embajada mexicana más cercana donde tu vivas y allí puedes obtener la ciudadanía mexicana y porque eres hijo de mexicanos, México acepta la doble ciudadanía también alli te Informan como puedes comprar propiedades desde Usa.
Thank you for the video...very informative. My husband and I are looking into moving to the Ajijic area. Do you have a realtor you could recommend in that area?
UPDATE - FEB 2021: We are launching a Dream Retirement in Mexico Program this spring!! Stay tuned. Go to thisismodernaging.com and sign up for our email list to get updates.
I’m a Mexican born, but lived in the US for many many years, and thinking of moving back to retire in Puerto Vallarta! Your information it’s very helpful! Thank you
I’m a Mexican citizen through my mother I was wondering since we have dual citizenship is there better options where we could put a down payment on a house and pay Mortgage like back here in Canada/USA since we are Mexicans
J
Emma take me with you
It sure seems many Americans are moving to Mexico it looks beautiful and looks a lot safer then the USA and not a total rip off on property taxes
In you are Mexican and wish to retire in Mexico, I have a question for you, in what way have you contributed to the Mexican economy to deserve to take advantage of cheap prices? If you grew up and lived in the States through your whole life then you are not Mexican, don't come to Mexico just because is cheaper.
im moving to mexico next to vallarta in about 2 years or less ! im 26 right now and im from Long beach ca born and raised . going to start building my house this year ! thanks for making this video ! appreciate it !!
im thinking of living their an build a house, what would your budget be? for a 1300 sqft house?
greetings from Merida - Mexico's awarded best area for overall quality of life
It's on my list of places to visit.
ua-cam.com/video/6lYA7c1Pnuo/v-deo.html
How is the crime?
I read that it is unbearably hot there all year round
@@tn18977 you don't move to Mexico because it's cool weather.
I highly recommend MexLaw to assist Canadians getting through this. We just closed on our stunning condo in ElCielo , stunning...playa del carmen is great and the locals just awesome.
Did you finance or all cash?
Thanks for taking the time to make this interview. Taniel is always pleasant to watch and today the detailed information was valuable. Hoping to make the move to Mazatlan in the next year or so.
when we go to buy, I will be getting a hold of Taniel, you seems very trust worthy and knowledgable
Taniel's the best! :) And all his clients say the same thing...you'll be in great hands.
I like that Taniel said work with someone who is an AMPI-registered agent. I also like that he has a buyer's guide. He explained everything very clearly, but it is a lot to digest. Sounds to me like definitely go with somebody who knows the ropes. I would love to see some of Taniel's properties to get a visual idea of what you would get for the money, with a breakdown on annual carrying charges. The taxes, water, gas, elec, Taniel went over in this video, but I'd love to see the maint charges for specific properties, as well as, do you need insurance for the property, and how much would that cost? If you're not a citizen of Mexico, do you have to leave the country every six months, and reapply for a visa every time? How long would it take to get dual citizenship, and would you have to pay double income tax/tax to both countries?
all great questions and something we will address in a future video - thanks!!
You
Thanks so much for this info. My husband & I have been looking into moving to Puerto Vallarta within the next 3 years & this information was beyond helpful. I'll be emailing Tim for his guide :)
Be very careful it's very dangerous down there I seen decapitated bodies I lost my money I was putting in to my house
@@michaelmolina9667 When was this? And how did you lose your money for your house?
go to Canada....duumy
What a nice lady and gentleman- very good vibe and conversation as well as useful hints and knowledge
You asked great questions. I run a group called tijuana insider on Facebook and will share this video with them. Very Informative
sounds great! will have to check out the facebook group! thank you.
Just came across this and this was a great interview, lots of good information. Would be great to do an update as this was 2 years ago if there are any new changes. Thank-you very much, dispels some of the beliefs I had about buy a Mexican property.
Excellent video. I just returned from my first visit to PVR. Enjoyed watching it. Very succinct, targeted, and relaxed with useful information. Thanks. I am checking your website now. Best,
Great video. We are going down to Puerto Vallarta in the fall. WE both love the city and the people.Thank you! Mike
In a future video, could you discuss the process and any costs associated with renting in PV?
absolutely!! happy to do that in an upcoming video!
@@ModernAging Thank you Not only snowbirds looking to spend the winter in PV, but expats looking to live there, and maybe either don't want to buy yet or prefer to rent, would get a lot out of how to rent, where to find rents, what utilities do you pay and what legal protection do you have after signing a lease. Your interviews are very good so I'm sure you have plenty of questions to add.
@@HamiltonRb absolutely...one question leads to the next right? will look to address these questions in a future video! thanks so much!!
Hi HamiltonRB - Feel free to email me at taniel@timothyrealestategroup.com so that I can get you in contact with rental agents in town to help answer your questions.
I found this extremely helpful, I will certainly be contacting the Timothy Real Estate Group when I'm to purchase in Puerto Vallarta.
Thank you for this very informative and sincere video. I learned a lot.
Very helpful video. We have been thinking about retiring to Mexico.
i'm happy that you found it helpful! we are having a free live webinar may 15, 18, and 19 - how to buy property in mexico and healthcare options for expats - if you are interested you can sign up at www.dreamretirementinmexico.com/webinar
You and Taniel have amazing energy! Ty for sharing and making my dream of moving to Puerto Vallarta more of a reality!💯❤️🌹🌞
That you Madame for this interesting video. Mr. Taniel Chemsian impresses me as a man of Integrity and decency. God willing, I hope one day to contact him and hopefully do some Real Estate business with him and his Company. Your videos are truly an eye- opener as well as an education for all of us who love Mexico and the Mexican people!
thank you so much! We are in the middle of developing a program that will do a deeper dive into moving/retiring in mexico. Stay tuned for all the details!
If you guys actually loves this place and his ppl, you should be aware of how your condos are turning an actual paradise into a shitty place. So sad be witness of how this place is losing his magic.
Awesome questions and answers. I would definitely hire Taniel Chemsian to get my Vallarta dream home.
best video when buying real estate in Mexico. the best
best video I’ve seen on purchasing property in P.V. thank you so much
Wow very informative video, great job Risa. Taniel appears to be a real solid real estate agent. Thanks for sharing.😃
Yeah Taniel has been in real estate for 15 years in Puerto Vallarta so knows his stuff and really passionate about making sure his clients get the info they need.
many thanks to take precious time , to share knowledge. Only generous individual, have altruism that tendancy.
many thanks again, all the best.
MEXICO IS SO BEAUTIFUL COUNTRY..
Great video. Taniel is very knowledgeable ❤️
Great video and he's such an eloquent man with an amazing personality. Thank you.
How is the money usually transfer? wire transfer from bank to escrow? do you pay taxes in US or Mexico for that?
This was WONDERFUL Thank you! I am looking at Mazatlan, but this was so helpful. To your health in Jesus name!
Thanks! This is a great video on buying in Mexico! Keep up the great vids!
Great interview, with a friendly professional real state person.
Taniel is the best! He's been in the business for years and really understands the market and wants to make sure his clients are happy.
Really great information! I’m looking for vacant land near a small town where I can do permaculture. Sadly, not many videos cover such things, always the more expensive properties up to a half million. A lot of us just don’t have that kind of nest egg or want that kind of life.
Or stay in the US, you all already have robed half of Mexico's territory. Mexico is not for sale 🤷♀️
ABOVE whooo in ther right mind would invest 1/2 million there??? are u just crazy or very stupid...
How I can do the process to buy the property without be in person ? What special process I have to do?
It's an annual tax for owing property in the restricted zone. It is the equivalent of paying the Franchise Tax Board $800 to file a business return.
Wow! All the Mexicans coming here and Americans moving to Mexico. The grass is always greener.
Very helpful information! Thank you
glad to hear it was helpful. thanks so much for watching.
Thank you, Alejandra.
What a great n informative video. Lots of wonderful ideas. I'm planning to retire to Mexico shortly. Though not sure about buying land or home (condo). Will need to research more on the areas in Mexico.
Great Video.... very informative! Thank you so much
I'm moving to Mexico when i retire!
I do not recommend that. You’ll be back. Don’t sell anything.
Smart man, at least come down here the winters even Ted Cruz is doing it
@@grabrielgrena9466 can you tell us about Mexico? All we hear is the bad stuff the media talks about
@@stunnak1006 In Mexico you'd only get in trouble if you put yourself in a bad situation such making deals with cartel people, or if it's obvious that you have money (big ass truck, your loud, showing off, etc), or if you explore remote areas. People that keep a low profile, stay in "nice" areas, or know how to blend in almost any area, are NOT in danger, there is way more freedom here than in the US, here basically they'll kill you if you own someone something or piss some one off big time unlike the US that you just might get shot for no reason. Poor areas are noisy AF, mexicans drink religiously on the weekends and are loud AF, but if there are enough quiet serious people on the hood talking to the noisy people it can be stopped by the quiet neighbors, there are a lot of beggars in most main roads, just tell then No politely like:"maybe the next time", if they are your neighbors is ok every once in a while give them small jobs like sweeping infront of your house for a couple of bucks. On the other hand"nice" private areas(middle class) are usually quiet and crime is low. Weather is nice(california like weather) all year round in most of the country, if you can afford AC youd could live anywhere in the country(some places are hot and humid). Food is of the best the world have to offer. People is friendly in general. There a reason why the best beaches of Mexico are full of foreigners year round. Fly as much as possible for long distances. And dont take my word for it, try it yourself and let's us know.
@@grabrielgrena9466 You're so right. In America you really can get shot anywhere nowadays. It's sad. I would definately feel safer in Mexico.
This is so super helpful! Great video! Thank you so much! 🙏😊
Nothing was said about the annual trust fee charged by the banl holding your trust. Our trust fee is $400.00US a year.
Thank you so much, it's informative.
If you have any questions for Taniel, please write them below! We would love to hear from you and your interest in buying a property in Mexico!
Yo any opportunity for the reference to this company for employment
I wish you would have touched on buying land and building a home your self.
Very helpful, thank you.
Very nicely done. Thank you.
Very informative video. Thank you for sharing. Loved the chihuahua too!
Great video & A lot of very good information 👍🏽👍🏽
Very helpful tips 🏠 ! I Love the Beautiful Riviera Maya ! Hoping to buy a property there 🏠! Thank s for all the information!
so helpful, thankyou very much!!!
A native Mexican Real Estate Agent/Attorney in another video said that closing costs should only be like $2500. (not including real estate commission and notary fees). He indicated that if it's like $10k or more your Real Estate agent is scamming you. He also said AMPI may have ethics, rules and training, but since no real estate agents are licensed...they too, can do whatever they want and be dishonest if they want. He also said there is no such thing as an escrow account in Mexico. So don't send money anywhere to the real estate agent or to an account in America. He said you get an attorney who is legally a notary appointed by Government of Mexico. There are a limited amount of attorney/notaries.
Hi Marilynn - Good afternoon. Thank you for taking the time to post your comment. I don't know who this "native Mexican real estate agent/attorney" is, but I will be happy to speak with him/her and provide him/her with current information regarding our market in Banderas Bay/Puerto Vallarta and the ownership process. There are a number of escrow companies that provide services in our region, including but not limited to TLC, Secure Escrow and Armour Secure to name a few. There are others, but we've typically seen these three more often than not. Since selling real estate in Vallarta since 2006, I have not seen a buyer closing cost at around $2,500 USD. There are a number of itemized expenses that makes up the buyer closing costs, the largest being the Patrimony Tax/Transfer Tax and the Notary's legal fees for their services. Please keep in mind, when a foreigner acquires a property in the Restricted Zone, which is 50 km from the coastline and 100 km from the USA an Central American border, they need to have a real estate trust with a Mexican bank. The one-time cost to set up the trust, and the first year annual trust feel can be around $22,000-$27,00 pesos (as of today, June 10, 2020). As with hiring any service provider, wether it is a plumber, accountant, attorney, real estate agent, painter, dentist, to name a few, it might be best to interview a few candidates and ask for referrals/references, and do your due diligence before making a decision. As with any profession in any part of the world, there are honest hard working individuals/companies with a great track record, and those that aren't as ethical or honest. I will be happy to discuss further with you if you'd like. I can be reached at info@tanielchemsian.com. Wishing you a great evening.
OK, I bought a two-bedroom condo inside the Marina (Marina Vallarta, where the fishing boats are) back in 2016. The price was $140,000 sold "as is." I intended to completely remodel it, so took advantage of a good price, given that I was going to tear everything out after closing. Looking at my closing statement, the largest expense next to the apartment itself were the Notary's fees. He's a public attorney who closes and records all real estate sales. His fees for title work, an appraisal, various taxes and fees, came to $10,290. I also paid a 2.5% transfer tax, which all buyers must pay. In my case it was $3,552. If you add those fees together, my closing costs were a little less than ten percent of the price of the house. Good luck, whatever you do.
There are many notaries in Merida.
I own four homes in Mexico. For most U.S. retirees, I would not recommend it. Unless you have the extra $$$ and have made a major commitment to remaining in Mexico, you are better off renting short term.
'
ua-cam.com/video/6lYA7c1Pnuo/v-deo.html
How are you ever better off renting??
@@Deltron6060 It is all a matter of numbers and risk. Suppose you can purchase a house, cash, for $100k. You now have zero mortgage payments, but are you going to see that $100k again? Not if some branch of the government (perhaps an ejido) challenges your ownership, or some squatter or cartel takes it over. Suppose there is a toxic chemical spill or a new local arbovirus? Suppose rent is $500 a month. That could go up with inflation, but how much are you risking in each of the above scenarios?
@@headlessprofessor --- Has this happened to any of your 4 properties in Mexico?
@@headlessprofessor so 1.5 million expats made a mistake
Very informative video and fantastic interview. I saved this Real estate group in my rolodex and will be contacting them the day I make it down there if it is meant to be. 🙏
that's great! well feel free to join our free upcoming webinar in June (8, 9, 13 or 16) - Dream Retirement in Mexico. You can sign up and get more info at DreamRetirementInMexico.com... that'll just be some more info for you -- we will talk about some of the different cities as well as real estate and healthcare. :)
@@risam Thanks for the link. I appreciate it. I signed up for one of the webinars. 😊🙏
Loved the video thank you
Greetings from your colleagues from San Quintin, Baja California 🫶
Insightful! What process to buying a home!😅
glad you were able to get some helpful info from it.
Great conversation.
Great information ❤️
At first I was gung ho about buying real estate in Mexico, but if I can rent something for $300 US a month, I can essentially live for decades in a place that I can fix up the way I want but NOT have the headaches of paying for repairs, etc. My advice is to live there for at least a few years before you choose to buy. For that cheap rent, I can also live all around Mexico instead of being stuck in one city.
I love empanadas to, hahaha specially from Salta (Argentina) 👌
This was very very helpful. Thank you. I just retired and am seriously considering moving to Mexico, PV or Cabo, lake chapala or some place similar. So this is very informative.
For a subsequent video, perhaps you could go over finances for expats. What do we do with stocks, investments in the States. How to access them in Mexico. I understand a lot of on line web sites won't work for financial transactions from a foreign country. What about transferring money from USA to Mexico. I hear you take a big conversion hit. Can we use American bank accounts in Mexico? Is it better to use credit cards from states w/o fees? Is it best to open Mexican bank account and transfer $? How with minimal or no fees?
What about filing taxes? How does that work for USA citizens?
How about mail and bills? How to receive them if in Mexico?
So many questions. Thanks in advance.
Oh and one more thing. Do we have to leave and go back to USA every so often? If so can you outline? Is that different if apply for Mexican citizenship?
lots of great questions. I will ask Taniel and other colleagues in Mexico and look out for the answers in a future video! thanks so much!!!
Hi Kirk - Feel free to email at taniel@timothyrealestategroup.com so I can get you in contact with appropriate professionals that can assist you with the above.
An American living in Mexico who goes buy the the name “Qroo Paul” answers most of these questions
Cartels are getting to the Expats in Cuernavaca, they control all of the Mexican territory, you'll never be safe there.
I wish you talked more about cost of HOA. Some places where i live, HOA is $1500 per month, which is just a deal breaker really.
We just concluded an extensive condominium search in PV. HOA fees vary by property, but are generally $200-$600 per month. We saw one unit where the HOA was $1,000 per month, but that was the only one and was clearly an outlier. HOA fees typically include water, and sometimes gas, in addition to the usual common area stuff, building insurance, etc.
I would never buy a place with an HOA. I've heard nightmares about these funds being mishandled and then one day the building needs a new roof,they don't have enough money and then they raise the HOAs by hundreds of dollars overnight.
The chihuahua was the star of the video.
If you are considered a resident of Mexico, then you are going to be taxed on your worldwide income, ranging progressively from 1.92% - 35% depending on income level, regardless of your nationality or where the income was earned.
On top of your obligation to file and pay US taxes, Mexico has income taxes of its own. For 2020, the national income rates for resident expats are as follows:
Earnings in Pesos Rate Applicable to Income Level (%)
0 - 125,900: Exempt
125,900 - 1,000,000: 15%
1,000,000 and above: 30%
Expatriates also pay local taxes to their state in Mexico. These rates are different in each state and generally range from 1% to 3%.
Capital Gains Tax in Mexico
If you are a resident, capital gains apply to worldwide income. Currently, the rate is 25% on the gross amount of the transaction or 30% of the total capital gain. For expatriates, the capital gains tax will depend on the tax cost basis, the type of asset to be liquidated and the sale price.
Thank you. That was great.
Do you have any recommendations for an immigration attorney in the US who can help answer questions and give advice to Americans who want to get permanent residency in Mexico?
Finiquito is different, not really how you explained it. It could be that way, but it is not necessary, and it won't be a problem. Mexican here who studied laws.
Extremely informative! I have subscribed! Thank you so much for posting with this gentleman! No accent easy to understand! I’m a senior citizen on fixed income so not sure I can afford to buy, but what about renting? I rent here in California, and it’s much to expensive anymore, what’s Available? Plus I have all furnishings.
Thank you !🙏🇺🇸
How did you handle your permanent resident vida process
BTW love the sound of the rain in the background. at least it sounds like rain from my end.
Would it be the same rules for a foreigner buying a vacant residential lot? Thank you.
So much food information. What’s you opinion on those houses owned by the bank? Is it The same process with the paper work and escrow?
Excellent!
Several of my girlfriends took trips to a number of countries and looked into moving and retiring in various foreign countries. What they found was that the infrastructure was not what they expected or were used to, nor the hospitals, nor the retirement homes nor the general quality of the life they felt they needed, esp. as they aged. Then the real issue also became living that far away from their children and grandchildren in their aging years. In the end they decided against this option.
Good!!! More for the rest of us.
I’ve worked in medicine for nearly thirty years and Mexican hospitals and doctors are every bit as good as in Canada
There are trust fees too that they didn't mention. We owned a property in Cabo area bought through the main realtor in San Jose. The bank (and other aspects) proved to be very third world, really a nightmare to be honest. We live in Canada and their mail to us was constantly mislabeled, wrong address, name misspelled. Despite many attempts to correct the bank information they never got it right. Road washed out and took a very long time to fix. This was land that was 2 hundred yards from the ocean BTW. All in all it was a really big pain
what about if I have a dual citizenship between the United States and Mexico. , my mother was Mexican so I have dual citizenship now. Does this restricted zone applied to me as well, or just residents or tourists?
no it doesn’t
Great info, but lots to think about.
México is a great place for living peacefull retired people are very happyness
What's the price is body armor?
@@Kitiwake what you mean Buddy no te entiendo en lo absoluto cuidate mucho y te deseo lo mejor
@@Kitiwake a morons comment
Way Cool... Thanks
sure absolutely! we are launching a program that does a deep dive into purchasing real estate in mexico. stay tuned!
Thank you!
Looking at Merida for a house. Does this gentleman have a recommendation for a agent there.
Good job!!!
when buying in the on the coast is there a protection of title insurance with the trust?
Do you suggest or recommend any general contractors out in Baja Mexico I have a lot in puerto Nuevo and want to build a nice beautiful two story home but I don’t know anybody out there.
Great info. I’m already a temporal visa, living in Ajijic area. I can not find a. Agent who works for cheap lots for sale. I do not want a 300,000 house. Just a small thing to possibly put a geodome , geodesic dome house on. Yes the ones here are not trained or no license, one I went with couldn’t drive, couldn’t Find the lot. I am getting the feeling there are gringo properties, then no land for small money for us, like keep out?
I think I found my realtor!
Does it cost the buyer to use a Realtor ,and Attorney?
If there is a list of closing Lawyers in the PV area that you would recommend I would appreciate some names to contact for a property purchase. Thanks
Robert W
Is it possible for Canadians to live there full time? Without having to return for part of the year?
Real estate tip (for cost savings only), don't buy a home in Mexico where other foreigners live as those prices are always elevated.
What is the difference for purchasing in Mexico if for example I was born in the USA but my parents were both born in MX and they are both now USA citizens. I heard that it is an easier process to get MX residency and/or temporary residency to be able to open a bank account and purchase property out there.
Ve a la embajada mexicana más cercana donde tu vivas y allí puedes obtener la ciudadanía mexicana y porque eres hijo de mexicanos, México acepta la doble ciudadanía también alli te Informan como puedes comprar propiedades desde Usa.
are there regular trust fees on the trust. how much/ how often
I believe there is a yearly fee.
@@petewick8627 ok Thanks.
I know this video is older, but I just found out while researching. Has anyone successfully bought a property in Mexico that is a foreclosure?
What about partial ownership of an inherited property
Please send my Guide to bye a house or a condo
I hear that it cost $10,000 just to set that ‘lease’ with the Federal government. This of course is in addition to the price of the house/condo.
sounds like they are LEASING not selling a property.
Is, Puerto Vallarta, the only place to retire in Mexico. I see a lot of videos about retiring in Mexico and all I see,is Puerto Vallarta.
I have land in Nayarit near the beach but would like to sell it now. What Taniel be able to help me
sure you can contact him - www.tanielchemsian.com - he has a contact form there.
Where? How much r u asking??
Thank you for the video...very informative. My husband and I are looking into moving to the Ajijic area. Do you have a realtor you could recommend in that area?